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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
filed with the U.S. Securities and Exchange Commission on August 31, 2022.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Registration
No. 333-[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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; width: 100%"><div style="border-top: Black 4pt solid; font: 1pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></div></div><!-- Field: /Rule-Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
STATES<br />
SECURITIES AND EXCHANGE COMMISSION</b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
</span></b><b><span style="font-family: Times New Roman, Times, Serif; font-size: 12pt">Washington, D.C. 20549</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>FORM
<span id="xdx_90A_edei--DocumentType_c20220707__20220812_zSW3yDKelgXl"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:DocumentType">S-1</ix:nonNumeric></span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
REGISTRATION STATEMENT<br />
UNDER THE SECURITIES ACT OF 1933</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90A_edei--EntityRegistrantName_c20220707__20220812_zVAc26fwVIC6"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:EntityRegistrantName">DT
CLOUD ACQUISITION CORPORATION</ix:nonNumeric></span></b></span><b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
</span></b><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact name of registrant as specified in its constitutional
documents)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
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    incorporation or organization)</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary
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    Classification Code Number)</span></td>
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    Employer <br />
    Identification Number)</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90F_edei--EntityAddressAddressLine1_c20220707__20220812_zCVJYlCxxCv8"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:EntityAddressAddressLine1">Ms.
Olivia Wenxi He</ix:nonNumeric> </span></b></span></p>

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Orange Street</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_907_edei--EntityAddressCityOrTown_c20220707__20220812_zu8YnUjBsd95"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:EntityAddressCityOrTown">London</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressCountry_c20220707__20220812_zEkoaJK4JYwe"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" format="ixt-sec:countrynameen" name="dei:EntityAddressCountry">United
Kingdom</ix:nonNumeric></span>, <span id="xdx_901_edei--EntityAddressPostalZipCode_c20220707__20220812_zlsWCTP150d6"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:EntityAddressPostalZipCode">WC2H 7HF</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Telephone:
</b><span id="xdx_907_edei--CityAreaCode_c20220707__20220812_zusaIiip2Tvb"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:CityAreaCode">+44</ix:nonNumeric></span> <span id="xdx_90B_edei--LocalPhoneNumber_c20220707__20220812_zNWehyYWoNda"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="dei:LocalPhoneNumber">7918725316</ix:nonNumeric></span> (Address, including zip code, and telephone number, including area code, of registrant&#8217;s principal executive
offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cogency
Global Inc.<br />
122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor<br />
New York, NY 10168<br />
+1 800-221-0102<br />
</b>(Name, address, including zip code, and telephone number, including area code, of agent for service)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Copies
to:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Lawrence
                                            S. Venick, Esq.<br />
                                            Loeb &amp; Loeb LLP<br />
                                            2206-19 Jardine House</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1
    Connaught Place</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Central</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Hong
    Kong SAR<br />
    Telephone: +852-3923-1111</b></span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Fax:
    +852-3923-1100</b></span></p></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Jeffrey
                                            C. Selman, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>Alan Seem, Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>DLA Piper LLP (US)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>2000 University Avenue</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>East Palo Alto, California
94303</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><b>United States</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><b>Telephone: 650-833-2000</b></p><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Peter Ekberg,</b><b> Esq.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>DLA Piper LLP (US)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>90 South Seventh Street</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Unit 5100</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Minneapolis, MN 55402</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>United States</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><b>Telephone: 612-524-3000</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Approximate
date of commencement of proposed sale to the public:</b> As soon as practicable after the effective date of this registration statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company
or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller
reporting company&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--EntitySmallBusiness_c20220707__20220812_zIiSQFZIN7Yj"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" format="ixt:booleantrue" name="dei:EntitySmallBusiness">&#9746;</ix:nonNumeric></span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_edei--EntityEmergingGrowthCompany_c20220707__20220812_zyeBbP9aPnP6"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" format="ixt:booleantrue" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span 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 pursuant to Section 7(a)(2)(B) of the Securities Act. <span id="xdx_90C_edei--EntityExTransitionPeriod_c20220707__20220812_zHHu31Fmhdhd"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" format="ixt:booleanfalse" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>PRELIMINARY
    PROSPECTUS</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Red"><b>SUBJECT
    TO COMPLETION, DATED AUGUST 31, 2022</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$60,000,000</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION<br />
6,000,000 Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DT
Cloud Acquisition Corporation is a blank check company incorporated in the Cayman Islands as an exempted company with limited
liability 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. 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. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary
share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon the consummation of an
initial business combination, as described in more detail in this prospectus. We refer to the rights included in the units as
&#8220;rights&#8221; or the &#8220;public rights,&#8221; and the warrants included in the units as &#8220;warrants&#8221; or the
&#8220;public warrants.&#8221; As a result, (1) each redeemable warrant entitles the holder thereof to purchase one ordinary share
at a price of $11.50 per share, subject to adjustment as described in this prospectus, and (2) each twenty rights entitle the holder
thereof to receive one ordinary share. Each warrant will become exercisable on the later of 30 days after the completion of an
initial business combination or 12 months from the date of the registration statement is declared effective by the SEC, and
will expire five years after the completion of our initial business combination or earlier upon redemption or liquidation, as
described in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted Brookline Capital Markets, a division of Arcadia Securities, LLC (&#8220;Brookline&#8221;), an underwriter of this
offering, a 45-day option to purchase up to an additional 900,000 units (over and above the 6,000,000 units referred to above) solely
to cover over-allotments, if any.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will provide the holders of our outstanding ordinary shares that were sold in this offering with the opportunity to redeem their shares
upon the consummation of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account described below, including interest (net of taxes payable), divided by the number of then outstanding ordinary
shares that were sold in this offering, which we refer to as our &#8220;public shares&#8221; throughout this prospectus, subject to the
limitations described herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 12 months (or up to 21 months if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus) from the closing of this offering to consummate our initial business combination. Public shareholders will not be
offered the opportunity to vote on or redeem their shares in connection with any such extension. If we are unable to complete our initial
business combination within the above time period, we will distribute the aggregate amount then on deposit in the trust account, including
interest (net of taxes payable), pro rata to our public shareholders, by way of the redemption of their shares and thereafter cease all
operations except for the purposes of winding up of our affairs, as further described herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor, DT Cloud Capital Corp., has committed to purchase from us an aggregate of 187,400 units (or up to 200,000 units if the underwriter&#8217;s
over-allotment option is exercised in full) or &#8220;private units,&#8221; at $10.00 per private unit for a total purchase price
of $1,874,000 (or $2,000,000, if the underwriter&#8217;s over-allotment option is exercised in full). These purchases will take
place on a private placement basis simultaneously with the consummation of this offering. These private units are identical to the units
sold as part of the units in this offering, subject to limited exceptions as further described herein. A portion of the proceeds we receive
from these purchases will be placed in the trust account described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our units, ordinary shares, warrants, or rights. We have applied to have our units
listed on the NASDAQ Global Market, or NASDAQ, under the symbol &#8220;[ ]U&#8221; on or promptly after the date of this prospectus.
The ordinary shares, warrants, and rights comprising the units will begin separate trading on the 52<sup>nd</sup> day after the date
of this prospectus unless Brookline informs us of its decision to allow earlier separate trading, subject to our satisfaction of certain
conditions. Once the securities comprising the units begin separate trading, the ordinary shares, warrants, and rights will be traded
on NASDAQ under the symbols &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],&#8221; &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]W,&#8221;
and &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]R&#8221;, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>We
are an &#8220;emerging growth company&#8221; under applicable federal securities laws and will be subject to reduced public company reporting
requirements. Investing in our securities involves a high degree of risk. See &#8220;Risk Factors&#8221; beginning on page 25 for a discussion
of information that should be considered in connection with an investment in our securities. Investors will not be entitled to protections
normally afforded to investors in Rule 419 blank check offerings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
offer or invitation to subscribe for units may be made to the public in the Cayman Islands.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Price
    to Public</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Underwriting
    <br /> Discounts and <br /> Commissions<sup>(1)</sup></b></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Proceeds,
    before Expenses, to us</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 46%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    Unit</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.00</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.39</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.61</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,340,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif"></span>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-size: 10pt">57,660,000</span></p>


<span style="font-family: Times New Roman, Times, Serif"></span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $0.25 per unit, or $1,500,000 (or $1,725,000 if the underwriter&#8217;s over-allotment option is exercised in full) in the
    aggregate, payable to the underwriter and/or advisors (which are FINRA members)  for deferred underwriting commissions that
    will be placed in a trust account located in the United States as described herein. In addition, the Company will also
    issue 90,000 ordinary shares (or up to 103,500 ordinary shares if the underwriter&#8217;s over-allotment option is
    exercised in full) to Brookline (the &#8220;representative shares&#8221;) as part of the underwriting compensation in connection
    with this offering. The commissions of $0.14 per unit will be paid in cash to the underwriter upon the closing of this offering.
    With respect to the deferred commissions, $0.10 per unit will be released to the underwriter only on the
    completion of an initial business combination, and $0.15 per unit will be released to one or more advisors (which are FINRA
    members), which may include the underwriter, at the discretion of the Company based on the amount remaining in the
    trust account after the completion of an initial business combination, subject to adjustment as described in this prospectus. Does
    not include certain fees and expenses payable to the underwriter in connection with this offering. See also
    &#8220;Underwriting&#8221; for a description of compensation and other items of value payable to the underwriter.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the offering, $10.00 per unit sold to the public in this offering (whether or not the over-allotment option has been
exercised in full or in part) will be deposited into a United States-based account at Morgan Stanley maintained by
Continental Stock Transfer &amp; Trust Company acting as trustee. Such amount approximately includes $600,000, or $690,000
(being $0.10 per unit) if the underwriter&#8217;s over-allotment option is exercised in full, payable to the underwriter
as deferred underwriting discounts and commissions only on the completion of an initial business combination, and $900,000 or
$1,035,000 (being $0.15 per unit) if the underwriter&#8217;s over-allotment option is exercised in full, less any unit
redemption amounts by the shareholders in connection with the initial business combination in cash will be released to one or
more advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company, subject to a maximum fee up to
$1,500,000 or $1,725,000 (being $0.25 per unit), if the over-allotment option is exercised in full. Except as
described in this prospectus, these funds will not be released to us until the earlier of the completion of our initial business
combination and our liquidation upon our failure to consummate a business combination within the required time period. The majority
of our assets may be located outside the United States after we consummate our first business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter is offering the units for sale on a firm-commitment basis. Delivery of the units will be made on or about __________,
2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sole
Book-Running Manager</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brookline
Capital Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
division of Arcadia Securities, LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
date of this prospectus is _______________, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="toc_001"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_001">PROSPECTUS
    SUMMARY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">1</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_002">SUMMARY
    FINANCIAL DATA</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">24</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_003">RISK
    FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">25</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_004">CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">52</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_005">ENFORCEABILITY
    OF CIVIL LIABILITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">53</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_006">USE
    OF PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">54</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_007">DIVIDEND
    POLICY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">57</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_008">DILUTION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">58</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_009">CAPITALIZATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">60</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_010">MANAGEMENT&#8217;S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">61</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_011">PROPOSED
    BUSINESS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">65</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_012">MANAGEMENT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">82</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_013">PRINCIPAL
    SHAREHOLDERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">89</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_014">CERTAIN
    TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">91</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_015">DESCRIPTION
    OF SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">93</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_016">SHARES
    ELIGIBLE FOR FUTURE SALE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">105</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_017">TAXATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">106</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_018">UNDERWRITING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">117</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_019">LEGAL
    MATTERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_020">EXPERTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_021">WHERE
    YOU CAN FIND ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif">119</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#a_022">INDEX
    TO FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td></tr>
  </table>
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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_001"></span>PROSPECTUS
SUMMARY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>This
summary highlights certain information appearing elsewhere in this prospectus. For a more complete understanding of this offering, you
should read the entire prospectus carefully, including the risk factors and the financial statements. Unless otherwise stated in this
prospectus, references to:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;we,&#8221;
    &#8220;us&#8221; or &#8220;our company&#8221; refers to DT Cloud Acquisition Corporation;</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;amended
    and restated memorandum and articles of association&#8221; are to our Amended and Restated Memorandum and Articles of Association;</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;Companies
    Act&#8221; are to the Companies Act (2022 Revision) of the Cayman Islands, as may be amended from time to time;</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;initial
    shareholders&#8221; refers to all of our shareholders immediately prior to the date of this prospectus, including all of our officers
    and directors to the extent they hold such shares;</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;insider
    shares&#8221; refers to the 1,725,000 ordinary shares held by our initial shareholders prior to this offering (including up to an
    aggregate of 225,000 ordinary shares subject to forfeiture to the extent that the underwriter&#8217;s over-allotment option
    is not exercised in full or in part);</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#8220;letter
    agreements&#8221; refer to the agreements to be executed among us, the underwriter, our officers, directors and other initial
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    shareholders&#8221; means the holders of the public shares, whether they are purchased in the public offering or in the aftermarket, including any
    of our initial shareholders to the extent that they purchase such public shares (except that our initial shareholders will not have
    conversion or tender rights with respect to any public shares they own).</i></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Except
as specifically provided otherwise, the information in this prospectus assumes that the underwriter will not exercise its over-allotment
option.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>All
references in this prospectus to our insider shares being forfeited shall take effect as surrenders for no consideration of such shares
as a matter of Cayman Islands law. All references to the conversion of ordinary shares shall take effect as a redemption of ordinary
shares and issuance of the corresponding ordinary shares as a matter of Cayman Islands law.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>You
should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with different information.
We are not making an offer of these securities in any jurisdiction where the offer is not permitted.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>As
a blank check company incorporated in the Cayman Islands, we do not have any subsidiaries as of the date of this prospectus, and no transfers,
dividends, or distributions of any earnings or settlement of any amounts have been made by us to date.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a blank check company incorporated in the Cayman Islands on July 7, 2022 as an exempted company with limited liability (meaning that
our public shareholders have no liability, as shareholders of our company, for the liabilities of our company over and above the amount
paid for their shares). We were 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, which we refer to as a &#8220;target business.&#8221;
Our efforts to identify a prospective target business will not be limited to a particular industry or geographic location. 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. Additionally,
we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition candidate, to conduct
any research or take any measures, directly or indirectly, to locate or contact a target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team is led by Ms. Olivia Wenxi He, who has over a decade of combined deal-making and investment experience. Our mission
is to unlock value for our shareholders by identifying an acquisition target in any sectors with growth potential. Given the diversified
experience of our management team, we believe we have significant resources to identify, diligence, and structure transactions that would
benefit all shareholders. We could also get deal sources from our sponsor, or affiliates of our sponsor. Our competitive strengths include
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deep
Experience of Operating Partners</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our ability to leverage the experience of the management team, which comprise executives of different companies across multiple
sectors and industries, will provide us a distinct advantage in being able to source, evaluate and consummate an attractive transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proprietary
Sourcing Channels and Leading Industry Relationships</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the capabilities and connections associated with our management team, in combination with our sponsor and our strategic and operating
partners, will provide us with a differentiated pipeline of acquisition opportunities. We expect these sourcing capabilities will be
further bolstered by our reputation and deep industry relationships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Track
Record of Investment Experience</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our management&#8217;s track record of identifying and sourcing transactions positions us well to appropriately evaluate
potential business combinations and select one that will be well received by the public markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Execution
and Structuring Capability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
combined expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive
investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous
due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of
transactions, we are able to generate investment opportunities that have attractive risk/reward profiles based on their valuations and
structural characteristics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Acquisition
Strategy and Investment Criteria</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
acquisition strategy is to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leverage
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    to effectively and efficiently seek acquisition opportunities and may pursue targets in, any industry or geography.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leverage
    the unique combination of proven deal execution capabilities, extensive relationship networks and professional investment track record
    of our sponsor and management team&#8217;s extensive experience with listed companies, capital market transactions and investing
    in companies across a wide range of sectors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">focus
    our search for a target company that has compelling economics, potential for high recurring revenue, a defensible market position,
    and successful management teams that are seeking access to the public capital markets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">generate
    attractive returns and create value for our shareholders by applying a disciplined strategy of identifying attractive investment
    opportunities that could benefit from the addition of capital, management expertise and strategic insights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    an opportunity where our management team&#8217;s expertise could effect a positive transformation of the existing business to improve
    the overall value propositions while maximizing shareholder value.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    companies that are under-performing their potential due to a temporary period of dislocation in the markets. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">source
    initial business combination opportunities through the extensive networks of our management team, sponsor and their affiliates, including
    seasoned executives and operators, private equity investors, lenders, attorneys and family offices, that we believe will provide
    our management team with a robust flow of acquisition opportunities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team has decades of combined experience setting and implementing strategies to grow revenues and improve profitability, including:
helping to develop growth initiatives; developing capital allocation strategies; reducing expenses to increase earnings or to redeploy
capital into more beneficial initiatives; pursuing add-on acquisitions and divestitures; engaging in capital markets and other
financing or restructuring activities; evaluating, changing or enhancing management when appropriate; and crafting other initiatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
execute our business strategy, we intend to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilize
    our management team&#8217;s extensive network of company owners, management teams, financial intermediaries and others to identify
    appropriate candidates for a possible business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
    rigorous research and analysis of various industries and companies to identify promising potential targets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
    a rigorous and thorough due diligence review of the targets under consideration, including an analysis of overall industry
    and competitive conditions and of company specific information, meetings with incumbent management and employees, document reviews,
    interviews of customers and suppliers, inspections of facilities, competitor analysis and reviews of operational, financial and business
    and other information, among others, in the evaluation process to ensure a high-quality potential target;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilize
    our established deal execution experiences to better understand the competing priorities among stakeholders and creatively structure
    transaction terms to reach a transaction agreement beneficial to all parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    under-exploited expansion opportunities overlooked by other companies where complexity or urgency mask hidden value and complete
    a business combination at an attractive price in terms of intrinsic value and future potential;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
    a business plan that we believe will accelerate growth and provide the company with flexibility both financially and operationally;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    further strategic opportunities in the form of acquisitions, divestitures or other transactions in order to enhance shareholder
    value.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating
prospective target businesses. We intend to use these criteria and guidelines in evaluating acquisition opportunities, but we may decide
to enter into our initial business combination with a target business that does not meet these criteria and guidelines:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Established
    Businesses: </i>We will seek to acquire one or more businesses or assets that have a history of, or potential for, strong, stable
    cash flow generation, with predictable and recurring revenue streams.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generates
    Stable Free Cash Flow:</i> We will seek to acquire a business that has historically generated, or has the near-term potential to
    generate, strong and sustainable free cash flow.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Growth
    opportunities through capital investment</i>: We intend to seek candidates who will benefit from additional capital investment through
    a business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strong
    management teams with a proven track record</i>: We intend to seek candidates who have strong management teams with a proven track
    record of driving revenue growth, enhancing profitability and generating strong free cash flow. We will seek to partner with a potential
    target&#8217;s management team and expect that the operating and financial abilities of our management and board will help potential
    target companies to unlock opportunities for future growth and enhanced profitability.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Benefit
    from Being a Public Company</i>: We intend to pursue a business combination with a company that we believe will benefit from being
    publicly traded and can effectively utilize the broader access to capital and public profile that are associated with being a publicly
    traded company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Would
    Benefit Uniquely from our Capabilities</i>: We will seek to acquire a business where the collective capabilities of our management
    and sponsor can be leveraged to tangibly improve the operations and market position of the target.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk-Adjusted
    Return</i>: We intend to acquire one or more companies that we believe can offer attractive risk-adjusted return on investments for
    our shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Advantages</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Status
as a Publicly Listed Company</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
this offering, we believe our structure will make us an attractive business combination partner to prospective target businesses. As
a publicly listed company, we will offer a target business an alternative to the traditional initial public offering. We believe that
target businesses will favor this alternative, which we believe is less expensive, while offering greater certainty of execution than
a traditional initial public offering. During an initial public offering, there are typically expenses incurred in marketing,
which would be costlier than a business combination with us. Furthermore, once a proposed business combination is approved by our shareholders
(if applicable) and the transaction is consummated, the target business will have effectively become public, whereas an initial public
offering is always subject to the underwriter&#8217;s ability to complete the offering, as well as general market conditions that
could prevent the offering from occurring. Once public, we believe the target business would have greater access to capital and additional
means of creating management incentives that are better aligned with shareholders&#8217; interests than it would as a private company.
It can offer further benefits by augmenting a company&#8217;s profile among potential new customers and vendors and aid in attracting
talented management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strong
Financial Position and Flexibility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
this offering, with the funds held in our trust account, we offer a target business a variety of options such as creating a liquidity
event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by
reducing its debt ratio. Because we are able to complete our initial business combination using our cash, debt or equity securities,
or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the consideration
to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure third party financing
and there can be no assurance it will be available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effecting
a Business Combination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will either (i) seek shareholder approval of our initial business combination at a meeting called for such purpose at which public shareholders
may seek to convert their public shares, regardless of whether they vote for or against the proposed business combination, into their
<i>pro rata </i>portion of the aggregate amount then on deposit in the trust account (net of taxes payable) or (ii) provide our public
shareholders with the opportunity to sell their public shares to us by means of a tender offer (and thereby avoid the need for a shareholder
vote) for an amount equal to their <i>pro rata</i> 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. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant
to written letter agreements with us, not to convert any public shares held by them into their <i>pro rata </i>portion of the aggregate
amount then on deposit in the trust account. 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 so choose and we are legally permitted to do so, we will have the flexibility to avoid a shareholder vote
and allow our shareholders to sell their shares pursuant to the tender offer rules of the Securities and Exchange Commission, or SEC.
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&#8217;s proxy rules. We will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 upon such consummation and, solely if we seek shareholder approval, a majority
of the issued and outstanding ordinary shares voted are voted in favor of the business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have until 12 months from the consummation of this offering to consummate our initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 12 months, we may, but are not obligated to, extend the
period of time to consummate a business combination nine times by an additional one month each time (for a total of up to 21 months
to complete a business combination). Public shareholders will not be offered the opportunity to vote on or redeem their shares in connection
with any such extension. Pursuant to the terms of our amended and restated 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 to extend the
time available for us to consummate our initial business combination, our insiders or their affiliates or designees, upon five days advance
notice prior to the applicable deadline, must deposit into the trust account for each one month extension, $198,000 or $227,700 if the
underwriter&#8217;s over-allotment option is exercised in full ($0.033 per share in either case), on or prior to the date of the
applicable deadline, up to an aggregate of $1,782,000 (or $2,049,300 if the underwriter&#8217;s over-allotment opinion is exercised
in full). The insiders will receive a non-interest-bearing, unsecured promissory note equal to the amount of any such deposit
that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the
trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the lender&#8217;s
discretion, converted upon consummation of our business combination into additional private units at a price of $10.00 per unit. Our
shareholders have approved the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert
such notes at the time of the consummation of our initial business combination. In the event that we receive notice from our insiders
five days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press release announcing such
intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some, but not all,
of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates
or designees) may deposit the entire amount required. If we are unable to consummate our initial business combination within such time
period, we will, as promptly as possible but not more than ten (10) business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds held
in the trust account and not previously released to us or necessary to pay our taxes, and then seek to liquidate and dissolve. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public
shareholders. In the event of our liquidation and subsequent dissolution, the public warrants and rights will expire and will
be worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to consummate our initial business combination within this time period, we will liquidate the trust account and distribute
the proceeds held therein to our public shareholders by way of redeeming their shares and dissolve. If we are forced to liquidate, we
anticipate that we would distribute to our public shareholders the amount in the trust account calculated as of the date that is two
(2) days prior to the distribution date (including any accrued interest net of taxes payable). Prior to such distribution, we would be
required to assess all claims that may be potentially brought against us by our creditors for amounts they are actually owed and make
provision for such amounts, as creditors take priority over our public shareholders with respect to amounts that are owed to them. We
cannot assure you that we will properly assess all claims that may be potentially brought against us. As such, our shareholders could
potentially be liable for any claims of creditors to the extent of distributions received by them as an unlawful payment in the event
we enter an insolvent liquidation. In the event of our liquidation and subsequent dissolution, the public warrants and rights will expire
and will be worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the NASDAQ listing rules, our initial business combination must be with a target business or businesses whose collective fair market
value is at least equal to 80% of the balance in the trust account (excluding any deferred underwriting discounts and commissions and
taxes payable on the income earned on the trust account) at the time of the execution of a definitive agreement for such business combination,
although this may entail simultaneous acquisitions of several target businesses. The fair market value of the target business 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). Our board of directors will have broad discretion in choosing the standard used
to establish the fair market value of any prospective target business. The target business or businesses that we acquire may have a collective
fair market value substantially in excess of 80% of the trust account balance. We will not be required to comply with the 80% fair market
value requirement if we are delisted from NASDAQ.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not required to obtain an opinion from an unaffiliated third party that the target business we select has a fair market value in
excess of at least 80% of the balance of the trust account unless our board of directors cannot make such determination on its own. We
are also not required to obtain an opinion from an unaffiliated third party indicating that the price we are paying is fair to our shareholders
from a financial point of view unless the target is affiliated with our officers, directors, initial shareholders or their affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently anticipate structuring our initial 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 of 1940, as amended, or the Investment
Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our 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 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, only the portion of such target business or businesses that is owned or acquired is what will be valued for purposes of the
80% fair market value test.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Emerging
Growth Company Status and Other Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an emerging growth company as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified
by the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the JOBS Act). As such, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth
companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the
Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Section 107 of the JOBS Act 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 are held by non-affiliates exceeds $700 million
as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three
year period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Private
Placements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, we issued an aggregate of 1,725,000 insider shares to our initial shareholders for an aggregate purchase price of
$25,000, or approximately $0.01 per share. The 1,725,000 insider shares held by our initial shareholders include an aggregate of up to
225,000 shares subject to forfeiture by our sponsor to the extent that the underwriter&#8217;s over-allotment option is not exercised
in full or in part, so that our initial shareholders will collectively own 20.0% of our issued and outstanding shares after this offering
(without giving effect to the sale of the private units and assuming our initial shareholders do not purchase units in this offering).
None of our initial shareholders has indicated any intention to purchase units in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
insider shares and representative shares are identical to the ordinary shares included in the units being sold in this offering.
However, our initial shareholders have agreed, pursuant to written letter agreements with us, and the holders of the representative
shares have agreed, (A) to vote their insider shares and representative shares, respectively, (as well as any public shares
acquired in or after this offering) in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment
to our amended and restated memorandum and articles of association that would stop our public shareholders from converting or selling
their shares to us in connection with a business combination 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 12 months (or up to 21 months, if we extend the time to complete a
business combination as described in this prospectus) from the closing of this offering unless we provide dissenting public shareholders
with the opportunity to convert their public shares into the right to receive cash from the trust account in connection with any such
vote, (C) not to convert any insider shares or representative shares (as well as any other shares acquired in or after this offering)
into the right to receive cash from the trust account in connection with a shareholder vote to approve our proposed initial business
combination (or sell any shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote
to amend the provisions of our amended and restated memorandum and articles of association relating to shareholders&#8217; rights or
pre-business combination activity and (D) that the insider shares and representative shares shall not participate in any liquidating
distribution upon winding up if a business combination is not consummated. Additionally, our initial shareholders and the holders
of the representative shares have agreed not to transfer, assign or sell any of the insider shares and representative shares,
respectively, (except to certain permitted transferees) until the earlier of (1) one year after the completion of our initial business
combination; or (2) after the date of the consummation of our initial business combination, and subsequently, we consummate a liquidation,
merger, stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their ordinary
shares for cash, securities or other property (the &#8220;Lock-Up&#8221;). Notwithstanding the foregoing, the insider shares
and the representative shares will be released from the Lock-Up (1) on the earlier of 150 days after the date of the consummation
of our initial business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after our initial business combination or (2) after the date of the consummation of our initial business combination
which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property. Additionally,
our initial shareholders and the holders of the representative shares have also agreed not to transfer, assign or sell any of private
units (including the ordinary shares issuable upon exercise of the private units) and the representative shares, respectively, until
30 days after the completion of our initial business combination (except with respect to permitted transferees as described herein under
&#8220;Principal Shareholders&#8221;). Any permitted transferees will be subject to the same restrictions and other agreements of our
initial shareholders and the holders of the representative shares with respect to any insider shares, the private units, and representative
shares, as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares
are exchanged or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer&#8217;s shares, then the
insider shares, the representative shares, or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning
on the date of the commencement of sales in this offering pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these
securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of the securities by any person for a period of 180 days beginning on the date of commencement of sales of this offering,
nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning on the date of commencement of
sales of this offering, except to any underwriter and selected dealer participating in the offering and their officers, partners, registered
persons or affiliates. Brookline has further agreed not to transfer, assign or sell any of the representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated above.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our sponsor, has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total
purchase price of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this
offering. All of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also
agreed that if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit
an additional number of private units (up to a maximum of 12,600 private units) <i>pro rata</i> with the amount of the over-allotment
option exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from the private placement
of the private units will be added to the proceeds of this offering and placed in an account in the United States maintained by Continental
Stock Transfer &amp; Trust Company, as trustee. The majority of our assets may be located outside the United States after we consummate
our first business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
private units are identical to the units sold in this offering except that the private warrants will be non-redeemable and may be exercised
on a cashless basis, in each case so long as they continue to be held by our sponsor or its permitted transferees. Additionally, because
the private units will be issued in a private transaction, our sponsor and its permitted transferees will be allowed to exercise the
private warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon exercise of such warrants
is not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote the ordinary shares underlying
the private units, or &#8220;private shares,&#8221; in favor of any proposed business combination, (B) not to propose, or vote in favor
of, an amendment to our amended and restated memorandum and articles of association that would stop our public shareholders from converting
or selling their shares to us in connection with a business combination 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 12 months from the closing of this offering (as such period
may be extended up to 21 months at the election of the Company, either in lieu of a shareholder vote or if a shareholder vote has been
unsuccessful, subject to the satisfaction of certain conditions or by the Company&#8217;s shareholders in accordance with our memorandum
and articles of association) from the closing of this offering unless we provide public shareholders with the opportunity to redeem their
public shares from the trust account in connection with any such vote, (C) not to convert any private shares for cash from the trust
account in connection with a shareholder vote to approve our proposed initial business combination or a vote to amend the provisions
of our amended and restated memorandum and articles of association relating to shareholders&#8217; rights or pre-business combination
activity and (D) that the private shares shall not participate in any liquidating distribution upon winding up if a business combination
is not consummated. Our sponsor has also agreed not to transfer, assign or sell any of the private units or underlying securities (except
to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions as the
permitted transferees of the insider shares must agree to, each as described above) until 30 days after the completion of our
initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
public units or shares are purchased by any of our directors, officers or initial shareholders, they will be entitled to funds from the
trust account to the same extent as any public shareholder upon our liquidation but will not have redemption rights related thereto.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office is located at 30 Orange Street, London, United Kingdom, WC2H 7HF, and our telephone number is +44 7918725316.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Offering</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
making your decision on whether to invest in our securities, you should take into account not only the backgrounds of the members of
our management team, but also the special risks we face as a blank check company and the fact that this offering is not being conducted
in compliance with Rule 419 promulgated under the Securities Act. You will not be entitled to protections normally afforded to investors
in Rule 419 blank check offerings. You should carefully consider these, and the other risks set forth in the section below entitled &#8220;<span style="text-decoration: underline">Risk
Factors</span>&#8221; beginning on page 25 of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Securities
    offered</b></span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,000,000
    units, at $10.00 per unit, each unit consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth
    (1/20) of one ordinary share upon the consummation of an initial business combination. Each redeemable warrant entitles the holder
    thereof to purchase one ordinary share at a price of $11.50 per share.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
    of our securities and proposed symbols</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    anticipate the units, and the ordinary shares, warrants, and rights, once they begin separate trading, will be listed on NASDAQ under
    the symbols &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]U,&#8221;, &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],&#8221;
    &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]W,&#8221; and &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]R&#8221;,
    respectively.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    of the ordinary shares, warrants, and rights may trade separately on the 52<sup>nd</sup> day after the date of this prospectus unless
    the underwriter determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative
    strengths of the securities markets and small capitalization and blank check companies in general, and the trading pattern of, and
    demand for, our securities in particular). In no event will the underwriter allow separate trading of the ordinary shares, warrants
    and rights until we file an audited balance sheet reflecting our receipt of the gross proceeds of this offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
    the ordinary shares, warrants, and rights commence separate trading, holders will have the option to continue to hold units or separate
    their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the
    units into separately trading ordinary shares, warrants and rights. No fractional rights will be issued upon separation of the units.
    Only whole rights will trade. Accordingly, unless you purchase at least twenty units, you will not be able to receive a whole
    right.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will file a Current Report on Form 8-K with the SEC, including an audited balance sheet, promptly upon the consummation of this offering,
    which is anticipated to take place three business days from the date the units commence trading. The audited balance sheet will reflect
    our receipt of the proceeds from the exercise of the over-allotment option if the over-allotment option is exercised on the date
    of this prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the
    Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment option. We will
    also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if the underwriter has allowed
    separate trading of the ordinary shares, warrants and rights prior to the 52<sup>th</sup> day after the date of this prospectus.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
    shares:</b></span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    issued and outstanding <br />
    before this offering and the <br />
    private placement</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
    <br />
    1,725,000 shares<sup>(1)</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    to be issued and <br />
    outstanding after this offering <br />
    and sale of private units</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
    <br />
    7,777,400 shares<sup>(2)(3)</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redeemable
    Warrants:</b></span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    issued and outstanding <br />
    before this offering and the <br />
    private placement</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
    <br />
    0 warrants</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    to be issued and <br />
    outstanding after this offering <br />
    and sale of private units</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><br />
    <br />
    6,187,400 warrants<sup>(4)</sup></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercisability</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    redeemable warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share, subject to adjustment
    as described in this prospectus.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
    price</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11.50
    per share. No warrants will be exercisable on a cash basis unless we have an effective and current registration statement covering
    the ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such ordinary shares. It is our current
    intention to have an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants
    and a current prospectus relating to such ordinary shares in effect promptly following consummation of an initial business combination.
    Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon exercise of the public warrants
    is not effective within 90 days following the consummation of our initial business combination, public 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 an available exemption from registration under the Securities
    Act. In such event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal
    to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the
    excess of the &#8220;fair market value&#8221; (defined below) over the exercise price of the warrants by (y) the fair market value.
    The &#8220;fair market value&#8221; shall mean the average reported last sale price of the ordinary shares for the 10 trading days
    ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. For example,
    if a holder held 300 warrants to purchase 300 shares and the fair market value on the date prior to exercise was $15.00, that holder
    would receive 70 shares without the payment of any additional cash consideration. If an exemption from registration is not available,
    holders will not be able to exercise their warrants on a cashless basis.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    number includes an aggregate of up to 225,000 ordinary shares held by our sponsor that are subject to forfeiture if the over-allotment
    option is not exercised by the underwriter in full.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised and an aggregate of 225,000 ordinary shares held by our sponsor have been forfeited.
    If the over-allotment option is exercised in full, there will be a total of 8,928,500 ordinary shares issued and outstanding.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprised
    of 6,000,000 ordinary shares included in the units to be sold in this offering, 187,400 private shares and 1,500,000 insider shares
    after 225,000 ordinary shares held by our initial shareholders have been forfeited and 90,000 representative shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total of 7,100,000
    warrants, including an aggregate of 200,000 private warrants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 share (with such
    issue price or effective issue price to be determined in good faith by our board of directors), (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, and (z) the volume weighted average trading price of our 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 &#8220;Market
    Price&#8221;) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
    115% of the Market Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest
    cent) to be equal to 180% of the Market Price.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
    period</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    warrants will become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from
    the date the registration statement is declared effective by the SEC. The warrants will expire at 5:00 p.m., New York
    City time, on the fifth anniversary of the completion of the initial business combination, or earlier upon redemption.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    a minimum of 30 days&#8217; prior written notice of redemption,</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the last sales price of our ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share
    capitalizations, rights, issuances, subdivisions, reorganizations, recapitalizations, and the like) for any 20 trading days within
    a 30 trading days period ending three business days before we send the notice of redemption, and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
                                            and only if, there is a current registration statement in effect with respect to the ordinary
                                            shares underlying such warrants at the time of redemption and for the entire 30-day trading
                                            period referred to above and continuing each day thereafter until the date of redemption.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary shares may fall below the $18.00 trigger price as well
    as the $11.50 warrant exercise price per share after the redemption notice is issued and not limit our ability to complete
    the redemption.</span></td></tr>
  </table>



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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
    warrants to do so on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the
    whole warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary
    shares underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221; (defined below) over the exercise
    price of the warrants by (y) the fair market value. The &#8220;fair market value&#8221; shall mean the average reported last sale
    price of the ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
    is sent to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a &#8220;cashless
    basis&#8221; will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for
    redemption, our cash needs at such time and concerns regarding dilutive share issuances.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
    included as part of units: </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    outstanding before this offering and the private placement:</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0
    right</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number
    to be outstanding after this offering and sale of private units: </b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: middle; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,187,400<sup>(5)
    </sup>rights</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"><b>Terms
    of Rights:</b></span></p></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">Except
                                            in cases where we are not the surviving company in a business combination, each holder of
                                            a public right will automatically receive one-twentieth (1/20) of one share upon consummation
                                            of our initial business combination. In the event we will not be the surviving company upon
                                            completion of our initial business combination, each holder of a right will be required to
                                            affirmatively convert his, her or its rights in order to receive the one-twentieth (1/20)
                                            of one share underlying each right upon consummation of the business combination. We will
                                            not issue fractional shares in connection with an exchange of rights. Fractional shares will
                                            either be rounded down to the nearest whole share or otherwise addressed in accordance with
                                            the applicable provisions of Cayman Islands law. As a result, you must hold rights in
                                            multiples of twenty in order to receive shares for all of your rights upon closing of a business
                                            combination. If we are unable to complete an initial business combination within the required
                                            time period and we redeem the public shares for the funds held in the trust account, holders
                                            of rights will not receive any of such funds for their rights and the rights will expire
                                            worthless.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td colspan="3" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
    Assumes the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total
    of 7,100,000 rights, including an aggregate of 200,000 private rights.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Insider
    Shares and Representative Shares</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            August 2022, an aggregate of 1,725,000 insider shares were issued to our initial
                                            shareholders, for an aggregate purchase price of $25,000, or approximately $0.01 per
                                            share. The insider shares held by our initial shareholders include an aggregate of up to
                                            225,000 shares subject to forfeiture by our sponsor to the extent that the underwriter&#8217;s
                                            over-allotment option is not exercised in full or in part, so that our initial shareholders
                                            will collectively own 20.0% of our issued and outstanding shares after this offering
                                            (excluding the sale of the private units and the representative shares and assuming
                                            our initial shareholders do not purchase units in this offering). None of our initial shareholders
                                            has indicated any intention to purchase units in this offering.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will issue 90,000&#160;representative
    shares (or up to 103,500 ordinary shares if the underwriter&#8217;s over-allotment option is exercised in full) to Brookline (and/or
    its designees) as part of its underwriting compensation. The&#160;representative shares are identical to the public shares except
    that Brookline has agreed not to transfer, assign or sell any such&#160;representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated below. In addition, Brookline has agreed (i) to waive its redemption
    rights with respect to such shares in connection with the completion of our initial business combination and (ii) to waive its rights
    to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial business combination
    within 12 months (as such period may be extended up to 21 months at the election of the company, either in lieu of a shareholder
    vote or if a shareholder vote has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in
    accordance with our amended and restated memorandum and articles of association) from the closing of this offering.</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    insider shares and representative shares are identical to the ordinary shares included in the units being sold in this offering.
    However, our initial shareholders have agreed, pursuant to written letter agreements with us, and the holders of the representative
    shares have agreed, (A) to vote their insider shares and representative shares, respectively, (as well as any public shares
    acquired in or after this offering) in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment
    to our amended and restated memorandum and articles of association that would stop our public shareholders from converting or selling
    their shares to us in connection with a business combination 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 12 months (as such period may be extended up to 21 months at
    the election of the Company, either in lieu of a shareholder vote or if a shareholder vote has been unsuccessful, subject to the
    satisfaction of certain conditions or by the Company&#8217;s shareholders in accordance with our memorandum and articles of association)
    from the closing of this offering unless we provide public shareholders with the opportunity to redeem their public shares from the
    trust account in connection with any such vote, (C) not to convert any insider shares or representative shares (as well as
    any other shares acquired in or after this offering) into the right to receive cash from the trust account in connection with a shareholder
    vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with
    a proposed initial business combination) or a vote to amend the provisions of our amended and restated memorandum and articles of
    association relating to shareholders&#8217; rights or pre-business combination activity and (D) that the insider shares and representative
    shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated. Additionally,
    our initial shareholders and the holders of the representative shares have agreed not to transfer, assign or sell any of the
    insider shares and representative shares, respectively, (except to certain permitted transferees) until (1) the earlier of
    one year after the date of the consummation of our initial business combination; or (2) after the date of the consummation of our
    initial business combination, and subsequently, we consummate a liquidation, merger, share exchange or other similar transaction
    which results in all of our shareholders having the right to exchange their shares for cash, securities or other property. Notwithstanding
    the foregoing, the insider shares and the representative shares will be released from the Lock-Up (1) on the
    earlier of 150 days after the date of the consummation of our initial business combination and the date on which the closing price
    of our ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations and
    recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination or
    (2) after the date of the consummation of our initial business combination, which results in all of our shareholders having the right
    to exchange their ordinary shares for cash, securities or other property. Additionally, our initial shareholders and the holders
    of the representative shares have also agreed not to transfer, assign or sell any of private units (including the ordinary shares
    issuable upon exercise of the private units) and the representative shares, respectively, until 30 days after the completion of our
    initial business combination (except with respect to permitted transferees as described herein under &#8220;Principal Shareholders&#8221;).
    Any permitted transferees will be subject to the same restrictions and other agreements of our initial shareholders and the holders
    of the representative shares with respect to any insider shares, the private units, and the representative shares, as applicable.
    However, if after our initial business combination, there is a transaction whereby all the outstanding shares are exchanged or redeemed
    for cash (as would be the case in a post-asset sale liquidation) or another issuer&#8217;s shares, then the insider shares, the representative
    shares, or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning
    on the date of the commencement of sales in this offering of which this prospectus forms a part pursuant to FINRA Rule 5110 (e)(1).
    Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction
    that would result in the economic disposition of the securities by any person for a period of 180 days beginning on the date of commencement
    of sales of this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning
    on the date of commencement of sales of this offering except to any underwriter and selected dealer participating in the offering
    and their officers, partners, registered persons or affiliates.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Private
    placement at time of offering</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00
                                            per private unit (for a total purchase price of $1,874,000). These purchases will take place
                                            on a private placement basis simultaneously with the consummation of this offering. All of
                                            the proceeds we receive from these purchases will be placed in the trust account described
                                            below. Our sponsor has also agreed that if the over-allotment option is exercised by the
                                            underwriter, it will purchase from us at a price of $10.00 per private unit an additional
                                            number of private units (up to a maximum of 12,600 private units) <i>pro rata </i>with the
                                            amount of the over-allotment option exercised so that at least $10.00 per share sold to the
                                            public in this offering is held in trust regardless of whether the over-allotment option
                                            is exercised in full or in part. These additional private units will be purchased
                                            in a private placement that will occur simultaneously with the purchase of units resulting
                                            from the exercise of the over-allotment option. The proceeds from the private placement of
                                            the private units will be added to the proceeds of this offering and placed in an account
                                            in the United States maintained by Continental Stock Transfer &amp; Trust Company, as trustee.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    private units are identical to the units sold in this offering except with respect to certain registration rights and transfer restriction.
    Additionally, because the private units will be issued in a private transaction, our sponsor and its permitted transferees will be
    allowed to exercise the private warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon
    exercise of such warrants is not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote
    the ordinary shares underlying the private units, or &#8220;private shares,&#8221; in favor of any proposed business combination,
    (B) not to propose, or vote in favor of, an amendment to our amended and restated memorandum and articles of association that would
    stop our public shareholders from converting or selling their shares to us in connection with a business combination 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 12
    months (as such period may be extended up to 21 months at the election of the company, either in lieu of a shareholder vote
    or if a shareholder vote has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in
    accordance with our amended and restated memorandum and articles of association) from the closing of this offering unless
    we provide public shareholders with the opportunity to redeem their public shares from the trust account in connection with any such
    vote, (C) not to convert any private shares for cash from the trust account in connection with a shareholder vote to approve our
    proposed initial business combination or a vote to amend the provisions of our amended and restated memorandum and articles of association
    relating to shareholders&#8217; rights or pre-business combination activity and (D) that the private shares shall not participate
    in any liquidating distribution upon winding up if a business combination is not consummated. Our sponsor has also agreed not to
    transfer, assign or sell any of the private units or underlying securities (except to the same permitted transferees as the insider
    shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider shares must
    agree to, each as described above) until 30 days after the completion of our initial business combination.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><b>Lock-Up</b></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
    our sponsor and our officers and directors have agreed that, for a period of 180 days from the date of this prospectus, we and they
    will not, without the prior written consent of Brookline, offer, sell, contract to sell, pledge or otherwise dispose of, directly
    or indirectly, any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for,
    ordinary shares; provided, however, that we may (i) issue and sell the private units, (ii) issue and sell the additional units to
    cover our underwriter&#8217;s over-allotment option (if any), (iii) register with the SEC pursuant to an agreement to be entered
    into concurrently with the issuance and sale of the securities in this offering, the resale of the insider shares and the private
    units or the warrants and ordinary shares issuable upon exercise of the warrants and (iv) issue securities in connection with an
    initial business combination. However, the foregoing shall not apply to the forfeiture of any insider shares pursuant to their terms
    or any transfer of insider shares to any current or future independent director of the company (as long as such current or future
    independent director is subject to the terms of the letter agreement, filed herewith, at the time of such transfer; and as long as,
    to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes
    a practical explanation as to the nature of the transfer). Brookline in its sole discretion may release any of the securities subject
    to these lock-up agreements at any time without notice.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Offering
    proceeds to be held in trust</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,000,000
    of the net proceeds of this offering (or $69,000,000 if the over-allotment option is exercised in full), or $10.00 per unit sold to
    the public in this offering (regardless of whether or not the over-allotment option is exercised in full or in part) will be
    placed in a trust account at Morgan Stanley in the United States, maintained by Continental Stock Transfer &amp; Trust Company,
    acting as trustee pursuant to an agreement to be signed on the date of this prospectus. Such amount approximately includes
    $600,000, or $690,000 (being $0.10 per unit) if the underwriter&#8217;s over-allotment option is exercised in full, payable to the
    underwriter as deferred underwriting discounts and commissions only on the completion of an initial business combination, and $
    900,000, or $1,035,000 (being $0.15 per unit) if the underwriter&#8217;s over-allotment option is exercised in full, less any unit
    redemption amounts by the shareholders in connection with the initial business combination in cash will be released to one or more
    advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company, subject to a maximum fee up to $1,500,000, or
    $1,725,000 (being $0.25 per unit) if the over-allotment option is exercised in full. Pursuant to the investment management
    trust agreement that will govern the investment of such funds, the trustee, upon our written instructions, will direct Morgan
    Stanley to invest the funds as set forth in such written instructions and to custody the funds while invested and until otherwise
    instructed in accordance with the investment management trust agreement. The remaining $502,000 of net proceeds of this offering
    will not be held in the trust account.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
                                            as set forth below, the proceeds held in the trust account will not be released until the
                                            earlier of: (1) the completion of our initial business combination within the required time
                                            period and (2) our redemption of 100% of the outstanding public shares if we have not completed
                                            a business combination in the required time period. Therefore, unless and until our initial
                                            business combination is consummated, the proceeds held in the trust account will not be available
                                            for our use for any expenses related to this offering or expenses which we may incur related
                                            to the investigation and selection of a target business and the negotiation of an agreement
                                            in connection with our initial business combination.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
    the foregoing, there will be released to us from the trust account any interest earned on the funds in the trust account that we
    need to pay our income or other tax obligations. With 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 (estimated to initially be $502,000); provided, however,
    that in order to meet our working capital needs following the consummation of this offering if the funds not held in the trust account
    are insufficient, our initial shareholders, officers and directors or their affiliates may, but are not obligated to, loan us funds,
    from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
    by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
    at the lender&#8217;s discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into
    private units at a price of $10.00 per unit. If we do not complete a business combination, the loans would be repaid out of funds
    not held in the trust account, and only to the extent available.</span></p></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limited
    payments to insiders</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to the consummation of a business combination, there will be no fees, reimbursements or other cash payments paid to our initial shareholders,
    officers, directors or their affiliates prior to, or for any services they render in order to effectuate, the consummation of a business
    combination (regardless of the type of transaction that it is) other than:</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">repayment
    at the closing of this offering of an aggregate of approximately $75,000 of loans made by DT Cloud Capital Corp.;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
    to an affiliate of our sponsor of $10,000 per month, for up to 12 months (or up to 21 months, as applicable), for office space, utilities
    and secretarial and administrative support;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">repayment
    at the closing of this offering of loans which may be made by our insiders, officers, directors or any of its or their affiliates
    to finance transaction costs in connection with an initial business combination through a portion of the working capital held outside
    the trust account if the initial business combination does not close, the terms of which have not been determined; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reimbursement
    of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and investigating
    possible business targets and business combinations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="3" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed
    the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial
    business combination. Our audit committee will review and approve all reimbursements and payments made to any initial shareholder
    or member of our management team, or their respective affiliates, and any reimbursements and payments made to members of our audit
    committee will be reviewed and approved by our board of directors, with any interested director abstaining from such review and approval.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conditions
    to completing our initial business combination</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                            initial business combination must occur with one or more target businesses that together
                                            have an aggregate fair market value of at least 80% of the value of the trust account (excluding
                                            any deferred underwriter&#8217;s fees and taxes payable on the income earned on the
                                            trust account) at the time of the agreement to enter into the initial business combination.
                                            If we are no longer listed on NASDAQ, we will not be required to satisfy the 80% test.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    our board is not able to independently determine the fair market value of the target business or businesses, we may obtain an opinion
    from an independent investment banking or accounting firm as to the fair market value of the target business. We will complete our
    initial business combination only if the post-transaction company in which our public shareholders own shares will own or acquire
    50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
    for it not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company
    owns 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own
    a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business
    combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired
    by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for
    purposes of the 80% test, provided that in the event that the business combination involves more than one target business, the 80%
    test will be based on the aggregate value of all of the target businesses.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Potential
    revisions to agreements <br />
    with insiders</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    could seek to amend certain agreements made by our management team disclosed in this prospectus without the approval of shareholders,
    although we have no intention to do so. For example, restrictions on our executives relating to the voting of securities owned by
    them, the agreement of our management team to remain with us until the closing of a business combination, the obligation of our management
    team to not propose certain changes to our organizational documents or the obligation of the management team and its affiliates to
    not receive any compensation in connection with a business combination could be modified without obtaining shareholder approval.
    Although shareholders would not be given the opportunity to redeem their shares in connection with such changes, in no event would
    we be able to modify the redemption or liquidation rights of our shareholders without permitting our shareholders the right to redeem
    their shares in connection with any such change. We will not agree to any such changes unless we believed that such changes were
    in the best interests of our shareholders (for example, if such a modification were necessary to complete a business combination).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Shareholder
    approval of, or <br />
    tender offer in connection with, <br />
    initial business combination</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 public shareholders may seek to convert their public shares, regardless
    of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount then on
    deposit in the trust account (net of taxes payable) or (2) provide our public shareholders with the opportunity to sell their public
    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. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant to written letter agreements with
    us, not to convert any public shares held by them into their pro rata share of the aggregate amount then on deposit in the trust
    account. If we determine to engage in a tender offer, such tender offer will be structured so that each public shareholder may tender
    any or all of his, her or its public shares rather than some pro rata portion of his, her or its shares. If enough shareholders tender
    their shares so that we are unable to satisfy any applicable closing condition set forth in the definitive agreement related to our
    initial business combination, or we are unable to maintain net tangible assets of at least $5,000,001, we will not consummate such
    initial business combination. 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 based on a variety of factors such as the
    timing of the transaction, or whether the terms of the transaction would otherwise require us to seek shareholder approval. If we
    so choose and we are legally permitted to do so, we will have the flexibility to avoid a shareholder vote and allow our shareholders
    to sell their shares pursuant to Rule 13e-4 and Regulation 14E of the Securities Exchange Act of 1934, as amended, or the
    Exchange Act, which regulate issuer tender offers. 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&#8217;s
    proxy rules. We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 upon
    such consummation and, solely if we seek shareholder approval, a majority of the issued and outstanding ordinary shares voted are
    voted in favor of the business combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                            have determined not to consummate any business combination unless we have net tangible assets
                                            of at least $5,000,001 upon such consummation in order to avoid being subject to Rule 419
                                            promulgated under the Securities Act. The $5,000,001 net tangible asset value would be determined
                                            once a target business is located and we can assess all of the assets and liabilities of
                                            the combined company.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
    if we seek to consummate a 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 business combination,
    the net tangible asset requirement may limit our ability to consummate such a business combination and may force us to seek third
    party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate such
    business combination and we may not be able to locate another suitable target within the applicable time period, if at all.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    initial shareholders, officers and directors, have agreed (i) to vote their insider shares, private shares and any public shares
    purchased in or after this offering in favor of any proposed business combination and (ii) not to convert any shares (including the
    insider shares) in connection with a shareholder vote to approve, or (iii) sell their shares to us in any tender offer in connection
    with, a proposed initial business combination. As a result, if we sought shareholder approval of a proposed transaction we could
    need as little as 256,951 of our public shares (or approximately 4.22% of our public shares) to be voted in favor of the transaction
    in order to have such transaction approved (assuming that only a quorum was present at the meeting, that the over-allotment option
    is not exercised, and that the insiders do not purchase any units in this offering or units or shares in the after-market). None
    of our officers, directors, initial shareholders or their affiliates has indicated any intention to purchase units in this offering
    or any units or ordinary shares in the open market or in private transactions (other than the private units). However, if a significant
    number of shareholders vote, or indicate an intention to vote, against a proposed business combination, our officers, directors,
    initial shareholders or their affiliates could make such purchases in the open market or in private transactions in order to influence
    the vote. There is no limit on the number of shares that may be purchased by the insiders. Any purchases would be made in compliance
    with federal securities laws, including the fact that all material information will be made public prior to such purchase, and no
    purchases would be made if such purchases would violate Section 9(a)(2) of, or Rule 10b-5 promulgated under, the Exchange Act, which
    are rules designed to stop potential manipulation of a company&#8217;s stock.</span></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
    rights</b></span></td>
    <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with a business combination, public shareholders will have the right to convert their shares into an amount equal to (1)
    the number of public shares being converted by such public holder divided by the total number of public shares multiplied by (2)
    the amount then in the trust account (initially $10.00 per share), which includes the deferred underwriting discounts and commissions
    plus a pro rata portion of any interest earned on the funds held in the trust account less any amounts necessary to pay our taxes.
    At any meeting called to approve an initial business combination, public shareholders may elect to convert their shares regardless
    of whether or not they vote to approve the business combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whether
                                            we elect to effectuate our initial business combination via shareholder vote or tender offer,
                                            we may require public shareholders wishing to exercise redemption rights, whether they are
                                            a record holder or hold their shares in &#8220;street name,&#8221; to either tender the certificates
                                            they are seeking to convert to our transfer agent or to deliver the shares they are seeking
                                            to convert to the transfer agent electronically using Depository Trust Company&#8217;s DWAC
                                            (Deposit/Withdrawal At Custodian) System, at the holder&#8217;s option, at any time at or
                                            prior to the vote on the business combination. There is a nominal cost associated with this
                                            tendering process and the act of certificating the shares or delivering them through the
                                            DWAC System. The transfer agent will typically charge the tendering broker $45 and it would
                                            be up to the broker whether or not to pass this cost on to the converting holder. The foregoing
                                            is different from the procedures used by traditional blank check companies. In order to perfect
                                            redemption rights in connection with their business combinations, many traditional blank
                                            check companies would distribute proxy materials for the shareholders&#8217; vote on an initial
                                            business combination, and a holder could simply vote against a proposed business combination
                                            and check a box on the proxy card indicating such holder was seeking to exercise its redemption
                                            rights. After the business combination was approved, the company would contact such shareholder
                                            to arrange for it to deliver its certificate to verify ownership. As a result, the shareholder
                                            then had an &#8220;option window&#8221; after the consummation of the business combination
                                            during which it could monitor the price of the company&#8217;s stock in the market. If the
                                            price rose above the conversion price, it could sell its shares in the open market before
                                            actually delivering his shares to the company for cancellation. As a result, the redemption
                                            rights, to which shareholders were aware they needed to commit before the shareholder meeting,
                                            would become an &#8220;option&#8221; right surviving past the consummation of the business
                                            combination until the converting holder delivered its certificate. The requirement for physical
                                            or electronic delivery prior to the closing of the shareholder meeting ensures that a holder&#8217;s
                                            election to convert is irrevocable once the business combination is completed.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days&#8217; notice
    for each general meeting. As a result, if we require public shareholders who wish to convert their ordinary shares into the right
    to receive a <i>pro rata</i> portion of the funds in the trust account to comply with the foregoing delivery requirements, holders
    may not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able
    to exercise their redemption rights and may be forced to retain our securities when they otherwise would not want to.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we require public shareholders who wish to convert their ordinary shares to comply with specific delivery requirements for conversion
    described above and such proposed business combination is not consummated, we will promptly return such certificates to the tendering
    public shareholders.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    see the risk factors titled &#8220;In connection with any shareholder meeting called to approve a proposed initial business combination,
    we may require shareholders who wish to convert their public shares to comply with specific requirements for conversion that may
    make it more difficult for them to exercise their redemption rights prior to the deadline for exercising their rights&#8221; and
    &#8220;If we require public shareholders who wish to convert their public shares to comply with the delivery requirements for conversion,
    such converting shareholders may be unable to sell their securities when they wish to in the event that the proposed business combination
    is not approved.&#8221;</span></p></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: black 1.5pt solid; border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
    the shares are converted by the holder, and effectively redeemed by us under Cayman Islands law, the transfer agent will then update
    our register of members to reflect all conversions.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redemption
    of Public Shares and Liquidation if no business combination</b></span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-top: Black 1.5pt solid; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 68%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                            described above, if we fail to consummate a business combination within 12 months (or up
                                            to 21 months, if we extend the time to complete a business combination as described in this
                                            prospectus) from the date that the registration statement is declared effective, our amended
                                            and restated memorandum and articles of association provides that we will: (i) cease all
                                            operations except for the purpose of winding up; (ii) as promptly as reasonably possible,
                                            but not more than ten business days thereafter, redeem the public shares, at a per-share
                                            price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
                                            including interest earned on the funds held in the trust account and not previously released
                                            to us to pay our income taxes, divided by the number of the then-outstanding public shares,
                                            which redemption will completely extinguish public shareholders&#8217; 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 our
                                            remaining shareholders and our board of directors, liquidate and dissolve, subject in the
                                            case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for
                                            claims of creditors and the requirements of other applicable law. However, if we anticipate
                                            that we may not be able to consummate our initial business combination within 12 months,
                                            our sponsor may, but is not obligated to, extend the period of time to consummate a business
                                            combination up to nine times by an additional one month each time (for a total of up to 21
                                            months to complete a business combination). Pursuant to the terms of our amended and restated
                                            memorandum and articles of association and the trust agreement to be entered into between
                                            us and Continental Stock Transfer &amp; Trust Company, LLC on the date of this prospectus,
                                            in order to extend the time available for us to consummate our initial business combination,
                                            our sponsor, upon five days advance notice prior to the applicable deadline, must deposit
                                            into the trust account for each one-month extension $198,000, or $227,700 if the underwriter&#8217;s
                                            over-allotment option is exercised in full ($0.033 per share in either case), on or prior
                                            to the date of the applicable deadline.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    insiders or their affiliates or designees will receive a non-interest-bearing, unsecured promissory note equal to the amount
    of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds
    available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination,
    or, at the lender&#8217;s discretion, converted upon consummation of our business combination into additional private units at a
    price of $10.00 per unit. In the event that we receive notice from our insiders five days prior to the applicable deadline of their
    intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable
    deadline.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are forced to liquidate, we anticipate that we would distribute to our public shareholders the amount in the trust account calculated
    as of the date that is two days prior to the distribution date (including any accrued interest).</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
    to such distribution, we would be required to assess all claims that may be potentially brought against us by our creditors for amounts
    they are actually owed and make provision for such amounts, as creditors take priority over our public shareholders with respect
    to amounts that are owed to them. We cannot assure you that we will properly assess all claims that may be potentially brought against
    us. As such, our shareholders could potentially be liable for any claims of creditors to the extent of distributions received by
    them as a voidable transaction in the event we enter an insolvent liquidation. Furthermore, while we will seek to have all
    vendors and service providers (which would include any third parties we engaged to assist us in any way in connection with our search
    for a target business) and prospective target businesses execute agreements with us waiving any right, title, interest or claim of
    any kind they may have in or to any monies held in the trust account, there is no guarantee that they will execute such agreements.
    Nor is there any guarantee that, even if such entities execute such agreements with us, they will not seek recourse against the trust
    account or that a court would conclude that such agreements are legally enforceable.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    holders of the insider shares and private units will not participate in any liquidation distribution with respect to such securities.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will pay the costs of liquidating the trust account from our remaining assets outside of the trust account. If such funds are insufficient,
    our sponsor has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be
    no more than approximately $300,000) and has contractually agreed not to seek repayment for such expenses.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    underwriter has agreed to waive its rights to the deferred underwriting discounts held in the trust account in the
    event we do not consummate a business combination within 12 months from the date that the registration statement is declared effective
    (or up to 21 months, as applicable) and in such event, such amounts will be included with the funds held in the trust account that
    will be available to fund the redemption of our public shares.</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Indemnity</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products
    sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar
    agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per
    public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust
    account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such
    liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights
    to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity
    of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act. However, we have
    not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has
    sufficient funds to satisfy its indemnity obligations and believe that our sponsor&#8217;s only assets are securities of our company.
    Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will
    indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk
Factors Summary</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a blank check company that has conducted no operations and has generated no revenues. Until we complete our initial business combination,
we will have no operations and will generate no operating revenues. In making your decision on whether to invest in our securities, you
should take into account not only the background of our management team, but also the special risks we face as a blank check company,
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 &#8220;Proposed Business &#8212; Comparison to offerings
of blank check companies subject to Rule 419.&#8221; You should carefully consider these, and the other risks set forth in the section
entitled &#8220;Risk Factors&#8221; beginning on page 25 of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially
and adversely affect our business, financial condition, results of operations, cash flows and prospects that you should consider before
making a decision to invest in our ordinary shares. These risks are discussed more fully in &#8220;Risk Factors&#8221; beginning on page
25. These risks include, but are not limited to, the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Our Business</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are a newly formed blank check company with no operating history and no revenues, and, accordingly, you will not have any basis on
    which to evaluate our ability to achieve our business objective.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to consummate a business combination, our public shareholders may be forced to wait more than 12 months (or up to 21
    months if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unlike
    other blank check companies, we may extend the time to complete a business combination by up to nine months without a shareholder
    vote or your ability to redeem your shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirement that we complete an initial business combination within a specific period of time may give potential target businesses
    leverage over us in negotiating our initial business combination and may limit the amount of time we have to conduct due diligence
    on potential business combination targets as we approach our dissolution deadline, which could undermine our ability to consummate
    our initial business combination on terms that would produce value for our shareholders.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    will not be entitled to protections normally afforded to investors of blank check companies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may issue additional ordinary or preferred shares or debt securities to complete a business combination, which would reduce the equity
    interest of our shareholders and likely cause a change in control of our ownership.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to obtain additional financing, if required, to complete a business combination or to fund the operations and growth
    of the target business, which could compel us to restructure or abandon a particular business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    third parties bring claims against us, the proceeds held in trust could be reduced and the per-share redemption price received by
    shareholders may be less than $10.00.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    of warrants or rights will not have redemption rights if we are unable to complete an initial business combination within the required
    time period.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have no obligation to net cash settle the warrants or rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the redeemable warrants,
    public holders will only be able to exercise such redeemable warrants on a &#8220;cashless basis&#8221; which would result in a fewer
    number of shares being issued to the holder had such holder exercised the redeemable warrants on a cash basis.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
    we have not yet selected a particular industry or target business with which to complete a business combination, we are unable to
    currently ascertain the merits or risks of the industry or business in which we may ultimately operate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirement that the target business or businesses that we acquire must collectively have a fair market value equal to at least 80%
    of the balance of the funds in the trust account (less any deferred underwriting commissions and taxes payable on interest earned
    and less any interest earned thereon that is released to us) at the time of the execution of a definitive agreement for our initial
    business combination may limit the type and number of companies with which we may complete such a business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    ability to successfully effect a business combination and to be successful thereafter will be totally dependent upon the efforts
    of our key personnel, some of whom may join us following a business combination. While we intend to closely scrutinize any individuals
    we engage after a business combination, we cannot assure you that our assessment of these individuals will prove to be correct.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers and directors may not have significant experience or knowledge regarding the jurisdiction or industry of the target business
    we may seek to acquire.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination.
    These agreements may provide for them to receive compensation following a business combination and as a result, may cause them to
    have conflicts of interest in determining whether a particular business combination is the most advantageous.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers and directors will allocate their time to other businesses thereby potentially limiting the amount of time they devote to
    our affairs. This conflict of interest could have a negative impact on our ability to consummate our initial business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers and directors have pre-existing fiduciary and contractual obligations and accordingly, may have conflicts of interest in
    determining to which entity a particular business opportunity should be presented.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers&#8217; and directors&#8217; personal and financial interests may influence their motivation in determining whether a particular
    target business is appropriate for a business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past
    performance by our management team and our sponsor may not be indicative of future performance of an investment in us.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    may delist our securities from trading on its exchange which could limit investors&#8217; ability to make transactions in our securities
    and subject us to additional trading restrictions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may only be able to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent
    on a single business which may have a limited number of products or services.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be unable to consummate a business combination if a target business requires that we have cash in excess of the minimum amount
    we are required to have at closing and public shareholders may have to remain shareholders of our company and wait until our liquidation
    to receive a pro rata share of the trust account or attempt to sell their shares in the open market.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may acquire a target business that is affiliated with our officers, directors, initial shareholders or their affiliates.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
    we are incorporated under the laws of the Cayman Islands, our principal office is located in London and most of our executive officers
    and directors are located outside the United States, you may face difficulties in protecting your interests, and your ability to
    protect your rights through the U.S. Federal or state courts may be limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    our management following a business combination is unfamiliar with United States securities laws, they may have to expend time and
    resources becoming familiar with such laws which could lead to various regulatory issues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially
    adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
    we have not selected a particular business or specific geographic location or any specific target businesses with which to pursue
    our initial business combination, you will be unable to ascertain the merits or risks of any particular target business&#8217; operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
    we identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter
    into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target
    business with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria
    and guidelines.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&#8217;s
    flexibility in identifying and selecting a prospective acquisition candidate, along with our management&#8217;s financial interest
    in consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best
    interest of our shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks
Associated with Acquiring and Operating a Business Outside of the United States</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may effect a business combination with a company located outside of the United States and if we do, we would be subject to a variety
    of additional risks that may negatively impact our business operations and financial results.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    social unrest, acts of terrorism, regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments
    occur in a country in which we may operate after we effect our initial business combination, it may result in a negative impact on
    our business.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
    countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to
    corruption and inexperience, which may adversely impact our results of operations and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    relations between the United States and foreign governments deteriorate, it could cause potential target businesses or their goods
    and services to become less attractive.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and legal policies, developments and conditions in the country in which we operate.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currency
    policies may cause a target business&#8217; ability to succeed in the international markets to be diminished.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
    of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
    the growth of the economy and inflation that could lead to a significant decrease in our profitability following our initial business
    combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
    industries in Asia are subject to government regulations that limit or prohibit foreign investments in such industries, which may
    limit the potential number of acquisition candidates.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    a country in Asia enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our
    initial business combination could be severely impaired.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate
    governance standards in Asia may not be as strict or developed as in the United States and such weakness may hide issues and operational
    practices that are detrimental to a target business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_002"></span>SUMMARY
FINANCIAL DATA</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 are presented.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Actual</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    Adjusted</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Audited)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-weight: bold; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Balance
    Sheet Data:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working
    capital deficit<b><sup>(1)</sup></b><b><sup> </sup></b></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">89,813</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">59,024,187</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    assets<b><sup>(2)</sup></b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,524,187</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    liabilities<b><sup>(3)</sup></b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">89,813</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,500,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value
    of ordinary shares subject to possible conversion/tender<sup>(4) </sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">-</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&#8217;
    (deficit) equity<sup>(5)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,187</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(975,813</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td></tr>
  </table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &#8220;as adjusted&#8221; calculation includes $60,000,000 cash held in trust from the proceeds of this offering and the sale of
    the private placement units, plus $502,000 in cash held outside the trust account, plus $975,813 of shareholders&#8217; deficit at
    August 12, 2022, less $1,500,000 of deferred underwriting commissions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &#8220;as adjusted&#8221; calculation equals $60,000,000 cash held in trust from the proceeds of this offering and the sale of the
    private placement units, plus $502,000 in cash held outside the trust account, plus $22,187 of shareholders&#8217; equity
    at August 12, 2022.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &#8220;as adjusted&#8221; calculation includes $1,500,000 of deferred underwriting commissions.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    &#8220;as adjusted&#8221; value of ordinary shares which may be redeemed for cash equals the &#8220;as adjusted&#8221; total assets
    of $60,524,187 less the &#8220;as adjusted&#8221; total liabilities of $1,500,000 less the &#8220;as adjusted&#8221; shareholders&#8217;
    deficit of $975,813. The amount represents proceeds to be held in the trust account upon the consummation of this offering.
    The ordinary shares offered to the public contain redemption rights that make them redeemable by our public shareholders. Accordingly,
    they are classified within temporary equity in accordance with the guidance provided in ASC 480-10-S99-3A and will be subsequently
    accredited at redemption value.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes
    6,000,000 ordinary shares which may be redeemed in connection with our initial business combination and assuming no exercise of the
    over-allotment option. The actual number of shares that may be redeemed may exceed this amount. The &#8220;as adjusted&#8221; calculation
    equals the &#8220;as adjusted&#8221; total assets, less the &#8220;as adjusted&#8221; total liabilities, less the value of ordinary
    shares that may be redeemed in connection with our initial business combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
no business combination is completed within 12 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
then on deposit in the trust account, including interest (which interest shall be net of taxes payable) will be used to fund the redemption
of our public shares. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
to waive their rights to liquidating distributions from the trust account with respect to their insider shares and private shares if
we fail to complete our initial business combination within such 9-month (or up to 21-month) time period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<br /></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_003"></span>RISK
FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a newly formed blank check company with no operating history and no revenues, and, accordingly, you will not have any basis on which
to evaluate our ability to achieve our business objective. </i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, we had $0 on cash and a working capital deficit of $89,813. Further, we have incurred and expect to continue
to incur significant costs in pursuit of our acquisition plans. Management&#8217;s plans to address this need for capital through this
offering are discussed in the section of this prospectus titled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition
and Results of Operations.&#8221; Our plans to raise capital and to consummate our initial business combination may not be successful.
The report of our independent registered public accountants on our financial statements includes an explanatory paragraph stating that
our ability to continue as a going concern is dependent on the consummation of this offering. The financial statements do not include
any adjustments that might result from our inability to consummate this offering or our ability to continue as a going concern. Moreover,
there is no assurance that we will consummate our initial business combination. These factors raise substantial doubt about our ability
to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we are unable to consummate a business combination, our public shareholders may be forced to wait more than 12 months (or up to 21 months
if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have 12 months from the consummation of this offering in which to complete a business combination (or up to 21 months if we have
extended the period of time as described in this prospectus). We have no obligation to return funds to investors prior to such date unless
we consummate a business combination prior thereto and only then in cases where investors have sought to convert their shares. Only after
the expiration of this full time period will public shareholders be entitled to liquidation distributions if we are unable to complete
a business combination. Accordingly, investors&#8217; funds may be unavailable to them until after such date and to liquidate your investment,
you may be forced to sell your securities potentially at a loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unlike
other blank check companies, we may extend the time to complete a business combination by up to nine months without a shareholder
vote or your ability to redeem your shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have until 12 months from the closing of this offering to consummate an initial business combination. However, unlike other similarly
structured blank check companies, if we anticipate that we may not be able to consummate our initial business combination within 12 months,
we may extend the period of time to consummate a business combination up to nine times, each by an additional one month (for a
total of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination, our sponsor or its affiliates or designees,
upon ten days advance notice prior to the applicable deadline, must deposit into the trust account $198,000, or up to $227,700 if the
underwriter&#8217;s over-allotment option is exercised in full ($0.033 per share in either case) on or prior to the date of the
applicable deadline, for each one month extension (or up to an aggregate of $1,782,000 (or $2,049,300 if the underwriter&#8217;s
over-allotment option is exercised in full). Public shareholders will not be offered the opportunity to vote on or redeem their shares
in connection with any such extension.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
requirement that we complete an initial business combination within a specific period of time may give potential target businesses leverage
over us in negotiating our initial business combination and may limit the amount of time we have to conduct due diligence on potential
business combination targets as we approach our dissolution deadline, which could undermine our ability to consummate our initial business
combination on terms that would produce value for our shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 12 months from the consummation of this offering to complete an initial business combination (or up to 21 months if we have extended
the period of time as described in this prospectus). Any potential target business with which we enter into negotiations concerning a
business combination will be aware of this requirement. Consequently, such target business may obtain leverage over us in negotiating
a business combination, knowing that if we do not complete a business combination with that particular target business, we may be unable
to complete a business combination with any other target business. This risk will increase as we get closer to the time limits referenced
above. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination on terms that
we would have rejected upon a more comprehensive investigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to consummate an attractive business combination may be impacted by the market for initial public offerings.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the market for initial public offerings is limited, we believe there will be more attractive target businesses open to consummating an
initial business combination with us as a means to achieve publicly held status. Alternatively, if the market for initial public offerings
is robust, we believe that there will be fewer attractive target businesses amenable to consummating an initial business combination
with us to become a public reporting company. Accordingly, during periods with strong public offering markets, it may be more difficult
for us to complete an initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the number of special purpose acquisition companies increases, there may be more competition to find an attractive target for an initial
business combination. This could increase the costs associated with completing our initial business combination and may result in our
inability to find a suitable target for our initial business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, the number of special purpose acquisition companies that have been formed has increased substantially. Many companies have
entered into business combinations with special purpose acquisition companies, and there are still many special purpose acquisition companies
seeking targets for their initial business combination, as well as many additional special purpose acquisition companies currently in
registration. As a result, at times, fewer attractive targets may be available, and it may require more time, effort and resources to
identify a suitable target for an initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, because there are more special purpose acquisition companies seeking to enter into an initial business combination with available
targets, the competition for available targets with attractive fundamentals or business models may increase, which could cause target
companies to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions or increases in the cost of additional capital needed to close business combinations or operate
targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability to find a
suitable target for and/or complete our initial business combination.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
will not be entitled to protections normally afforded to investors of blank check companies.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the net proceeds of this offering are intended to be used to complete a business combination with a target business that has not been
identified, we may be deemed to be a &#8220;blank check&#8221; company under the United States securities laws. However, since we will
have net tangible assets in excess of $5,000,000 upon the successful consummation of this offering and will file a Current Report on
Form 8-K, including an audited balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors
of blank check companies such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules which
would, for example, completely restrict the transferability of our securities, restrict the use of interest earned on the funds held
in the trust account and require us to complete a business combination within 21 months from the closing of the offering. Because we
are not subject to Rule 419, our units will be immediately tradable, we will be entitled to withdraw amounts from the funds held in the
trust account prior to the completion of a business combination and we may have more time to complete an initial business combination.
For a more detailed comparison of this offering to offerings that comply with Rule 419, please see &#8220;Proposed Business &#8212; Comparison
to offerings of blank check companies subject to Rule 419.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue additional ordinary or preferred shares or debt securities to complete a business combination, which would reduce the equity
interest of our shareholders and likely cause a change in control of our ownership.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated memorandum and articles of association currently authorize the issuance of 500,000,000 shares of a single class
each with par value of $0.0001. Although we have no commitment as of the date of this offering, we may issue a substantial number of
additional ordinary shares or preferred shares or debt securities, or a combination of thereof, to complete a business combination. The
issuance of additional ordinary shares or preferred shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    significantly reduce the equity interest of investors in this offering;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
    shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    cause a change in control if a substantial number of 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    have the effect of delaying or preventing a change of control of us by diluting the stock ownership or voting rights of a person
    seeking to obtain control of us; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    adversely affect prevailing market prices for our ordinary shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    and foreclosure on our assets if our operating revenues after a business combination are insufficient to repay our debt obligations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
    financing while the debt security is outstanding.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to pay dividends on our ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
    on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
    on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
    of our strategy and other purposes; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    disadvantages compared to our competitors who have less debt.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
third parties bring claims against us, the proceeds held in trust could be reduced and the per-share redemption price received by shareholders
may be less than $10.00.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
placing of funds in trust may not protect those funds from third party claims against us. Although we will seek to have all vendors and
service providers we engage and prospective target businesses we negotiate with execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders, they may not
execute such agreements. Furthermore, even if such entities execute such agreements with us, they may seek recourse against the monies
held in the trust account. A court may not uphold the validity of such agreements. Accordingly, the proceeds held in trust could be subject
to claims which could take priority over those of our public shareholders. If we liquidate the trust account before the completion of
a business combination, our sponsor has agreed that it will be liable to ensure that the proceeds in the trust account are not reduced
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 and which have not executed a waiver agreement. However, it may not be able to meet such obligation. Therefore,
the per-share redemption price from the trust account in such a situation may be less than $10.00, plus interest, due to such claims.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, or if we otherwise
enter compulsory or court supervised liquidation, 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.
To the extent any bankruptcy claims deplete the trust account, we may not be able to return to our public shareholders at least $10.00
per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
shareholders may be held liable for claims by third parties against us to the extent of distributions received by them.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 and to imprisonment
for five years in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to elect to deviate from the acquisition criteria or guidelines set forth in this prospectus, each person who purchased units
in this offering and still held such securities upon learning of the facts relating to the deviation may seek rescission of the purchase
of the units he or she acquired in the offering (under which a successful claimant has the right to receive the total amount paid for
his or her securities pursuant to an allegedly deficient prospectus, plus interest and less any income earned on the securities, in exchange
for surrender of the securities) or bring an action for damages against us (compensation for loss on an investment caused by alleged
material misrepresentations or omissions in the sale of a security). In such event, we could also be subject to civil or criminal actions
taken by governmental authorities. For instance, the SEC can seek injunctions under Section 20(b) of the Securities Act if it believes
a violation under the Securities Act has occurred or is imminent. The SEC can also seek civil penalties under Sections 20(d) and 24 if
a party has violated the Securities Act or an injunctive action taken by the SEC or if a party willfully, in a registration statement
filed under the Securities Act, makes any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading. Furthermore, Section 20 allows the SEC to refer matters to the attorney
general to bring criminal penalties against an issuer.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Holders
of warrants or rights will not have redemption rights if we are unable to complete an initial business combination within the required
time period.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to complete an initial business combination within the required time period and we redeem the funds held in the trust account,
the warrants or rights will expire and holders will not receive any of such proceeds with respect to the warrants or rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have no obligation to net cash settle the warrants or rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
no event will we have any obligation to net cash settle the warrants or rights. Accordingly, the warrants or rights may expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the redeemable warrants,
public holders will only be able to exercise such redeemable warrants on a &#8220;cashless basis&#8221; which would result in a fewer
number of shares being issued to the holder had such holder exercised the redeemable warrants on a cash basis.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth below, if we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of
the warrants at the time that holders wish to exercise such warrants, they will only be able to exercise them on a &#8220;cashless basis,&#8221;
provided that an exemption from registration is available. As a result, the number of ordinary shares that a holder will receive upon
exercise of its warrants will be fewer than it would have been had such holder exercised its warrant on a cash basis. Further, if an
exemption from registration is not available, holders would not be able to exercise their warrants on a cashless basis and would only
be able to exercise their warrants on a cash basis if a current and effective prospectus relating to the ordinary shares issuable upon
exercise of the warrants is available. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these
conditions and to maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the warrants
until the expiration of the warrants. However, we cannot assure you that we will be able to do so. If we are unable to do so, the potential
&#8220;upside&#8221; of the holder&#8217;s investment in our company may be reduced or the warrants may expire worthless. Notwithstanding
the foregoing, the private warrants may be exercisable for unregistered ordinary shares for cash even if the prospectus relating to the
ordinary shares issuable upon exercise of the warrants is not current and effective.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
a public holder fails to receive notice of our offer to redeem our ordinary 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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 public holder fails to receive our tender offer or proxy materials, as applicable,
such public holder may not become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents,
as applicable, that we will furnish to holders of our ordinary 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 ordinary shares. For example, we may require our
public holders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &#8220;street name,&#8221;
to either deliver their stock certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to
such holders, or prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials,
or to deliver their shares to the transfer agent electronically. In the event that a public holder fails to comply with these or any
other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be redeemed.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
investor will only be able to exercise warrants if the issuance of ordinary shares upon such exercise has been registered or qualified
or is deemed exempt under the securities laws of the state of residence of the holder of the warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
warrants will be exercisable on a cash basis and we will not be obligated to issue ordinary shares unless the ordinary shares issuable
upon such exercise have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the
holder of the warrants. At the time that the warrants become exercisable, we expect to continue to be listed on a national securities
exchange, which would provide an exemption from registration in every state. However, we cannot assure you of this fact. If the ordinary
shares issuable upon exercise of the warrants are not qualified or exempt from qualification in the jurisdictions in which the holders
of the warrants reside, the warrants may be deprived of any value, the market for the warrants may be limited and they may expire worthless
if they cannot be sold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may amend the terms of the warrants in a way that may be adverse to holders with the approval by the holders of a majority of the then
outstanding warrants.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
in order to make any change that adversely affects the interests of the registered holders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
warrant agreement and rights 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 or rights, which could limit the ability of warrant holders and rights holders to obtain a favorable judicial forum for
disputes with our company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
warrant agreement and rights 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 or rights 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, these provisions of the warrant agreement and rights 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 and rights shall
be deemed to have notice of and to have consented to the forum provisions in our warrant agreement and rights agreement. If any action,
the subject matter of which is within the scope the forum provisions of the warrant agreement and rights 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 &#8220;foreign
action&#8221;) in the name of any holder of our warrants or rights, 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 &#8220;enforcement action&#8221;), and (y) having service of process made upon such warrant or rights
holder in any such enforcement action by service upon such warrant or rights holder&#8217;s counsel in the foreign action as agent for
such warrant or rights holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
choice-of-forum provision may limit a warrant or rights holder&#8217;s ability to bring a claim in a judicial forum that it finds favorable
for disputes with our company, including by increasing the cost of such lawsuits to a warrant or rights holder, which may discourage
such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement and rights 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Since
we have not yet selected a particular industry or target business with which to complete a business combination, we are unable to currently
ascertain the merits or risks of the industry or business in which we may ultimately operate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we intend to focus our search for target businesses on specific locations and industries as described in this prospectus, we are not
limited to those locations and may consummate a business combination with a company in any location or industry we choose. 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 company in its development
stage, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
requirement that the target business or businesses that we acquire must collectively have a fair market value equal to at least 80% of
the balance of the funds in the trust account (less any deferred underwriting commissions and taxes payable on interest earned and less
any interest earned thereon that is released to us) at the time of the execution of a definitive agreement for our initial business combination
may limit the type and number of companies with which we may complete such a business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the NASDAQ listing rules, 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 any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account and less any interest earned thereon that is released to us for our taxes) at the time of the
execution of a definitive agreement for our initial business combination. This restriction may limit the type and number of companies
with which we may complete a business combination. If we are unable to locate a target business or businesses that satisfy this fair
market value test, we may be forced to liquidate and you will only be entitled to receive your <i>pro rata</i> portion of the funds in
the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
NASDAQ delists our securities from trading on its exchange after this offering, we would not be required to satisfy the fair market value
requirement described above 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ability to successfully effect a business combination and to be successful thereafter will be totally dependent upon the efforts of our
key personnel, some of whom may join us following a business combination. While we intend to closely scrutinize any individuals we engage
after a business combination, we cannot assure you that our assessment of these individuals will prove to be correct.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to successfully effect a business combination is dependent upon the efforts of our key personnel. We believe that our success
depends on the continued service of our key personnel, at least until we have consummated our initial business combination. We cannot
assure you that any of our key personnel will remain with us for the immediate or foreseeable future. In addition, none of our officers
are required to commit any specified amount of time to our affairs and, accordingly, they will have conflicts of interest in allocating
management time among various business activities, including identifying potential business combinations and monitoring the related due
diligence. We do not have employment agreements with, or key-man insurance on the life of, any of our officers. The unexpected loss of
the services of our key personnel could have a detrimental effect on us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 a business combination, it is likely that some or all of
the management of the target business will remain in place or be hired after consummation of the business combination. While we intend
to closely scrutinize any individuals we engage after a business combination, we cannot assure you that our assessment of these individuals
will prove to be correct.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
individuals may be unfamiliar with the requirements of operating a public company which could cause us to have to expend time and resources
helping them become familiar with such requirements. This could be expensive and time-consuming and could lead to various regulatory
issues which may adversely affect our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers and directors may not have significant experience or knowledge regarding the jurisdiction or industry of the target business
we may seek to acquire.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may consummate a business combination with a target business in any geographic location or industry we choose. We cannot assure you that
our officers and directors will have enough experience or have sufficient knowledge relating to the jurisdiction of the target or its
industry to make an informed decision regarding a business combination. If we become aware of a potential business combination outside
of the geographic location or industry where our officers and directors have the most experience, our management may retain consultants
and advisors with experience in such industries to assist in the evaluation of such business combination and in our determination of
whether or not to proceed with such a business combination. However, our management is not required to engage consultants or advisors
in any situation. If they do not engage any consultants or advisors to assist them in the evaluation of a particular target business
or business combination, our management may not properly analyze the risks attendant with such target business or business combination.
Even if our management does engage consultants or advisors to assist in the evaluation of a particular target business or business combination,
we cannot assure you that such consultants or advisors will properly analyze the risks attendant with such target business or business
combination. As a result, we may enter into a business combination that is not in our shareholders&#8217; best interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination.
These agreements may provide for them to receive compensation following a business combination and as a result, may cause them to have
conflicts of interest in determining whether a particular business combination is the most advantageous.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers and directors will allocate their time to other businesses thereby potentially limiting the amount of time they devote to our
affairs. This conflict of interest could have a negative impact on our ability to consummate our initial business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers and directors are not required to commit their full time to our affairs, which could create a conflict of interest when allocating
their time between our operations and their other commitments. We presently expect each of our employees to devote such amount of time
as they reasonably believe is necessary to our business (which could range from only a few hours a week while we are trying to locate
a potential target business to a majority of their time as we move into serious negotiations with a target business for a business combination).
We do not intend to have any full-time employees prior to the consummation of our initial business combination. All of our officers and
directors are engaged in several other business endeavors and are not obligated to devote any specific number of hours to our affairs.
If our officers&#8217; and directors&#8217; other business affairs require them to devote more substantial amounts of time to such affairs,
it could limit their ability to devote time to our affairs and could have a negative impact on our ability to consummate our initial
business combination. We cannot assure you these conflicts will be resolved in our favor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers and directors have pre-existing fiduciary and contractual obligations and accordingly, may have conflicts of interest in determining
to which entity a particular business opportunity should be presented.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers and directors have pre-existing fiduciary and contractual obligations to other companies, including other companies that are
engaged in business activities similar to those intended to be conducted by us. Accordingly, they may participate in transactions and
have obligations that may be in conflict or competition with our consummation of our initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, a potential target business may be presented by our management team to another entity prior to its presentation to us and we
may not be afforded the opportunity to engage in a transaction with such target business. For a more detailed description of the pre-existing
fiduciary and contractual obligations of our management team, and the potential conflicts of interest that such obligations may present,
see the section titled &#8220;Management &#8212; Conflicts of Interest.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
officers&#8217; and directors&#8217; personal and financial interests may influence their motivation in determining whether a particular
target business is appropriate for a business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
officers and directors have waived their right to convert (or sell to us in any tender offer) their insider shares or any other ordinary
shares acquired in this offering or thereafter (although none of these insiders have indicated any intention to purchase units in this
offering or thereafter), or to receive distributions with respect to their insider shares upon our liquidation if we are unable to consummate
our initial business combination. Our sponsor has also waived its right to convert (or sell to us in any tender offer) its private shares
or any other ordinary shares acquired in this offering or thereafter (although it has not indicated any intention to purchase units in
this offering or thereafter), or to receive distributions with respect to their private shares upon our liquidation if we are unable
to consummate our initial business combination. Accordingly, these securities will be worthless if we do not consummate our initial business
combination. In addition, our officers and directors may loan funds to us after this offering and may be owed reimbursement for expenses
incurred in connection with certain activities on our behalf which would only be repaid if we complete an initial business combination.
The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting
a target business and completing a business combination. Consequently, our directors&#8217; and officers&#8217; discretion in identifying
and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing
of a particular business combination are appropriate and in our shareholders&#8217; best interest. If this were the case, it would be
a breach of their fiduciary duties to us as a matter of Cayman Islands law and we might have a claim against such individuals. However,
we might not ultimately be successful in any claim we may make against them for such reason.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Past
performance by our management team and our sponsor may not be indicative of future performance of an investment in us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
regarding performance by, or businesses associated with our management team and our sponsor and its affiliates is presented for informational
purposes only. Past performance by our management team and our sponsor 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&#8217;s or our sponsor&#8217;s respective performance as indicative of our future
performance of an investment in us or the returns we will, or are likely to, generate going forward. Furthermore, an investment in us
is not an investment in our sponsor or its affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>NASDAQ
may delist our securities from trading on its exchange which could limit investors&#8217; ability to make transactions in our securities
and subject us to additional trading restrictions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that our securities will be listed on the NASDAQ Global Market, a national securities exchange, upon consummation of this
offering. Although, after giving effect to this offering, we expect to meet on a pro forma basis the minimum initial listing standards
of NASDAQ, which generally only requires that we meet certain requirements relating to shareholders&#8217; equity, market capitalization,
aggregate market value of publicly held shares and distribution requirements, we cannot assure you that our securities will continue
to be listed on NASDAQ in the future or prior to an initial business combination. Additionally, in connection with our initial business
combination, it is likely that NASDAQ will require us to file a new initial listing application and meet its initial listing requirements
as opposed to its more lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing
requirements at that time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited availability of market quotations for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    liquidity with respect to our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that our ordinary shares are &#8220;penny stock&#8221; which will require brokers trading in our ordinary shares to
    adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for our
    ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited amount of news and analyst coverage for our company; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may only be able to complete one business combination with the proceeds of this offering. By consummating a business combination with
only a single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further,
we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other
entities which may have the resources to complete several business combinations in different industries or different areas of a single
industry. Accordingly, the prospects for our success may be:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">solely
    dependent upon the performance of a single business, or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dependent
    upon the development or market acceptance of a single or limited number of products, processes or services.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need for each
of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations,
which may make it more difficult for us, and delay our ability, to complete the business combination. With multiple business combinations,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks,
it could negatively impact our profitability and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
ability of our public shareholders to exercise their redemption rights or sell their public shares to us in a tender offer may not allow
us to effectuate the most desirable business combination or optimize our capital structure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to consummate a business combination if a target business requires that we have cash in excess of the minimum amount we
are required to have at closing and public shareholders may have to remain shareholders of our company and wait until our liquidation
to receive a pro rata share of the trust account or attempt to sell their shares in the open market.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
potential target may make it a closing condition to our business combination that we have a certain amount of cash in excess of the $5,000,001
of net tangible assets we are required to have pursuant to our organizational documents available at the time of closing. If the number
of our shareholders electing to exercise their redemption rights or sell their shares to us in a tender offer has the effect of reducing
the amount of money available to us to consummate a business combination below such minimum amount required by the target business and
we are not able to locate an alternative source of funding, we will not be able to consummate such business combination and we may not
be able to locate another suitable target within the applicable time period, if at all. In that case, public shareholders may have to
remain shareholders of our company and wait the full 12 months (or up to 21 months if we have extended the period of time as described
in this prospectus) in order to be able to receive a <i>pro rata </i>portion of the trust account, or attempt to sell their shares in
the open market prior to such time, in which case they may receive less than a <i>pro rata</i> share of the trust account for their shares
and suffer an entire loss on your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may consummate our
initial business combination even though a majority of our public shareholders do not support such a combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to hold a shareholder vote before we consummate our initial business combination. However, if a shareholder vote is not required,
for business or legal reasons, we may conduct conversions via a tender offer and not offer our shareholders the opportunity to vote on
a proposed business combination. Accordingly, we may consummate our initial business combination even if holders of a majority of our
public shares do not approve of the business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
connection with any meeting held to approve an initial business combination, we will offer each public shareholder the option to vote
in favor of a proposed business combination and still seek conversion of his, her or its public shares, which may make it more likely
that we will consummate a business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any meeting held to approve an initial business combination, we will offer each public shareholder the right to have
his, her or its public shares converted to cash (subject to the limitations described elsewhere in this prospectus) regardless of whether
such shareholder votes for or against such proposed business combination. Furthermore, we will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 upon such consummation and a majority of the issued and outstanding shares
voted are voted in favor of the business combination. Accordingly, public shareholders owning shares sold in this offering may exercise
their redemption rights and we could still consummate a proposed business combination so long as a majority of shares voted at the meeting
are voted in favor of the proposed business combination. This is different than other similarly structured blank check companies where
shareholders are offered the right to convert their shares only when they vote against a proposed business combination. This is also
different than other similarly structured blank check companies where there is a specific number of shares sold in the offering which
must not exercise redemption rights for the company to complete a business combination. The lack of such a threshold and the ability
to seek conversion while voting in favor of a proposed business combination may make it more likely that we will consummate our initial
business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>In
connection with any shareholder meeting called to approve a proposed initial business combination, we may require shareholders who wish
to convert their public shares to comply with specific requirements for conversion that may make it more difficult for them to exercise
their redemption rights prior to the deadline for exercising their rights.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with any shareholder meeting called to approve a proposed initial business combination, each public shareholder will have
the right, regardless of whether it is voting for or against such proposed business combination, to demand that we convert its public
shares into a share of the trust account. Such conversion will be effectuated under Cayman Islands law and our amended and restated memorandum
and articles of association as a redemption of the shares, with the redemption price to be paid being the applicable <i>pro rata </i>portion
of the monies held in the trust account. We may require public shareholders who wish to convert their public shares in connection with
a proposed business combination to either tender their certificates (if any) to our transfer agent or to deliver their shares to the
transfer agent electronically using the Depository Trust Company&#8217;s (&#8220;DTC&#8221;) DWAC (Deposit/Withdrawal At Custodian) System,
at the holder&#8217;s option, at any time at or prior to the vote taken at the shareholder meeting relating to such business combination.
In order to obtain a physical share certificate, a shareholder&#8217;s broker and/or clearing broker, DTC and our transfer agent will
need to act to facilitate this request. It is our understanding that shareholders should generally allot at least two weeks to obtain
physical certificates from the transfer agent. However, because we do not have any control over this process or over the brokers or DTC,
it may take significantly longer than two weeks to obtain a physical share certificate. It is also our understanding that it takes a
short time to deliver shares through the DWAC System. However, this too may not be the case. Accordingly, if it takes longer than we
anticipate for shareholders to deliver their shares, shareholders who wish to convert may be unable to meet the deadline for exercising
their redemption rights and thus may be unable to convert their shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Investors
may not have sufficient time to comply with the delivery requirements for conversion.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days&#8217; notice
for each general meeting. As a result, if we require public shareholders who wish to convert their public shares into the right to receive
a <i>pro rata </i>portion of the funds in the trust account to comply with specific delivery requirements for conversion, holders may
not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise
their redemption rights and may be forced to retain our securities when they otherwise would not want to.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we require public shareholders who wish to convert their public shares to comply with the delivery requirements for conversion, such
converting shareholders may be unable to sell their securities when they wish to in the event that the proposed business combination
is not approved.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
of our limited resources and structure, other companies may have a competitive advantage and we may not be able to consummate an attractive
business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to encounter intense competition from entities other than blank check companies having a business objective similar to ours, including
venture capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these entities are well established
and have extensive experience in identifying and effecting business combinations directly or through affiliates. Many of these competitors
possess greater technical, human and other resources than we do, and our financial resources will be relatively limited when contrasted
with those of many of these competitors. While we believe that there are numerous potential target businesses that we could acquire with
the net proceeds of this offering, our ability to compete in acquiring certain sizable target businesses will be limited by our available
financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses.
Furthermore, seeking shareholder approval of a business combination may delay or prevent the consummation of a transaction, a risk a
target business may not be willing to accept. Additionally, our outstanding warrants and rights, and the future dilution they potentially
represent, may not be viewed favorably by certain target businesses. Any of the foregoing may place us at a competitive disadvantage
in successfully negotiating a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
initial shareholders control a substantial interest in us and thus may influence certain actions requiring a shareholder vote, potentially
in a manner that you do not support.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of our offering and the private placement, our initial shareholders will collectively own approximately 21.7% of
our issued and outstanding ordinary shares (assuming they do not purchase any units in this offering and no over-allotment option is
exercised). Accordingly, they may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that
you do not support, including amendments to our memorandum and articles of association. None of our officers, directors, initial shareholders
or their affiliates has indicated any intention to purchase units in this offering or any units or ordinary shares from persons in the
open market or in private transactions (other than the private units). However, if our initial shareholders purchase any units in this
offering or if our officers, directors, initial shareholders or their affiliates determine in the future to make such purchases in the
open market or in private transactions, to the extent permitted by law, in order to assist us in consummating our initial business combination,
this would increase their control. Factors that would be considered in making such additional purchases would include consideration of
the current trading price of our ordinary shares. In connection with any vote for a proposed business combination, all of our initial
shareholders, as well as all of our officers and directors, have agreed to vote the ordinary shares owned by them immediately before
this offering as well as any ordinary shares acquired in this offering or in the aftermarket in favor of such proposed business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no requirement under the Companies Act for us to hold annual or general meetings to elect directors. Accordingly, shareholders would
not have the right to such a meeting or election of directors, unless the holders of not less than 10% of the voting rights of our company
request such a meeting. As a result, it is unlikely that there will be an annual general meeting to elect new directors prior to the
consummation of a business combination, in which case all of the current directors will continue in office until at least the consummation
of the business combination. Accordingly, you may not be able to exercise your voting rights for up to 21 months. Accordingly, our initial
shareholders will continue to exert control at least until the consummation of a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
initial shareholders paid an aggregate of $25,000, or approximately $0.01 per share, for the insider shares and, accordingly, you will
experience immediate and substantial dilution from the purchase of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
difference between the public offering price per share and the pro forma net tangible book value per share after this offering constitutes
the dilution to the investors in this offering. Our initial shareholders acquired their insider shares at a nominal price, significantly
contributing to this dilution. Upon consummation of this offering, you and the other new investors will incur an immediate and substantial
dilution of approximately 104.91% or $9.99 per share (the difference between the public offering price per share and the pro forma net
tangible book value per share of $0.47 per share. This is because investors in this offering will be contributing approximately 96.93%
of the total amount paid to us for our outstanding securities after this offering but will only own approximately 77.91% of our outstanding
securities. Accordingly, the per-share purchase price you will be paying substantially exceeds our per share net tangible book value.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
outstanding warrants and rights or the conversion of the promissory notes upon consummation of our business combination into private
units may have an adverse effect on the market price of our ordinary shares and make it more difficult to effect a business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be issuing warrants and rights that will result in the issuance of up to 6,300,000 ordinary shares as part of the units offered
by this prospectus and private warrants and rights that will result in the issuance of an additional 196,770 ordinary shares. Further,
in order to meet our working capital needs following the consummation of this offering until completion of an initial business combination
or to extend the period of time to consummate a business combination, our initial shareholders, officers and directors or their affiliates
may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The promissory note would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&#8217;s discretion, up to $300,000 of the promissory note may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. As such, each promissory notes will result
in the issuance of 30,000 private units that will result in the issuance of up to an additional 61,500 ordinary shares. The potential
for the issuance of a substantial number of additional shares upon exercise of the warrants or conversion of the rights could make us
a less attractive acquisition vehicle in the eyes of a target business. Such securities, when converted, will increase the number of
issued and outstanding ordinary shares and reduce the value of the shares issued to complete the business combination. Accordingly, our
warrants or rights may make it more difficult to effectuate a business combination or increase the cost of acquiring the target business.
Additionally, the sale, or even the possibility of sale, of the shares underlying the warrants or rights could have an adverse effect
on the market price for our securities or on our ability to obtain future financing. If to the extent these warrants are exercised and
these rights are converted, you may experience dilution to your holdings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our shareholders exercise their registration rights with respect to their securities, it may have an adverse effect on the market price
of our ordinary shares and the existence of these rights may make it more difficult to effect a business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial shareholders are entitled to make a demand that we register the resale of their insider shares (1,725,000 ordinary shares, including
up to an aggregate of 225,000 ordinary shares subject to forfeiture by our sponsor to the extent that the underwriter&#8217;s
over-allotment option is not exercised in full or in part) at any time commencing three months prior to the date on which their shares
may be released from escrow. Additionally, the purchasers of the private units and our initial shareholders, officers and directors are
entitled to demand that we register the resale of the 187,400 ordinary shares (or 200,000 ordinary shares if the overallotment is exercised
in full) underlying the private units, 187,400 ordinary shares (or 200,000 ordinary shares if the overallotment is exercised in full)
underlying the private warrants, 9,370 (or 10,000 ordinary shares if the overallotment is exercised in full) ordinary shares underlying
the private rights and any securities our initial shareholders, officers, directors or their affiliates may be issued in payment of working
capital loans or loans to extend our life made to us at any time after we consummate a business combination. The presence of these additional
securities trading in the public market may have an adverse effect on the market price of our securities. In addition, the existence
of these rights may make it more difficult to effectuate a business combination or increase the cost of acquiring the target business,
as the shareholders of the target business may be discouraged from entering into a business combination with us or will request a higher
price for their securities because of the potential effect the exercise of such rights may have on the trading market for our ordinary
shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
company that, among other things, is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business
of investing, reinvesting, owning, trading or holding certain types of securities would be deemed an investment company under the Investment
Company Act of 1940, or the Investment Company Act. Since we will invest the proceeds held in the trust account only in United
States government treasury bills, notes or bonds having a maturity of 180 days or less or in money market funds meeting the applicable
conditions under Rule 2a-7 promulgated under the Investment Company Act and that invest solely in United States treasuries, we
believe that we will not be considered to be an investment company pursuant to the exemption provided in Rule 3a-1 promulgated under
the Investment Company Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on the nature of our investments; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on the issuance of securities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we may have imposed upon us certain burdensome requirements, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration
    as an investment company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">adoption
    of a specific form of corporate structure; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reporting,
    record keeping, voting, proxy, compliance policies and procedures and disclosure requirements and other rules and regulations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with these additional regulatory burdens would require additional expense that we have not provided for.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not required to obtain an opinion from an unaffiliated third party that the target business we select has a fair market value in
excess of at least 80% of the balance of the trust account (excluding any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account) unless our board of directors cannot make such determination on its own. We are also not required
to obtain an opinion from an unaffiliated third party indicating that the price we are paying is fair to our shareholders from a financial
point of view unless the target is affiliated with our officers, directors, initial shareholders or their affiliates. If no opinion is
obtained, our shareholders will be relying on the judgment of our board of directors, whose collective experience in business evaluations
for blank check companies like ours is not significant. Furthermore, our directors may have a conflict of interest in analyzing the transaction
due to their personal and financial interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may acquire a target business that is affiliated with our officers, directors, initial shareholders or their affiliates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we do not currently intend to pursue an initial business combination with a company that is affiliated with our officers, directors,
initial shareholders or their affiliates, we are not prohibited from pursuing such a transaction, nor are we prohibited from consummating
a business combination where any of our officers, directors, initial shareholders or their affiliates acquire a minority interest in
the target business alongside our acquisition, provided in each case we obtain an opinion from an unaffiliated third party indicating
that the price we are paying is fair to our shareholders from a financial point of view. These affiliations could cause our officers
or directors to have a conflict of interest in analyzing such transactions due to their personal and financial interests.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering there has been no public market for any of our securities. The public offering price of the units and the terms of the
warrants and rights were negotiated between us and the representative of the underwriter. Factors considered in determining the prices
and terms of the units, including the ordinary shares, warrants and rights underlying the units, include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    history and prospects of companies whose principal business is the acquisition of other companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    offerings of those companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    prospects for acquiring an operating business at attractive values;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    capital structure;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    per share amount of net proceeds being placed in the trust account;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    assessment of our management and their experience in identifying operating companies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    conditions of the securities markets at the time of the offering.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we are incorporated under the laws of the Cayman Islands, our principal office is located in London and most of our executive officers
and directors are located outside the United States, you may face difficulties in protecting your interests, and your ability to protect
your rights through the U.S. Federal or state courts may be limited.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an exempted company incorporated under the laws of the Cayman Islands and our principal office is located in London. In addition,
most of our executive officers and directors are located outside of the United States and are nationals or residents of jurisdictions
other than the United States, and most or a substantial portion of their assets are located outside of the United States. Ms. Olivia
Wenxi He, our Chief Executive Officer and chairperson of the board of directors and director, is a United Kingdom passport holder; Mr.
Thomas Trent Stout, our Chief Financial Officer and director, is a United States passport holder; Mr. Michael David Osowski, our independent
director, is a United States passport holder; Mr. Edwin Chun Wai Tam, our independent director, is a United Kingdom passport holder;
and Ms. Longjiao Li, our independent director, is a People&#8217;s Republic of China passport holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce
judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities
laws of the United States or any state in the United States. A judgment of a United States court for civil liabilities predicated upon
the federal securities laws of the United States may not be enforceable in or recognized by the courts of the jurisdictions where our
directors and officers reside, and the judicial recognition process may be time-consuming. It may be difficult for you to enforce judgments
obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have appointed Cogency Global Inc., 122 East 42<sup>nd</sup> Street, 18<sup>th</sup> Floor New York, NY 10168 as our agent to receive
service of process with respect to any action brought against us in the state or federal courts of the United States in connection with
this offering under the securities laws of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act (as the same
may be supplemented or amended from time to time) 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 Companies Act and 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, and whilst the
decisions of the English courts are of persuasive authority, they 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 statutes or judicial precedent
in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared
to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law.
In addition, while provisions do exist in Cayman Islands law for derivative actions to be brought in certain circumstances, shareholders
in the Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such
action, may result in the rights of shareholders of a Cayman Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
  or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws;
  and</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain
  original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
  of the United States or any state in the United States.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated
upon, provided such judgment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" border="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: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
  given by a foreign court of competent jurisdiction;</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposes
  on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
  final;</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
  not in respect of taxes, a fine or a penalty;</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
  not obtained by fraud; and</span></td></tr>

<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font-family: Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
  <td style="font-family: Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
  not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.</span></td></tr>
</table>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we must furnish our shareholders with financial statements of the target business prepared in accordance with U.S. GAAP or IFRS as issued
by the IASB or reconciled to U.S. GAAP, we may not be able to complete an initial business combination with some prospective target businesses.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be required to provide historical and pro forma financial statement disclosure relating to our target business to our shareholders.
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 financial reporting standards as issued by the International Accounting
Standards Board, or IFRS, depending on the circumstances, and the historical financial statements may be required to be audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. The financial statements may also be required
to be prepared in accordance with U.S. GAAP for the Form 8-K announcing the closing of an initial business combination, which would need
to be filed within four business days after closing. These financial statement requirements may limit the pool of potential target businesses
we may acquire.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
404 of the Sarbanes-Oxley Act of 2002 requires that we evaluate and report on our system of internal controls and may require us to have
such system audited by an independent registered public accounting firm. If we fail to maintain the adequacy of our internal controls,
we could be subject to regulatory scrutiny, civil or criminal penalties and/or shareholder litigation. Any inability to provide reliable
financial reports could harm our business. A target business may also not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. The development of the internal controls of any such entity to achieve compliance with
the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition. Furthermore, any failure to implement
required new or improved controls, or difficulties encountered in the implementation of adequate controls over our financial processes
and reporting in the future, could harm our operating results or cause us to fail to meet our reporting obligations. Inferior internal
controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the
trading price of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are an &#8220;emerging growth company&#8221; and we cannot be certain if the reduced disclosure requirements applicable to emerging growth
companies will make our securities less attractive to investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &#8220;emerging growth company,&#8221; as defined in the JOBS Act. We will remain an &#8220;emerging growth company&#8221; for
up to five years. However, if within a three-year period we issued our non-convertible debt exceeds $1.0 billion or revenues exceeds
$1.07 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 are not being required to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley
Act, we have reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and we are
exempt from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such
extended transition period which means that when a standard is issued or revised and it has different application dates for public or
private companies, we, as an emerging growth company, will not adopt the new or revised standard until the time private companies are
required to adopt the new or revised standard. This may make comparison of our financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used. We cannot predict if investors will find our shares
less attractive because we may rely on these provisions. If some investors find our shares less attractive as a result, there may be
a less active trading market for our shares and our share price may be more volatile.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
investment in this offering may involve adverse U.S. federal income tax consequences.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
investment in this offering may involve adverse U.S. federal income tax consequences. For instance, there is a risk that an investor&#8217;s
entitlement to receive payments in excess of the investor&#8217;s initial tax basis in our ordinary shares upon exercise of the investor&#8217;s
conversion right or upon our liquidation of the trust account will result in constructive income to the investor, which could affect
the timing and character of income recognition and result in U.S. federal income tax liability to the investor without the investor&#8217;s
receipt of cash from us. Furthermore, because there are no authorities that directly address instruments similar to the units we are
issuing in this offering, the allocation an investor makes with respect to the purchase price of the unit between the ordinary shares,
warrants, and rights included in the units could be challenged by the U.S. Internal Revenue Service, or the IRS, or the courts.
See the section titled &#8220;Taxation -- United States Federal Income Taxation&#8221; for a summary of the material U.S. federal
income tax consequences of an investment in our securities. Prospective investors are urged to consult their own tax advisors with respect
to these and other tax consequences when purchasing, holding or disposing of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also not sought a ruling from the IRS as to any U.S. federal income tax consequences described in
this prospectus. The IRS may disagree with the descriptions of U.S. federal income tax consequences described herein, and its determination
may be upheld by a court. Any such determination could subject an investor or our company to adverse U.S. federal income tax consequences
that would be different than those described in this prospectus. Accordingly, each prospective investor is urged to consult a tax advisor
with respect to the specific tax consequences of the acquisition, ownership and disposition of our securities, including the applicability
and effect of state, local, or foreign tax laws, as well as U.S. federal tax laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may qualify as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. investors.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be treated as a passive foreign investment company (&#8220;PFIC&#8221;) for any taxable year in which either (1) at
least 75% of our gross income (looking through certain 25% or more-owned corporate subsidiaries) is passive income or (2) at least 50%
of the average value of our assets (looking through certain 25% or more-owned corporate subsidiaries) is attributable to assets that
produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest,
rents, royalties, and gains from the disposition of passive assets. 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 (as defined in the Section of this prospectus captioned &#8220;Taxation
&#8212; United States Federal Income Taxation &#8212; General&#8221;) of our securities, the U.S. Holder may be subject to increased
U.S. federal income tax liability and may be subject to additional reporting requirements. Our actual PFIC status for our current taxable
year may depend on whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned &#8220;Taxation &#8212;
United States Federal Income Taxation &#8212; U.S. Holders &#8212; Passive Foreign Investment Company Rules&#8221;). Our actual PFIC
status for any taxable year, however, will not be determinable until after the end of such taxable year (or after the end of the start-up
period, if later). Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent
taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
our management following a business combination is unfamiliar with United States securities laws, they may have to expend time and resources
becoming familiar with such laws which could lead to various regulatory issues.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
a business combination, our management will likely resign from their positions as officers of the company and the management of the target
business at the time of the business combination will remain in place. We cannot assure you that management of the target business will
be familiar with United States securities laws. If new management is unfamiliar with our 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, in connection with our initial business combination and subject to requisite shareholder approval under the Companies Act (as revised)
of the Cayman Islands, reincorporate in the jurisdiction in which the target company or business is located. 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 our securities after the reincorporation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
restrictions on repatriation of earnings from the target business&#8217; home jurisdiction to foreign entities are instituted, our business
following a business combination may be materially negatively affected.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is possible that following an initial business combination, the home jurisdiction of the target business may have restrictions on repatriations
of earnings or additional restrictions may be imposed in the future. If they were, it could have a material adverse effect on our operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to consummate a business combination may be dependent on the ability to raise equity and debt financing which may
be impacted by COVID-19 and other events.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are currently experiencing a period of economic uncertainty and capital markets disruption, which has been significantly impacted by
geopolitical instability due to the ongoing military conflict between Russia and Ukraine. Our search for a business combination, and
any target business with which we ultimately consummate a business combination, may be materially adversely affected by any negative
impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the
military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops was reported.
Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market
disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions.
We are continuing to monitor the situation in Ukraine and globally and assessing its potential impact on our business. Additionally,
Russia&#8217;s prior annexation of Crimea, recent recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine
and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied by the United States, European
Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People&#8217;s Republic, and the
so-called Luhansk People&#8217;s Republic, including agreement to remove certain Russian financial institutions from the Society for
Worldwide Interbank Financial Telecommunication (&#8220;SWIFT&#8221;) payment system, expansive ban on imports and exports of products
to and from Russia and ban on exportation of U.S. denominated banknotes to Russia or persons located there. Additional potential sanctions
and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect
the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more
difficult for us to obtain additional funds. Any of the above-mentioned factors could affect our ability to search for a target and consummate
a business combination. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to
predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this prospectus.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Your
only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your
right to redeem your shares from us for cash.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of one or more
target businesses. Because our board of directors may consummate our initial business combination without seeking shareholder approval,
public shareholders may not have the right or opportunity to vote on the business combination. 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 business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 our initial business combination with a target.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may enter into a transaction agreement with a prospective target that requires as a closing condition that we have a minimum net worth
or a certain amount of cash. If too many public shareholders exercise their redemption rights, we may 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 consummation
of the business combination and after payment of underwriter&#8217;s fees and commission or any greater net tangible asset or
cash requirement which may be contained in the transaction agreement relating to the business combination. Consequently, if accepting
all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 upon consummation of the business
combination and after payment of underwriter&#8217;s fees and commissions or such greater amount necessary to satisfy a closing
condition as described above, we would not proceed with such redemption and the related business combination and may instead search for
an alternate business combination. Prospective targets would be aware of these risks and, thus, may be reluctant to enter into our initial
business combination transaction with us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
ability of a large number of our shareholders to exercise redemption rights may not allow us to consummate the most desirable business
combination or optimize our capital structure.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the successful consummation of our business combination, we may redeem up to that number of ordinary shares that would
permit us to maintain net tangible assets of $5,000,001. If our business combination requires us to use substantially all of our cash
to pay the purchase price, the redemption threshold may be further limited. Alternatively, we may need to arrange third party financing
to help fund our business combination in case a larger percentage of shareholders exercise their redemption rights than we expect. If
the acquisition involves the issuance of our shares as consideration, we may be required to issue a higher percentage of our shares to
the target or its shareholders to make up for the failure to satisfy a minimum cash requirement. Raising additional funds to cover any
shortfall may involve dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability
to effectuate the most attractive business combination available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>If
<b>we seek shareholder approval of our initial business combination, all of our existing shareholders, including all of our officers
and directors, have agreed to vote in favor of such initial business combination, regardless of how our public stockholders vote.</b></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the letter agreement, our initial stockholders, officers and directors have agreed to vote the insider shares owned by them immediately
before this offering as well as any ordinary shares acquired in this offering or in the aftermarket in favor of our initial business
combination. As a result, in addition to the insider shares owned by our initial stockholders, officers and directors, we would need
only approximately 4.22% of our public shares to be voted in favor of an initial business combination (assuming only the minimum number
of shares representing a quorum are voted, that the initial stockholders do not purchase any units in this offering or units or shares
in the after-market) in order to have our initial business combination approved (assuming the over-allotment option is not exercised).
We expect that our initial stockholders holding insider shares and their respective permitted transferees collectively will own at least
20% of our issued and outstanding ordinary shares immediately following the completion of this offering (excluding the private shares
issued in the private placement and assuming they do not purchase any units in this offering). Accordingly, if we seek shareholder approval
of our initial business combination, the agreement by our initial stockholders, officers and directors to vote in favor of our initial
business combination will increase the likelihood that we will receive the requisite stockholder approval for such initial business combination.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
we seek shareholder approval of our business combination, our sponsor, directors, officers, advisors and their affiliates may elect to
purchase shares from shareholders, in which case they may influence a vote in favor of a proposed business combination that you do not
support.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we seek shareholder approval of our business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated
transactions either prior to or following the consummation of our initial business combination. Such purchases will not be made if our
sponsor, directors, officers, advisors or their affiliates are in possession of any material non-public information that has not been
disclosed to the selling shareholder. Such a purchase would 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 their affiliates purchase shares in privately negotiated transactions
from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to
revoke their prior elections to redeem their shares. It is intended that, if Rule 10b-18 under the Exchange Act would apply to
purchases by our sponsor, directors, officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18, to the extent it applies, which provides a safe harbor for purchases made under certain conditions, including with respect
to timing, pricing and volume of purchases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if such purchases are made, the public &#8220;float&#8221; of our ordinary shares or public warrants and the number of beneficial
holders of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our
securities on a national securities exchange. However, in the event our sponsor, directors, officers, advisors or their affiliates were
to purchase shares or warrants from public stockholders, such purchases would by structured in compliance with the requirements of Rule
14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration statement/proxy statement filed
    for our business combination transaction would disclose the possibility that our sponsor, directors, officers, advisors
    or their affiliates may purchase shares or warrants from public stockholders outside the redemption process, along with the purpose
    of such purchases;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    our sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through the our redemption process;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration statement/proxy statement filed
    for its business combination transaction would include a representation that any of our securities purchased by our
    sponsor, directors, officers, advisors or their affiliates would not be voted in favor of approving the business combination transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sponsor, directors, officers, advisors or their
    affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption
    rights, they would waive such rights; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">would disclose in a Form 8-K, before our
    security holder meeting to approve the business combination transaction, the following material items:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount of our securities purchased outside of the redemption offer by our sponsor, directors, officers, advisors or
    their affiliates, along with the purchase price;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purpose of the purchases by our sponsor, directors, officers, advisors or their affiliates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact, if any, of the purchases by our sponsor, directors, officers, advisors or their affiliates on the likelihood that
    the business combination transaction will be approved;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    identities of company security holders who sold to our sponsor, directors, officers, advisors or their affiliates (if
    not purchased on the open market) or the nature of the company security holders (<i>e.g</i>., 5% security holders) who sold
    to our sponsor, directors, officers, advisors or their affiliates; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of company securities for which we received redemption requests pursuant to our redemption offer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of such purchases would be to (1) increase the likelihood of obtaining shareholder approval of the business combination or (2)
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 the business combination, where it appears that such requirement would otherwise not be met. This may result in the consummation
of an initial business combination that may not otherwise have been possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if such purchases are made, the public &#8220;float&#8221; of our ordinary shares or public warrants and the number of beneficial
holders of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our
securities on a national securities exchange. However, in the event our sponsor, directors, officers, advisors or their affiliates were
to purchase shares or warrants from public stockholders, such purchases would by structured in compliance with the requirements of Rule
14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s registration statement/proxy statement filed for its business combination transaction would disclose the possibility
    that the Company&#8217;s sponsor, directors, officers, advisors or their affiliates may purchase shares or warrants from public stockholders
    outside the redemption process, along with the purpose of such purchases;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    the Company&#8217;s sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through the Company&#8217;s redemption process;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s registration statement/proxy statement filed for its business combination transaction would include a representation
    that any of the Company&#8217;s securities purchased by the Company&#8217;s sponsor, directors, officers, advisors or their affiliates
    would not be voted in favor of approving the business combination transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&#8217;s sponsor, directors, officers, advisors or their affiliates would not possess any redemption rights with respect to
    the Company&#8217;s securities or, if they do acquire and possess redemption rights, they would waive such rights; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company would disclose in a Form 8-K, before the Company&#8217;s security holder meeting to approve the business combination transaction,
    the following material items:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount of the Company&#8217;s securities purchased outside of the redemption offer by the Company&#8217;s sponsor, directors, officers,
    advisors or their affiliates, along with the purchase price;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purpose of the purchases by the Company&#8217;s sponsor, directors, officers, advisors or their affiliates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact, if any, of the purchases by the Company&#8217;s sponsor, directors, officers, advisors or their affiliates on the likelihood
    that the business combination transaction will be approved;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    identities of Company security holders who sold to the Company&#8217;s sponsor, directors, officers, advisors or their affiliates
    (if not purchased on the open market) or the nature of Company security holders (<i>e.g</i>., 5% security holders) who sold to the
    Company&#8217;s sponsor, directors, officers, advisors or their affiliates; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of Company securities for which the Company has received redemption requests pursuant to its redemption offer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Your
only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your
right to redeem your shares from us for cash, unless we seek shareholder approval of the initial business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. Since our board of directors may complete an initial business combination without seeking shareholder approval, public shareholders
may not have the right or opportunity to vote on the initial business combination, unless we seek such shareholder vote. 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.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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, potentially at a loss.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
public shareholders shall be entitled to receive funds from the trust account only in the event of a redemption to public shareholders
prior to any winding up in the event we do not consummate our initial business combination or our liquidation, if they redeem their shares
in connection with an initial business combination that we consummate or if we seek to amend our memorandum and articles of association
to affect the substance or timing of our redemption obligation to redeem all public shares if we cannot complete an initial business
combination within 12 months (or up to 21 months if we have extended the period of time as described in this prospectus) of the closing
of this offering. In no other circumstances will a shareholder have any right or interest of any kind to the funds in the trust account.
Holders of warrants and rights will not have any right to the proceeds held in the trust account with respect to the warrants and rights.
Accordingly, to liquidate your investment, you may be forced to sell your public shares, potentially at a loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be limited to the funds held outside of the trust account to fund our search for target businesses, to pay our tax obligations and
expenses, and to complete our initial business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Of
the net proceeds of this offering, $502,000&#160;&#160; is anticipated to be available to us initially outside the trust account to fund
our working capital requirements and cover expenses. Especially if the over-allotment option is exercised in full, we may not have sufficient
funds available with which to structure, negotiate or close our initial business combination or pay our expenses. In such event, we would
need to borrow funds from our insiders, officers, or directors to operate or may be forced to liquidate. Our insiders, officers and directors
are under no obligation to loan us any funds. If we are unable to obtain the funds necessary, we may be forced to cease searching for
a target business and may be unable to complete our initial business combination.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
                                            the net proceeds of this offering not being held in the trust account are insufficient to
                                            allow us to operate for at least the next 12 months (or up to 21 months if we have extended
                                            the period of time as described in this prospectus), we may be unable to complete our initial
                                            business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the next 12 months (or up
to 21 months if we have extended the period of time as described in this prospectus), assuming that our initial business combination
is not consummated during that time. Of the funds available to us, we could use a portion of the funds available to us to pay fees to
consultants to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund
a &#8220;no-shop&#8221; provision (a provision in letters of intent designed to keep target businesses from &#8220;shopping&#8221; around
for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed business
combination, although we do not have any current intention to do so. If we are unable to fund such down payments or &#8220;no shop&#8221;
provisions, our ability to close a contemplated transaction could be impaired. Furthermore, if we entered into a letter of intent where
we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds (whether as
a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect
to, a target business. If we are unable to complete our initial business combination, our public shareholders may only receive a pro
rata portion of the amount then in the trust account (which may be less than $10.00 per share) (whether or not the underwriter&#8217;s
over-allotment option is exercised in full) on our redemption.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Subsequent
to our consummation of our initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment
or other charges.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
if we conduct thorough due diligence on a target business with which we combine, this diligence may not surface all material issues that
may be present inside a particular target business, that it would be possible to uncover all material issues through a customary amount
of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of these
factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other charges that
could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and
previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be
non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to
negative market perceptions about us or our securities. In addition, charges of this nature may cause us to violate net worth or other
covenants to which we may be subject as a result of assuming pre-existing debt held by a target business or by virtue of our obtaining
post-combination debt financing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
directors may decide not to enforce indemnification obligations against our sponsor, resulting in a reduction in the amount of funds
in the trust account available for distribution to our public shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the proceeds in the trust account are reduced below $10.00 per share (whether or not the underwriter&#8217;s over-allotment
option is exercised in full) 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 on our behalf 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 on our behalf, the amount of funds in the trust account available for distribution to our public shareholders
may be reduced below $10.00 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
we have not selected a particular business or specific geographic location or any specific target businesses with which to pursue our
initial business combination, you will be unable to ascertain the merits or risks of any particular target business&#8217; operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we may pursue an acquisition opportunity in any business industry or sector, we intend to initially focus on those industries or sectors
that complement our management team&#8217;s background. Except for the limitations that a target business have a fair market value of
at least 80% of the value of the trust account (excluding any taxes payable) and that we are not permitted to effectuate our initial
business combination with another blank check company or similar company with nominal operations, we will have virtually unrestricted
flexibility in identifying and selecting a prospective acquisition candidate. Because we have not yet identified or approached any specific
target business with respect to our initial business combination, there is no basis to evaluate the possible merits or risks of any particular
target business&#8217;s operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent we
consummate our initial business combination, we may be affected by numerous risks inherent in the business operations with which we combine.
For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings, we may
be affected by the risks inherent in the business and operations of a financially unstable or a development stage entity. Although our
officers and directors will endeavor to evaluate the risks inherent in a particular target business, we may not properly ascertain or
assess all of the significant risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks
may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a
target business. In addition, investors will be relying on the business judgment of our board of directors, which will have significant
discretion in choosing the standard used to establish the fair market value of a particular target business. An investment in our shares
may not ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available, in an acquisition
target.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
                                            may seek investment opportunities outside our management&#8217;s area of expertise and our
                                            management may not be able to adequately ascertain or assess all significant risks associated
                                            with the target company.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no limitation on the industry or business sector that we may consider when contemplating our initial business combination. We may
therefore be presented with a business combination candidate in an industry unfamiliar to our management team, but determine that such
candidate offers an attractive investment opportunity for our company. In the event we elect to pursue an investment outside of our management&#8217;s
expertise, our management&#8217;s experience may not be directly applicable to the target business or their evaluation of its operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Although
we identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter
into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target business
with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have identified specific criteria and guidelines for evaluating prospective target businesses, it is possible that a target business
with which we enter into our initial business combination will not have all of these positive attributes. If we consummate our initial
business combination with a target that does not meet some or all of these guidelines, such combination may not be as successful as a
combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce our initial business
combination with a target that does not meet our general criteria and guidelines, a greater number of 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 law or NASDAQ,
or we decide to obtain shareholder approval for business or other legal 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 only receive $10.00 per share or even less (whether or not
the underwriter&#8217;s over-allotment option is exercised in full) on our redemption, and our warrants and rights will expire
worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Management&#8217;s
flexibility in identifying and selecting a prospective acquisition candidate, along with our management&#8217;s financial interest in
consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest
of our shareholders.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the requirement that our initial business combination must be with one or more target businesses or assets having an aggregate fair
market value of at least 80% of the value of the trust account (excluding any taxes payable) at the time of the agreement to enter into
such initial business combination, we will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition
candidate. Investors will be relying on management&#8217;s ability to identify business combinations, evaluate their merits, conduct
or monitor diligence and conduct negotiations. Management&#8217;s flexibility in identifying and selecting a prospective acquisition
candidate, along with management&#8217;s financial interest in consummating our initial business combination, may lead management to
enter into an acquisition agreement that is not in the best interest of our shareholders, which would be the case if the trading price
of our ordinary shares after giving effect to such business combination was less than the per-share trust liquidation value that our
shareholders would have received if we had dissolved without consummating our initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Resources
could be wasted in researching acquisitions that are not consummated.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 consummate 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 only
receive $10.00 per share or even less (whether or not the underwriter&#8217;s over-allotment option is exercised in full) on our
redemption, and our warrants and rights will expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may attempt to consummate our initial business combination with a private company about which little information is available.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. By definition,
very little public information 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 our initial business combination with a company
that is not as profitable as we suspected, if at all.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to maintain control of a target business after our initial business combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may structure our initial business combination to acquire less than 100% of the equity interests or assets of a target business, but
we will only consummate such business combination if we will become the majority shareholder of the target (or control the target through
contractual arrangements in limited circumstances for regulatory compliance purposes) or are otherwise not required to register as an
investment company under the Investment Company Act or to the extent permitted by law we may acquire interests in a variable interest
entity, in which we may have less than a majority of the voting rights in such entity, but in which we are the primary beneficiary. Even
though we may own a majority interest in the target, our shareholders prior to the business combination may collectively own a minority
interest in the post-business combination company, depending on valuations ascribed to the target and us in the business combination
transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the
outstanding capital stock of a target. In this case, we 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 such transaction could own less than a majority
of our outstanding 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&#8217;s stock than we initially acquired. Accordingly,
this may make it more likely that we will not be able to maintain our control of the target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Associated with Acquiring and Operating a Business Outside of the United States</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may effect a business combination with a company located outside of the United States and if we do, we would be subject to a variety
of additional risks that may negatively impact our business operations and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we consummate a business combination with a target business located outside of the United States, we would be subject to any special
considerations or risks associated with companies operating in the target business&#8217; governing jurisdiction, including any of the
following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">rules
    and regulations or currency redemption or corporate withholding taxes on individuals;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tariffs
    and trade barriers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulations
    related to customs and import/export matters;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
    payment cycles than in the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
    policies and market conditions;</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"></p>

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    <!-- Field: /Page -->

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
    changes in regulatory requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">challenges
    in managing and staffing international operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax
    issues, such as tax law changes and variations in tax laws as compared to the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency
    fluctuations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">challenges
    in collecting accounts receivable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cultural
    and language differences;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection
    of intellectual property;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">employment
    regulations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">deterioration
    of political relations with the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
social unrest, acts of terrorism, regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments
occur in a country in which we may operate after we effect our initial business combination, it may result in a negative impact on our
business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political
events in another country may significantly affect our business, assets or operations. Social unrest, acts of terrorism, regime changes,
changes in laws and regulations, political upheaval, and policy changes or enactments could negatively impact our business in a particular
country.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> Cayman Islands, together with several
other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the
European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect
from January 1, 2019, the International Tax Co-operation (Economic Substance) Act (2021 Revision), or the ITC, came into force in the
Cayman Islands introducing certain economic substance requirements for Cayman Islands tax resident companies which are engaged in certain
&#8220;relevant activities.&#8221; However, it is not anticipated that the company itself will be subject to any such requirements
prior to any business combination and thereafter the company may still remain out of scope of the legislation or else be subject
to more limited substance requirements. Although it is presently anticipated that the ITC will have little material impact on the Company
or its operations, as the legislation is new and remains subject to further clarification and interpretation, it is not currently possible
to ascertain the precise impact of these legislative changes on the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Many
countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption
and inexperience, which may adversely impact our results of operations and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to seek and enforce legal protections, including with respect to intellectual property and other property rights, or to defend
ourselves with regard to legal actions taken against us in a given country, may be difficult or impossible, which could adversely impact
our operations, assets or financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rules
and regulations in many countries are often ambiguous or open to differing interpretation by responsible individuals and agencies at
the municipal, state, regional and federal levels. The attitudes and actions of such individuals and agencies are often difficult to
predict and inconsistent.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delay
with respect to the enforcement of particular rules and regulations, including those relating to customs, tax, environmental and labor,
could cause serious disruption to operations abroad and negatively impact our results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
relations between the United States and foreign governments deteriorate, it could cause potential target businesses or their goods and
services to become less attractive.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
relationship between the United States and foreign governments could be subject to sudden fluctuation and periodic tension. For instance,
the United States may announce its intention to impose quotas on certain imports. Such import quotas may adversely affect political relations
between the two countries and result in retaliatory countermeasures by the foreign government in industries that may affect our ultimate
target business. Changes in political conditions in foreign countries and changes in the state of U.S. relations with such countries
are difficult to predict and could adversely affect our operations or cause potential target businesses or their goods and services to
become less attractive. Because we are not limited to any specific industry, there is no basis for investors in this offering to evaluate
the possible extent of any impact on our ultimate operations if relations are strained between the United States and a foreign country
in which we acquire a target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
any dividend is declared in the future and paid in a foreign currency, you may be taxed on a larger amount in U.S. dollars.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you are a U.S. holder of our ordinary shares, you will be taxed on the U.S. dollar value of your dividends, if any, at the time you receive
them, even if you actually receive a smaller amount of U.S. dollars when the payment is in fact converted into U.S. dollars. Specifically,
if a dividend is declared and paid in a foreign currency, the amount of the dividend distribution that you must include in your income
as a U.S. holder will be the U.S. dollar value of the payments made in the foreign currency, determined at the spot rate of the foreign
currency to the U.S. dollar on the date the dividend distribution is includible in your income, regardless of whether the payment is
in fact converted into U.S. dollars. Thus, if the value of the foreign currency decreases before you actually convert the currency into
U.S. dollars, you will be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you will actually ultimately receive.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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 and legal policies, developments and conditions in the country in which we operate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we initiate a business combination outside of the United States, after our initial business combination, substantially all of our assets
may be located in another foreign country and substantially all of our revenue may be derived from our operations in such country. The
economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect
our business. If in the future such country&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Currency
                                            policies may cause a target business&#8217; ability to succeed in the international markets
                                            to be diminished.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event we acquire a non-U.S. target, all revenues and income would likely be received in a foreign currency, the dollar equivalent
of our net assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value
of the currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions.
Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business
or, following consummation of our initial business combination, our financial condition and results of operations. Additionally, if a
currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of a target
business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Many
of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
the growth of the economy and inflation that could lead to a significant decrease in our profitability following our initial business
combination.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary pressures.
As governments take steps to address the current inflationary pressures, there may be significant changes in the availability of bank
credits, interest rates, limitations on loans, restrictions on currency conversions and foreign investment. There also may be imposition
of price controls. If prices for the products of our ultimate target business rise at a rate that is insufficient to compensate for the
rise in the costs of supplies, it may have an adverse effect on our profitability. If these or other similar restrictions are imposed
by a government to influence the economy, it may lead to a slowing of economic growth. Because we are not limited to any specific industry,
the ultimate industry that we operate in may be affected more severely by such a slowing of economic growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Many
industries in Asia are subject to government regulations that limit or prohibit foreign investments in such industries, which may limit
the potential number of acquisition candidates.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governments
in many Asian countries have imposed regulations that limit foreign investors&#8217; equity ownership or prohibit foreign investments
altogether in companies that operate in certain industries. As a result, the number of potential acquisition candidates available to
us may be limited or our ability to grow and sustain the business, which we ultimately acquire will be limited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
a country in Asia enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our initial
business combination could be severely impaired.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of the rules and regulations that companies face concerning foreign ownership are not explicitly communicated. If new laws or regulations
forbid or limit foreign investment in industries in which we want to complete our initial business combination, they could severely impair
our candidate pool of potential target businesses. Additionally, if the relevant central and local authorities find us or the target
business with which we ultimately complete our initial business combination to be in violation of any existing or future laws or regulations,
they would have broad discretion in dealing with such a violation, including, without limitation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">levying
    fines;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    our business and other licenses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    that we restructure our ownership or operations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    that we discontinue any portion or all of our business.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the above could have an adverse effect on our company post-business combination and could materially reduce the value of your investment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
governance standards in Asia may not be as strict or developed as in the United States and such weakness may hide issues and operational
practices that are detrimental to a target business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
corporate governance standards in some countries are weak in that they do not prevent business practices that cause unfavorable related
party transactions, over-leveraging, improper accounting, family company interconnectivity and poor management. Local laws often do not
go far enough to prevent improper business practices. Therefore, shareholders may not be treated impartially and equally as a result
of poor management practices, asset shifting, conglomerate structures that result in preferential treatment to some parts of the overall
company, and cronyism. The lack of transparency and ambiguity in the regulatory process also may result in inadequate credit evaluation
and weakness that may precipitate or encourage financial crisis. In our evaluation of a business combination we will have to evaluate
the corporate governance of a target and the business environment, and in accordance with United States laws for reporting companies
take steps to implement practices that will cause compliance with all applicable rules and accounting practices. Notwithstanding these
intended efforts, there may be endemic practices and local laws that could add risk to an investment we ultimately make and that result
in an adverse effect on our operations and financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_004"></span>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
statements contained in this prospectus that are not purely historical are forward-looking statements. Our forward-looking statements
include, but are not limited to, statements regarding our or our management&#8217;s expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are forward-looking statements. The words &#8220;anticipates,&#8221; &#8220;believe,&#8221;
&#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221;
&#8220;might,&#8221; &#8220;plan,&#8221; &#8220;possible,&#8221; &#8220;potential,&#8221; &#8220;predicts,&#8221; &#8220;project,&#8221;
&#8220;should,&#8221; &#8220;would&#8221; and similar expressions may identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example, statements
about our:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ability
    to identify or complete an initial business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
    operating history;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">success
    in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    ability to obtain additional financing to complete a business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pool
    of prospective target businesses;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability of our officers and directors to generate potential investment opportunities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    change in control if we acquire one or more target businesses for shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    public securities&#8217; potential liquidity and trading;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
    or operational risks associated with acquiring a target business;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">use
    of proceeds not held in the trust account;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    performance following this offering; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">listing
    or delisting of our securities from NASDAQ or the ability to have our securities listed on NASDAQ following our initial business
    combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;Risk Factors.&#8221;
Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may
vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable
securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_005"></span>ENFORCEABILITY
OF CIVIL LIABILITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a company incorporated under the laws of the Cayman Islands and administered from outside the United States, and a majority of our
assets will be located within the United States after this offering. Our U.S. agent for service of process is Cogency Global Inc. However,
it may be difficult for investors to effect service of process on us or our officers or directors within the United States in a way that
will permit a U.S. court to have jurisdiction over us. The majority of our assets may be located outside the United States post business
combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the
Companies Act, 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 considered 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 not as clearly established as 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 some
states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies
may not have standing to initiate a shareholder derivative action in a federal court of the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is uncertainty as to whether the Cayman Islands courts would:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
    or enforce against us judgments of U.S. courts based on certain civil liability provisions of U.S. securities laws; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">entertain
    original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the
    United States or any state in the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been advised by Ogier, our Cayman Islands counsel, that there is uncertainty with regard to Cayman Islands law related to whether
a judgment obtained from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of
the Cayman Islands as penal or punitive in nature. If such determination is made, the courts of the Cayman Islands will not recognize
or enforce the judgment against a Cayman Islands company, such as our company. As the courts of the Cayman Islands have yet to rule on
making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws,
it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised that although there is
no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction will
be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    given by a foreign court of competent jurisdiction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposes
    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    final;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not in respect of taxes, a fine or a penalty; </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
    not obtained by fraud; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
against the management, members of the board of directors or controlling shareholders than they would as public shareholders of a United
States-incorporated company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our directors and officers are nationals or residents of United States, United Kingdom and People&#8217;s Republic of China
and most or a substantial portion of their assets are located in the aforementioned locations, and following our initial business combination,
the majority of our assets may be located outside the United States.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_006"></span>USE
OF PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Without</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Over-Allotment</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Option</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Over-Allotment</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Option
                                            Exercised</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Gross
    proceeds</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">From
    offering</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">From
    private placement</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,874,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    gross proceeds</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">61,874,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">71,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering
    expenses<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Non-contingent
    underwriting cash discount (1.4% of gross proceeds from offering, which excludes the deferred underwriting discounts and commissions
    of up to 2.5% of gross proceeds from offering)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">840,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">966,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(2)</sup></span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    trustee fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,300</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,300</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal
    fees and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">170,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">170,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">NASDAQ
    listing fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Printing
    and engraving expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounting
    fees and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SEC
    registration fee/ FINRA filing fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,700</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,700</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">D&amp;O
    insurance fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">200,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right">2<span style="font-family: Times New Roman, Times, Serif">00,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Miscellaneous
    expenses</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    offering expenses (not including deferred underwriting discounts and commissions)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">532,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">532,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    proceeds of the offering and private placement</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Held
    in trust</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(3)</sup></span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Not
    held in trust</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">502,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">502,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    net proceeds (including deferred underwriting discounts and commissions)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,502,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,502,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of net proceeds not held in trust<sup>(4)(5)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal,
    accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation, structuring
    and negotiation of a business combination</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.96</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Due
    diligence of prospective target businesses by officers, directors and initial shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.96</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal
    and accounting fees relating to SEC reporting obligations</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">50,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.96</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Working
    capital to cover miscellaneous expenses, D&amp;O insurance, general corporate purposes, liquidation obligations and reserves<sup>(6)</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">352,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">70.12</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></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"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">502,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the non-refundable portion of the NASDAQ
    listing fee and a portion of the legal and accounting fees, have been paid from the funds we borrowed from our sponsor, described
    below. These funds will be repaid out of the proceeds of this offering available to us. If we determine not to proceed with the offering,
    such amounts would not be repaid.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    discounts or commissions will be paid with respect to the purchase of the private units.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    funds held in the trust account may, but need not, be used to pay our expenses relating to completing our initial business combination,
    including deferred underwriting discounts and commissions payable to the underwriter and/or advisors in an amount of up to
    2.5% of the total gross proceeds raised in the offering described below.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amount of proceeds not held in trust will remain constant at $502,000 even if the over-allotment is exercised.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example,
    we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our
    initial business combination based upon the level of complexity of that business combination. We do not anticipate any change in
    our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to
    the extent they exceed current estimates for any specific category of expenses, would be deducted from our excess working capital.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    payment of administrative fee to DT Cloud Capital Corp. ($10,000 per month for up to 12 months), subject to deferral as described
    herein.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has agreed to purchase an aggregate of 187,400 private units at a price of $10.00 per private unit ($1,874,000 in the aggregate)
in a private placement that will occur simultaneously with the closing of this offering. Our sponsor has further agreed that if the over-allotment
option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an additional number of private
units (up to a maximum of 200,000 private units) <i>pro rata</i> with the amount of the over-allotment option exercised so that at least
$10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is exercised in
full or in part. These additional private units will be purchased in a private placement that will occur simultaneously with the
purchase of units resulting from the exercise of the over-allotment option. All of the proceeds we receive from these purchases will
be placed in the trust account described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,000,000,
or $69,000,000 if the over-allotment option is exercised in full, of the net proceeds of this offering and the sale of the private units
will be placed in an account at Morgan Stanley in the United States, maintained by Continental Stock Transfer &amp; Trust Company, New
York, New York, as trustee. Pursuant to the investment management trust agreement that will govern the investment of such funds, the
trustee, upon our written instructions, will direct Morgan Stanley to invest the funds as set forth in such written instructions and
to custody the funds while invested and until otherwise instructed in accordance with the investment management trust agreement. The
funds held in trust will be invested only in United States government treasury bills, bonds or notes having a maturity of 180 days or
less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act and that invest solely in United States government treasuries, so that we are not deemed to be an investment company under the Investment
Company Act. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our income
or other tax obligations, the proceeds will not be released from the trust account until the earlier of the completion of a business
combination or our liquidation. The proceeds held in the trust account may be used as consideration to pay the sellers of a target business
with which we complete a business combination to the extent not used to pay converting shareholders. Any amounts not paid as consideration
to the sellers of the target business may be used to finance operations of the target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment to an affiliate of our sponsor of a monthly fee of $10,000 is for general and administrative services including office space,
utilities and secretarial and administrative support. However, pursuant to the terms of such agreement, we may delay payment of such
monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated
expenses in connection with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable
no later than the date of the consummation of our initial business combination. We believe that the fee charged by an affiliate of our
sponsor is at least as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon. completion
of our initial business combination or the distribution of the trust account to our public shareholders. Other than the $10,000 per month
fee, no compensation of any kind (including finder&#8217;s, consulting or other similar fees) will be paid to any of our existing officers,
directors, shareholders, or any of their affiliates, prior to, or for any services they render in order to effectuate, the consummation
of the business combination (regardless of the type of transaction that it is). However, such individuals will receive reimbursement
for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses,
performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices,
plants or similar locations of prospective target businesses to examine their operations. Since the role of present management after
a business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons after a
business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without
the exercise of</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> the over-allotment option, the net proceeds from this offering available to us out of trust for our working capital requirements in searching for a business
combination will be approximately $58,500,000. We intend to use the excess working capital available for miscellaneous expenses such
as paying fees to consultants to assist us with our search for a target business and for director and officer liability insurance premiums,
with the balance being held in reserve in the event due diligence, legal, accounting and other expenses of structuring and negotiating
business combinations exceed our estimates, as well as for reimbursement of any out-of-pocket expenses incurred by our initial shareholders,
officers and directors in connection with activities on our behalf as described above. We will also be entitled to have interest earned
on the funds held in the trust account released to us to pay any tax obligations that we may owe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
allocation of the net proceeds available to us outside of the trust account, along with the interest earned on the funds held in the
trust account available to us (excluding taxes payable on the interest earned on the trust account), represents our best estimate of
the intended uses of these funds. In the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within
the above-described categories. If our estimate of the costs of undertaking in-depth due diligence and negotiating our initial business
combination is less than the actual amount necessary to do so, or the amount of interest available from the trust account is insufficient
as a result of the current low interest rate environment, we may be required to raise additional capital, the amount, availability and
cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments
from members of our management team, but such members of our management team are not under any obligation to advance funds to, or invest
in, us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will likely use a substantial portion of the net proceeds of this offering, including the funds held in the trust account, to acquire
a target business, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in the trust account
and to pay our expenses relating thereto. If the payment of our liabilities, including the deferred underwriting discounts and commissions
payable to the underwriter in an amount up to 1.0% of the total gross proceeds raised in the offering, were to reduce the amount available
to us in trust necessary to pay all holders who wish to convert or sell their shares to us for a portion of the funds held in the trust
account, we would not be able to consummate such transaction. 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, to
pay holders who wish to convert their shares into a portion of the funds held in the trust account or pay our expenses relating thereto
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&#8217; operations, for strategic acquisitions and for marketing, research and development of existing or new products.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent we are unable to consummate a business combination, we will pay the costs of liquidating our trust account from our remaining
assets outside of the trust account. If such funds are insufficient, DT Cloud Capital Corp., has agreed to advance us the funds necessary
to complete such liquidation (currently anticipated to be no more than $300,000) and has agreed not to seek repayment of such expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, DT Cloud Capital Corp., had loaned to us an aggregate of $75,000 to be used to pay formation and a portion of the
expenses of this offering. The loan is payable without interest on the earlier of (i) consummation of initial business combination
or (ii) converted upon consummation of the business combination into additional private units at a price of $10.00 per unit. If we
determine not to proceed with the offering, such amounts would not be repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
or their affiliates may, but are not obligated to, loan our company funds as may be required,
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a
promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender&#8217;s
discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the units and underlying securities upon conversion of such notes,
to the extent the holder wishes to so convert them at the time of the consummation of our initial business combination. If we do not
complete a business combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.
These notes would be in addition to any notes we issued in exchange for the funds necessary to extend our life.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
public shareholder will be entitled to receive funds from the trust account (including interest earned on his, her or its portion of
the trust account to the extent not previously released to us to pay our tax obligations) only in the event of (i) the redemption of
our public shares if we are unable to consummate our initial business combination within the required time period or (ii) if that public
shareholder converts such public shares or sells them to us in a tender offer in each case in connection with a business combination
which we consummate or (iii) in connection with an amendment to our amended and restated memorandum and articles of association prior
to the consummation of an initial business combination. In no other circumstances will a public shareholder have any right or interest
of any kind to or in the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_007"></span>DIVIDEND
POLICY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 an
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent
to a business combination will be within the discretion of our board of directors at such time. It is the present intention of our board
of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate
declaring any share capitalizations in the foreseeable future, except if we increase the size of the offering pursuant to Rule 462(b)
under the Securities Act, in which case we will effect a share capitalizations immediately prior to the consummation of the offering
in such amount as to maintain our initial shareholders&#8217; ownership at 20.0% of our issued and outstanding ordinary shares
upon the consummation of this offering (excluding ownership of the private units). Further, if we incur any indebtedness, our ability
to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_008"></span>DILUTION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
difference between the public offering price per share, assuming no value is attributed to the redeemable warrants included in the units
we are offering by this prospectus and included in the private units, and the pro forma net tangible book value per share after this
offering constitutes the dilution to investors in this offering. Such calculation does not reflect any dilution associated with the sale
and exercise of warrants, including the private warrants. Net tangible book value per share is determined by dividing our net tangible
book value, which is our total tangible assets less total liabilities by the number of issued and outstanding ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
August 12, 2022, our net tangible book value was a deficit of $89,813 or approximately $0.06 (or $0.05) per share. For the purposes
of the dilution calculation, in order to present the maximum estimated dilution as a result of this offering, we have assumed the issuance
of 0.05 of a share for each right outstanding, as such issuance will occur upon a business combination without the payment of
additional consideration. After giving effect to the sale of 6,000,000 (or 6,900,000 if the underwriter exercises its over-allotment
option in full) ordinary shares included in the units we are offering by this prospectus, the 300,000 ordinary shares issuable upon conversion
of 6,000,000 rights, the sale of the private placement units, including the 9,370 ordinary shares issuable upon conversion of 187,400
private placement rights, and the deduction of underwriting discounts and estimated expenses of this offering, and the sale of the private
units, our pro forma net tangible book value at August 12, 2022 would have been $975,813 (or $1,200,813 if the underwriter exercises
its over-allotment option in full) or $0.47 (or $0.50) per share, representing an immediate increase in net tangible book value of
$0.41 (or $0.45) per share to our insiders and an immediate dilution of 104.91 % (or 105.25%) per share or $9.99 (or $10.02) to new investors
not exercising their redemption rights. For purposes of presentation, our pro forma net tangible book value after this offering is $60,000,000
(or $69,000,000 if the underwriter exercises its over-allotment option in full) less than it otherwise would have been because
if we effect our initial business combination, the redemption rights of the public shareholders (but not our insiders) may result in
the conversion or tender of up to 6,000,000 shares (or 6,900,000 shares if the underwriter exercises its over-allotment option
in full) sold in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table illustrates the dilution to the new investors on a per-share basis, assuming no value is attributed to the redeemable
warrants, including the private warrants:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">No
                                            exercise of</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">over-allotment</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">option</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Exercise
                                            of</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">over-allotment</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">option
                                            in full</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public
    offering price<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.52</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.52</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    tangible book value before this offering</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.06</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.05</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
    attributable to public shareholders and sale of the private placement units<sup>(2)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.41</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.45</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Pro
    forma net tangible book value after this offering</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.47</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(0.50</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Dilution
    to public stockholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.99</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10.02</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Percentage
    of dilution to public shareholders</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">104.91</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">105.25</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    offering price is calculated as the total consideration received of $60,000,000 divided by the total number of shares of 6,300,000
    assuming the issuance of additional shares underlying the rights contained in the units (or $69,000,000 divided by the total
    number of shares of 7,245,000 assuming the issuance of additional shares underlying the rights contained in the units).</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Calculation
    also accounts for decrease attributable to public shares subject to redemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of presentation, we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the underwriter&#8217;s
over-allotment option) by $60,000,000 because holders of up to 100% of our public shares may redeem their shares for a pro rata share
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to
the commencement of our tender offer or stockholders meeting, including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes), divided by the number of shares of ordinary shares sold in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information with respect to our initial shareholders and the new investors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Shares
    Purchased</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Total
    Consideration</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Average
    <br /> Price</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Number</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Amount</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Percentage</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Per
    Share</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial
    shareholders<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,500,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">18.55</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">25,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.04</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 9%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">0.02</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares
    underlying private units<sup>(2)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">196,770</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2.43</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,874,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">3.03</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.52</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representative
    shares<sup>(4)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">90,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1.11</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
    investors<sup>(3)</sup></span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,300,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">77.91</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">96.93</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9.52</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">8,086,770</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">61,899,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">100.00</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">%</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the over-allotment option has not been exercised and an aggregate of 225,000 ordinary shares held by our sponsor have been forfeited
    as a result thereof.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the issuance of an additional 9,370 ordinary shares underlying the private placement rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    the issuance of an additional 300,000 ordinary shares underlying the public rights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    the issuance of an additional 90,000 shares issued to the representative (assuming no exercise of the underwriter&#8217;s
    over-allotment option).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Without</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Over-allotment</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">With</span></p>
                                                                                <p style="font-family: Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif">Over-allotment</span></p></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Numerator:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; width: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    tangible book deficit before this offering</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(89,813</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(89,813</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Net
    proceeds from this offering and sale of the private placement warrants, net of expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,502,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">69,502,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Plus:
    Offering costs paid in advance, excluded from tangible book value</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">112,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less:
    Deferred underwriter&#8217;s commissions payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,500,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,725,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less:
    Proceeds held in trust subject to redemption</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(69,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(975,813</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(1,200,813</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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-weight: bold"><span style="font-family: Times New Roman, Times, Serif">Denominator:</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shares
    of ordinary shares outstanding prior to this offering</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,725,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,725,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Less:
    Shares of ordinary shares forfeited if over-allotment is not exercised</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(225,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shares
    of ordinary shares included in the units offered</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">6,900,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shares
    underlying the rights to be included in the public units</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">300,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">345,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shares
    of ordinary shares issued to private units</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">187,400</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">200,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Shares
    underlying the rights to be included in the private units</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">9,370</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">10,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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"><span style="font-family: Times New Roman, Times, Serif">Representative shares</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">90,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">103,500</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Less:
    Shares subject to redemption</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(6,900,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,086,770</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">2,383,500</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_009"></span>CAPITALIZATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our capitalization at August 12, 2022 and as adjusted to give effect to the sale of our units and the private
units and the application of the estimated net proceeds derived from the sale of such securities:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    at August 12, 2022</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">Actual</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">As
    Adjusted</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font-family: Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif"><b>(Audited)</b></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td colspan="2" style="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif">(Unaudited)</span></td><td style="font-family: Times New Roman, Times, Serif; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 60%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory
    Note &#8211; related party<sup>(1)</sup></span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">75,000</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Deferred
    underwriting discounts and commissions payable</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">1,500,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares, $0.0001 par value; 0 and 6,000,000 shares are subject to possible redemption, actual and as adjusted, respectively<sup>(2)</sup></span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,000,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary
    shares, $0.0001 par value, 500,000,000 shares authorized, 1,725,000 shares issued and outstanding as of August 12, 2022; 1,777,400<sup>(3)
    </sup>shares issued and outstanding (excluding 6,000,000 shares subject to possible conversion/tender), as adjusted</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">173</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">178</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Additional
    paid-in capital</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">24,827</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">&#8212;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Accumulated
    deficit</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(2,813</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(975,991</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    shareholders&#8217; equity (deficit)</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">22,187</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">(975,813</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">)</span></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; text-align: left; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total
    capitalization</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">97,187</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">60,524,187</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of August 12, 2022, DT Cloud Capital Corp. had loaned to us an aggregate of $75,000 to be used to pay formation and a portion of
    the expenses of this offering. The loan is payable without interest on the date on which we consummate our initial public offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    net proceeds allocated to the public shares less the allocated transaction costs related to this offering. The ordinary shares offered
    to the public contains redemption rights that make them redeemable by our public shareholders. Accordingly, they are classified within
    temporary equity in accordance with the guidance provided in ASC 480-10-S99-3A and will be accredited at redemption value immediately.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
    share amount is prior to any forfeiture of insider shares by our sponsor and as adjusted amount assumes no exercise of the underwriter&#8217;s
    over-allotment option and, consequently, forfeiture of an aggregate of 225,000 insider shares by our sponsor. The as adjusted
    amount also includes 187,400 ordinary shares underlying the private units to be issued in the private placement and 90,000 ordinary
    shares to be issued to the representative.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_010"></span>MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF<br />
FINANCIAL CONDITION AND RESULTS OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a blank check company incorporated in the Cayman Islands on July 7, 2022 as an exempted company with limited liability (meaning our
public shareholders have no liability, as shareholders of the Company, for the liabilities of the Company over and above the amount paid
for their shares) to serve as a vehicle to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization
or similar business combination with one or more target businesses. Our efforts to identify a prospective target business will not be
limited to a particular industry or geographic location. We intend to utilize cash derived from the proceeds of this offering, our securities,
debt or a combination of cash, securities and debt, in effecting a business combination. The issuance of additional ordinary shares or
preferred shares:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    significantly reduce the equity interest of our shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
    shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">will
    likely cause a change in 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 most likely will also result in the resignation or removal
    of our present officers and directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    adversely affect prevailing market prices for our securities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    and foreclosure on our assets if our operating revenues after a business combination are insufficient to pay our debt obligations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">acceleration
    of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security
    contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant without
    a waiver or renegotiation of that covenant;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to obtain additional financing, if necessary, if the debt security contains covenants restricting our ability to obtain
    additional financing while such security is outstanding;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to pay dividends on our ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary shares if declared, expenses, capital expenditures, acquisitions and other general corporate purposes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
    on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
    vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
indicated in the accompanying financial statements, at August 12, 2022, we had $nil in cash and a working capital equity of $89,813.
Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management&#8217;s
plans to address this uncertainty through this offering as discussed above. Our plans to raise capital or to consummate our initial business
combination may not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
liquidity needs have been satisfied to date through receipt of $25,000 from the sale of the insider shares and a loan from our sponsor,
in an aggregate amount of $75,000 that is more fully described below. We estimate that the net proceeds from (1) the sale of the units
in this offering, after deducting offering expenses of approximately $532,000 and underwriting discounts and commissions of $840,000
(or $966,000 if the over-allotment option is exercised in full) (not including the deferred underwriting discounts and commissions) and
(2) the sale of the private units for a purchase price of up to $1,874,000 (or $2,000,000 if the over-allotment option is exercised in
full), will be $60,502,000 (or $69,502,000 if the over-allotment option is exercised in full) (including the deferred underwriting discounts
and commissions). Of this amount, $60,000,000 (or $69,000,000 if the over-allotment option is exercised in full) will be held in the
trust account. The remaining $502,000 (whether or not the over-allotment option is exercised in full) will not be held in the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to use substantially all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target
business or businesses and to pay our expenses relating thereto, including deferred underwriting discounts and commissions payable to
the underwriter and/or advisors (which are FINRA members) in an amount up to 2.5% of the total gross proceeds raised in
the offering upon consummation of our initial business combination. To the extent that our share capital is used in whole or in part
as consideration to effect our initial business combination, the remaining proceeds held in the trust account as well as any other net
proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could
be used in a variety of ways including continuing or expanding the target business&#8217; operations, for strategic acquisitions and
for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or
finders&#8217; fees which we had incurred prior to the completion of our initial business combination if the funds available to us outside
of the trust account were insufficient to cover such expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the next 12 months (or up to 21 months if we have extended the period of time as described in this prospectus) (assuming a business combination
is not consummated prior thereto), we will be using the funds held outside of the trust account for identifying and evaluating prospective
acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants
or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses,
selecting the target business to acquire and structuring, negotiating and consummating the business combination. Out of the funds available
outside the trust account, we anticipate that we will incur approximately:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,000
    of expenses for the search for target businesses and for the legal, accounting and other third-party expenses attendant to the due
    diligence investigations, structuring and negotiating of a business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,000
    of expenses for the due diligence and investigation of a target business by our officers, directors and initial shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50,000
    of expenses in legal and accounting fees relating to our SEC reporting obligations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$232,000
    for general working capital that will be used for director and officer liability insurance premiums and miscellaneous expenses, including
    general corporate purposes, liquidation obligations and reserves; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$120,000
    for payment of office space, administrative and supporting fee.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our estimates of the costs of undertaking in-depth due diligence and negotiating our initial business combination is less than the actual
amount necessary to do so, or the amount of interest available to us from the trust account is less than we expect as a result of the
current interest rate environment, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated
to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue
additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws,
we would only consummate such financing simultaneously with the consummation of our initial business combination. Following our initial
business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an aggregate purchase price
of $25,000, or approximately $0.01 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
1,725,000 insider shares held by our initial shareholders including an aggregate of up to 225,000 shares subject to forfeiture by our
sponsor to the extent that the underwriter&#8217;s over-allotment is not exercised in full or in part, so that the initial shareholders
will collectively own 20.0% of our issued and outstanding shares after this offering (assuming the initial shareholders
do not purchase any public units in the this offering and excluding ordinary shares contained with the private units).
The sponsor paid an aggregate purchase price of $25,000 for the issuance of 1,725,000 of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, DT Cloud Capital Corp. loaned to us an aggregate amount of $75,000, on a non-interest-bearing basis for payment of
offering expenses on our behalf. The loans will be repaid out of the proceeds of this offering not being placed in the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). Our sponsor has also agreed that if the over-allotment option is exercised by the underwriter, it will purchase
from us at a price of $10.00 per private unit an additional number of private units (up to a maximum of 200,000 private units) <i>pro
rata </i>with the amount of the over-allotment option exercised so that at least $10.00 per share sold to the public in this offering
is held in trust regardless of whether the over-allotment option is exercised in full or in part. These additional private units
will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the
over-allotment option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
needed to finance transaction costs in connection with searching for a target business or consummating an intended initial business combination,
our initial shareholders, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. In
the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account
to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Such loans would be evidenced
by promissory notes. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the
lender&#8217;s discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into private units
at a price of $10.00 per unit. We believe the purchase price of these units will approximate the fair value of such units when issued.
However, if it is determined, at the time of issuance, that the fair value of such units exceeds the purchase price, we would record
compensation expense for the excess of the fair value of the units on the day of issuance over the purchase price in accordance with
Accounting Standards Codification (&#8220;ASC&#8221;) 718 &#8212; Compensation &#8212; Stock Compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">will have until 12 months from the closing of this
offering to complete a business combination. However, if we anticipate that we may not be able to consummate a business
combination within 12 months, we may, but are not obligated to, extend the period of time to consummate a business
combination month by month (for a total of up to 21 months to complete a business combination. In order to extend the time
available for us to consummate a business combination, the initial shareholders or their affiliates or designees must deposit
into the trust account $198,000, or $227,700 if the underwriter&#8217;s over-allotment option is exercised in full
($0.033 per share in either case), on or prior to the applicable deadline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Controls
and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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,
2024&#160;. As of the date of this prospectus, we have not completed an assessment, nor have our auditors tested our systems, of internal
controls. We expect to assess the internal controls of our target business or businesses prior to the completion of our initial business
combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we
maintain an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Target businesses we may consider for our initial business combination may have internal
controls that need improvement in areas such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">staffing
    for financial, accounting and external reporting areas, including segregation of duties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reconciliation
    of accounts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">proper
    recording of expenses and liabilities in the period to which they relate;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">evidence
    of internal review and approval of accounting transactions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">documentation
    of processes, assumptions and conclusions underlying significant estimates; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">documentation
    of accounting policies and procedures.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
our management&#8217;s report on internal controls is complete, we will retain our independent auditors to audit and render an opinion
on such report when, or if, required by Section 404. The independent auditors may identify additional issues concerning a target business&#8217;s
internal controls while performing their audit of internal control over financial reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Quantitative
and Qualitative Disclosures about Market Risk</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
net proceeds of this offering, including amounts in the trust account, will be invested in United States government treasury bills, bonds
or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated
under the Investment Company Act and that invest solely in U.S. treasuries. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this prospectus, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K
and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as
we have conducted no operations to date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>JOBS
Act</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;emerging growth company&#8221; and under the JOBS Act will be allowed to
comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are
electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting
standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As such, our financial
statements may not be comparable to companies that comply with public company effective dates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.
Subject to certain conditions set forth in the JOBS Act, if, as an &#8220;emerging growth company&#8221;, we choose to rely on such
exemptions we may not be required to, among other things, (i) provide an independent registered public accounting firm&#8217;s
attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the
compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and
Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation
or a supplement to the auditor&#8217;s report providing additional information about the audit and the financial statements (auditor
discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive
compensation and performance and comparisons of the CEO&#8217;s compensation to median employee compensation. These exemptions will
apply for a period of five years following the completion of this offering or until we are no longer an &#8220;emerging growth
company,&#8221; whichever is earlier.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_011"></span>PROPOSED
BUSINESS </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a newly incorporated blank check company formed in the Cayman Islands as an exempted company with limited liability. 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 Act (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 (i) on or in respect of our shares, debentures or other obligations or (ii) 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. Our shareholders have no additional liability for the company&#8217;s
liabilities over and above the amount paid for their shares. We were 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,
which we refer to as a &#8220;target business.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
efforts to identify a prospective target business will not be limited to a particular industry or geographic location. Currently, we
do not have any specific business combination under consideration or contemplation, and we have not, nor has anyone on our behalf, contacted
any prospective target business or had any discussions, formal or otherwise, with respect to such a transaction. 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. Additionally, we have not
engaged or retained any agent or other representative to identify or locate any suitable acquisition candidate, to conduct any research
or take any measures, directly or indirectly, to locate or contact a target business. We are confident that we will be able to find a
target business that will meet expectations. We intend to capitalize on the strengths and experiences of our management team to select,
acquire and form a business combination that has a competitive advantage in their core business and is positioned to bring in high returns
and long-term sustainable growth.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competitive
Strengths</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team is led by Ms. Olivia Wenxi He, who has over a decade of combined deal-making and investment experience. Our mission
is to unlock value for our shareholders by identifying an acquisition target in any sectors with growth potential. Given the diversified
experience of our management team, we believe we have significant resources to identify, diligence, and structure transactions that would
benefit all shareholders. We could also get deal sources from our sponsor, or affiliates of our sponsor. Our competitive strengths include
the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deep
Experience of Operating Partners</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our ability to leverage the experience of the management team, which comprise executives of different companies across multiple
sectors and industries, will provide us a distinct advantage in being able to source, evaluate and consummate an attractive transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Proprietary
Sourcing Channels and Leading Industry Relationships</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the capabilities and connections associated with our management team, in combination with our sponsor and our strategic and operating
partners, will provide us with a differentiated pipeline of acquisition opportunities. We expect these sourcing capabilities will be
further bolstered by our reputation and deep industry relationships.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Track
Record of Investment Experience</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our management&#8217;s track record of identifying and sourcing transactions positions us well to appropriately evaluate
potential business combinations and select one that will be well received by the public markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Execution
and Structuring Capability.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
combined expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive
investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous
due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of
transactions, we are able to generate investment opportunities that have attractive risk/reward profiles based on their valuations and
structural characteristics.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Acquisition
Strategy and Investment Criteria</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
acquisition strategy is to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leverage
    our management team&#8217;s operational expertise, successful deal experience, and extensive knowledge in a broad sector horizon
    to effectively and efficiently seek acquisition opportunities and may pursue targets in, any industry or geography.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">leverage
    the unique combination of proven deal execution capabilities, extensive relationship networks and professional investment track record
    of our sponsor and management team&#8217;s extensive experience with listed companies, capital market transactions and investing
    in companies across a wide range of sectors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">focus
    our search for a target company that has compelling economics, potential for high recurring revenue, a defensible market position,
    and successful management teams that are seeking access to the public capital markets.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">generate
    attractive returns and create value for our shareholders by applying a disciplined strategy of identifying attractive investment
    opportunities that could benefit from the addition of capital, management expertise and strategic insights.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    an opportunity where our management team&#8217;s expertise could effect a positive transformation of the existing business to improve
    the overall value propositions while maximizing shareholder value.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    companies that are under-performing their potential due to a temporary period of dislocation in the markets. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">source
    initial business combination opportunities through the extensive networks of our management team, sponsor and their affiliates, including
    seasoned executives and operators, private equity investors, lenders, attorneys and family offices, that we believe will provide
    our management team with a robust flow of acquisition opportunities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team has decades of combined experience setting and implementing strategies to grow revenues and improve profitability, including:
helping to develop growth initiatives; developing capital allocation strategies; reducing expenses to increase earnings or to redeploy
capital into more beneficial initiatives; pursuing add-on acquisitions and divestitures; engaging in capital markets and other
financing or restructuring activities; evaluating, changing or enhancing management when appropriate; and crafting other initiatives.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
execute our business strategy, we intend to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilize
    our management team&#8217;s extensive network of company owners, management teams, financial intermediaries and others to identify
    appropriate candidates for a possible business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
    rigorous research and analysis of various industries and companies to identify promising potential targets;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct
    a rigorous and thorough due diligence review of one or more targets, including an analysis of overall industry and competitive conditions
    and of company specific information, meetings with incumbent management and employees, document reviews, interviews of customers
    and suppliers, inspections of facilities, competitor analysis and reviews of operational, financial and business and other information,
    among others, in the evaluation process to ensure a high-quality potential target;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilize
    our established deal execution experiences to better understand the competing priorities among stakeholders and creatively structure
    transaction terms to reach a transaction agreement beneficial to all parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    under-exploited expansion opportunities overlooked by other companies where complexity or urgency mask hidden value and complete
    a business combination at an attractive price in terms of intrinsic value and future potential;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implement
    a business plan that we believe will accelerate growth and provide the company with flexibility both financially and operationally;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">seek
    further strategic opportunities in the form of acquisitions, divestitures or other transactions in order to enhance shareholder
    value.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consistent
with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating
prospective target businesses. We intend to use these criteria and guidelines in evaluating acquisition opportunities, but we may decide
to enter into our initial business combination with a target business that does not meet these criteria and guidelines:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Established
    Businesses: </i>We will seek to acquire one or more businesses or assets that have a history of, or potential for, strong, stable
    cash flow generation, with predictable and recurring revenue streams.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Generates
    Stable Free Cash Flow:</i> We will seek to acquire a business that has historically generated, or has the near-term potential
    to generate, strong and sustainable free cash flow.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Growth
    opportunities through capital investment</i>: We intend to seek candidates who will benefit from additional capital investment through
    a business combination.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strong
    management teams with a proven track record</i>: We intend to seek candidates who have strong management teams with a proven track
    record of driving revenue growth, enhancing profitability and generating strong free cash flow. We will seek to partner with potential
    target&#8217;s management team and expect that the operating and financial abilities of our management and board will help potential
    target companies to unlock opportunities for future growth and enhanced profitability.</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Benefit
    from Being a Public Company</i>: We intend to pursue a business combination with a company that we believe will benefit from being
    publicly traded and can effectively utilize the broader access to capital and public profile that are associated with being a publicly
    traded company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Would
    Benefit Uniquely from our Capabilities</i>: We will seek to acquire a business where the collective capabilities of our management
    and sponsor can be leveraged to tangibly improve the operations and market position of the target.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risk-Adjusted
    Return</i>: We intend to acquire one or more companies that we believe can offer attractive risk-adjusted return on investments for
    our shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Advantages</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Status
as a Publicly Listed Company</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our structure will make us an attractive business combination partner to prospective target businesses. As a publicly listed
company, we will offer a target business an alternative to the traditional initial public offering. We believe that target businesses
will favor this alternative, which we believe is less expensive, while offering greater certainty of execution than a traditional
initial public offering. During an initial public offering, there are typically expenses incurred in marketing, which would be costlier
than a business combination with us. Furthermore, once a proposed business combination is approved by our shareholders (if applicable)
and the transaction is consummated, the target business will have effectively become public, whereas an initial public offering is always
subject to the underwriter&#8217;s ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would have greater access to capital and additional means of creating
management incentives that are better aligned with shareholders&#8217; interests than it would as a private company. It can offer further
benefits by augmenting a company&#8217;s profile among potential new customers and vendors and aid in attracting talented management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strong
Financial Position and Flexibility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the funds held in our trust account, we offer a target business a variety of options such as creating a liquidity event for its owners,
providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing its debt ratio.
Because we are able to complete our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target
business to fit its needs and desires. However, we have not taken any steps to secure third party financing and there can be no assurance
it will be available to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Effecting
a Business Combination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 share
capital, debt or a combination of these in effecting a business combination. Although substantially all of the net proceeds of this offering
and the private placement of private units are intended to be applied generally toward effecting a business combination as described
in this prospectus, the proceeds are not otherwise being designated for any more specific purposes. 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 U.S. Federal
and state securities laws. In the alternative, we may seek to consummate a business combination with a company that may be 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
Have Not Identified a Target Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
date, we have not selected any target business on which to concentrate our search for a business combination. None of our officers, directors,
initial shareholders and other affiliates has engaged in 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, nor have we,
nor any of our agents or affiliates, been approached by any candidates (or representatives of any candidates) with respect to a possible
business combination with our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the limitations that a target business have a fair market value of at least 80% of the balance in the trust account (excluding any
deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination, as described below in more detail, we will have virtually unrestricted
flexibility in identifying and selecting a prospective acquisition candidate. We have not established any other specific attributes or
criteria (financial or otherwise) for prospective target businesses. 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. To the extent
we effect a business combination with a company or an entity in its early stage of development or growth, including entities without
established records of sales or earnings, we may be affected by numerous risks inherent in the business and operations of early stage
or potential emerging growth companies. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Sources
of Target Businesses</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
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 which will not commence until after the completion of this offering. 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, as well as their respective affiliates, may also bring to our attention
target business candidates that they become aware of through their business contacts as a result of formal or informal inquiries or discussions
they may have, as well as attending trade shows or conventions. While we do not presently anticipate engaging the services of professional
firms or other individuals that specialize in business acquisitions on any formal basis, we may engage these firms or other individuals
in the future, in which event we may pay a finder&#8217;s fee, consulting fee or other compensation to be determined in an arm&#8217;s
length negotiation based on the terms of the transaction. In no event, however, will any of our existing officers, directors, special
advisors or initial shareholders, or any entity with which they are affiliated, be paid any finder&#8217;s fee, consulting fee or other
compensation prior to, or for any services they render in order to effectuate, the consummation of a business combination (regardless
of the type of transaction). If we decide to enter into a business combination with a target business that is affiliated with our officers,
directors or initial shareholders, we will do so only if we have obtained an opinion from an independent investment banking firm that
the business combination is fair to our unaffiliated shareholders from a financial point of view. However, as of the date of this prospectus,
there is no affiliated entity that we consider a business combination target.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Selection
of a Target Business and Structuring of a Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the limitations that a target business have a fair market value of at least 80% of the balance in the trust account (excluding any
deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination, as described below in more detail, our management will have virtually
unrestricted flexibility in identifying and selecting a prospective target business. We have not established any other specific attributes
or criteria (financial or otherwise) for prospective target businesses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe such factors will be important in evaluating prospective target businesses, regardless of the location or industry in which such
target business operates. However, this list is not intended to be exhaustive. Furthermore, we may decide to enter into a business combination
with a target business that does not meet these criteria and guidelines.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
Market Value of Target Business</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to NASDAQ listing rules, 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 any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account) at the time of the execution of a definitive agreement for our initial business combination,
although we may acquire a target business whose fair market value significantly exceeds 80% of the trust account balance. 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 a 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 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, only the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of net assets test, assuming that we obtain and maintain a listing
for our securities on NASDAQ. In order to consummate such an acquisition, we may issue a significant amount of our debt or equity securities
to the sellers of such businesses and/or seek to raise additional funds through a private offering of debt or equity securities. Since
we have no specific business combination under consideration, we have not entered into any such fund-raising arrangement and have no
current intention of doing so. The fair market value of the target business 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). 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
on the type of target business we are seeking to acquire, with respect to the satisfaction of such criteria. We will not be required
to obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions
on the type of target business we are seeking to acquire, as to the fair market value if our board of directors independently determines
that the target business complies with the 80% threshold.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not be required to comply with the 80% fair market value requirement if we are delisted from NASDAQ. If NASDAQ delists our securities
from trading on its exchange after this offering, we would not be required to satisfy the fair market value requirement described above
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lack
of Business Diversification</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business combination must be with a target business or businesses that collectively satisfy the minimum valuation standard at the time
of such acquisition, as discussed above, although this process may entail the simultaneous acquisitions of several operating businesses
at the same time. Therefore, at least initially, the prospects for our success may be entirely dependent upon the future performance
of a single business. 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Limited
Ability to Evaluate the Target Business&#8217; Management</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217; 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, our officers and directors
may not have significant experience or knowledge relating to the operations of the particular target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shareholders
May Not Have the Ability to Approve an Initial Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 public shareholders may seek to convert their public shares, regardless of whether they vote
for or against the proposed business combination, into their <i>pro rata</i> share of the aggregate amount then on deposit in the trust
account (net of taxes payable) or (2) provide our public shareholders with the opportunity to sell their public shares to us by means
of a tender offer (and thereby avoid the need for a shareholder vote) for an amount equal to their <i>pro rata</i> 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. Notwithstanding
the foregoing, our initial shareholders have agreed, pursuant to written letter agreements with us, not to convert any public shares
held by them into their <i>pro rata</i> share of the aggregate amount then on deposit in the trust account. If we determine to engage
in a tender offer, such tender offer will be structured so that each shareholder may tender any or all of his, her or its public shares
rather than some <i>pro rata</i> 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 based on a variety
of factors such as the timing of the transaction, or whether the terms of the transaction would otherwise require us to seek shareholder
approval. If we so choose and we are legally permitted to do so, we have the flexibility to avoid a shareholder vote and allow our shareholders
to sell their shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act which regulate issuer tender offers. 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&#8217;s proxy rules. We will consummate our initial business combination only
if we have net tangible assets of at least $5,000,001 upon such consummation and, solely if we seek shareholder approval, a majority
of the issued and outstanding ordinary shares voted are voted in favor of the business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities
Act. However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital
closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial
business combination, our net tangible asset threshold may limit our ability to consummate such initial business combination (as we may
be required to have a lesser number of shares converted or sold to us) and may force us to seek third party financing which may not be
available on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we
may not be able to locate another suitable target within the applicable time period, if at all. Public shareholders may therefore have
to wait 12 months from the closing of this offering (or up to 21 months if we have extended the period of time as described in this prospectus)
in order to be able to receive a <i>pro rata</i> share of the trust account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial shareholders and our 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. As a result,
if we sought shareholder approval of a proposed transaction we could need as little as 256,951 of our public shares (or approximately
4.22% of our public shares) to be voted in favor of the transaction in order to have such transaction approved (assuming that only a
quorum was present at the meeting, that the over-allotment option is not exercised, and that the insiders do not purchase any units in
this offering or units or shares in the after-market).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our officers, directors, initial shareholders or their affiliates has indicated any intention to purchase units or ordinary shares
in this offering or from persons in the open market or in private transactions (other than the private units). 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, our officers, directors, initial shareholders or their affiliates could make such purchases in the
open market or in private transactions in order to influence the vote. Notwithstanding the foregoing, our officers, directors, initial
shareholders and their affiliates will not make purchases of ordinary shares if the purchases would violate Section 9(a)(2) or Rule 10b-5
promulgated under the Exchange Act, which are rules designed to stop potential manipulation of a company&#8217;s share. In addition,
our officers, directors, initial shareholders and their affiliates would structure such purchases to be in compliance with the requirements
of Rule 14e-5 under the Exchange Act, including, in pertinent part, through adherence to the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration statement/proxy statement filed
    for our business combination transaction would disclose the possibility that our sponsor, directors, officers, advisors
    or their affiliates may purchase shares or warrants from public stockholders outside the redemption process, along with the purpose
    of such purchases;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    our sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through our redemption process;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration
    statement/proxy statement filed for our business combination transaction would include a representation that any of our
    securities purchased by the our sponsor, directors, officers, advisors or their affiliates would not be voted in favor of
    approving the business combination transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">sponsor, directors, officers, advisors or their
    affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption
    rights, they would waive such rights; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">we would disclose in
    a Form 8-K, before our security holder meeting to approve the business combination transaction, the following material items:</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount of our securities purchased outside of the redemption offer by our sponsor, directors, officers, advisors or
    their affiliates, along with the purchase price;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purpose of the purchases by our sponsor, directors, officers, advisors or their affiliates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact, if any, of the purchases by our sponsor, directors, officers, advisors or their affiliates on the likelihood that
    the business combination transaction will be approved;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    identities of company security holders who sold to our sponsor, directors, officers, advisors or their affiliates (if
    not purchased on the open market) or the nature of company security holders (<i>e.g</i>., 5% security holders) who sold to
    our sponsor, directors, officers, advisors or their affiliates; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of company securities for which we received redemption requests pursuant to its redemption offer.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ability
to Extend Time to Complete Business Combination</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span 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 12 months, we may, but are not obligated
to, extend the period of time to consummate a business combination nine times by an additional one month each time (for a total
of up to 21 months to complete a business combination). Public shareholders will not be offered the opportunity to vote on or redeem
their shares in connection with any such extension. Pursuant to the terms of our amended and restated 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 to extend the time available for us to consummate our initial business combination, our insiders or their affiliates or designees,
upon five days advance notice prior to the applicable deadline, must deposit into the trust account for each one month extension $198,000,
or $227,700 if the underwriter&#8217;s over-allotment option is exercised in full ($0.033 per share in either case), on or prior
to the date of the applicable deadline. The insiders will receive a non-interest-bearing, unsecured promissory note equal to the
amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds
available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination,
or, at the lender&#8217;s discretion, converted upon consummation of our business combination into additional private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such notes, to the extent the
holder wishes to so convert such notes at the time of the consummation of our initial business combination. In the event that we receive
notice from our insiders five days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press
release announcing such intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release
the day after the applicable deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates
or designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination. To the
extent that some, but not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such
insiders (or their affiliates or designees) may deposit the entire amount required. Any notes issued pursuant to these loans would be
in addition to any notes issued pursuant to working capital loans made to us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion/Tender
Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any meeting called to approve an initial business combination, public shareholders may seek to convert their public shares, regardless
of whether they vote for or against the proposed business combination, into their <i>pro rata</i> share of the aggregate amount then
on deposit in the trust account, less any taxes then due but not yet paid. Notwithstanding the foregoing, our initial shareholders have
agreed, pursuant to written letter agreements with us, not to convert any public shares held by them into their <i>pro rata</i> share
of the aggregate amount then on deposit in the trust account. The redemption rights will be effected under our amended and restated memorandum
and articles of association and Cayman Islands law as redemptions. If we hold a meeting to approve an initial business combination, a
holder will always have the ability to vote against a proposed business combination and not seek conversion of its shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if we engage in a tender offer, each public shareholder will be provided the opportunity to sell his public shares to us in such tender
offer. The tender offer rules require us to hold the tender offer open for at least 20 business days. Accordingly, this is the minimum
amount of time we would need to provide holders to determine whether they want to sell their public shares to us in the tender offer
or remain an investor in our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial shareholders, officers and directors will not have redemption 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may also require public shareholders, whether they are a record holder or hold their shares in &#8220;street name,&#8221; to either tender
their certificates (if any) to our transfer agent or to deliver their shares to the transfer agent electronically using Depository Trust
Company&#8217;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&#8217;s option, at any time at or prior to the vote on the
business combination. Once the shares are converted by the holder, and effectively redeemed by us under Cayman Islands law, the share
registrar in the Cayman Islands will then update our register of members to reflect all conversions. The proxy
solicitation materials that we will furnish to shareholders in connection with the vote for any proposed business combination will indicate
whether we are requiring shareholders to satisfy such delivery requirements. Accordingly, a shareholder would have from the time our
proxy statement is mailed through the vote on the business combination to deliver his shares if he wishes to seek to exercise his redemption
rights. Under our amended and restated memorandum and articles of association, we are required to provide at least 10 days&#8217; advance
notice of any shareholder meeting, which would be the minimum amount of time a shareholder would have to determine whether to exercise
redemption rights. As a result, if we require public shareholders who wish to convert their ordinary shares into the right to receive
a <i>pro rata </i>portion of the funds in the trust account to comply with the foregoing delivery requirements, holders may not have
sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise their
redemption rights and may be forced to retain our securities when they otherwise would not want to.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a nominal cost associated with this tendering process and the act of certificating the shares or delivering them through the DWAC
System. The transfer agent will typically charge the tendering broker $45 and it would be up to the broker whether or not to pass this
cost on to the converting holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
redemption rights. The need to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such
delivery must be effectuated. However, in the event we require shareholders seeking to exercise redemption rights to deliver their shares
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
request to convert or tender such shares once made, may be withdrawn at any time up to the vote on the proposed business combination
or expiration of the tender offer. Furthermore, if a holder of a public share delivered its certificate in connection with an
election of their conversion or tender and subsequently decides prior to the vote on the business combination or the expiration of the
tender offer not to elect to exercise such rights, it may simply request that the transfer agent return the certificate (physically
or electronically).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Public Shares and Liquidation of Trust Account if No Business Combination</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not complete a business combination within 12 months (or up to 21 months, if we extend the time to complete a business combination
as described in this prospectus) from the date that the registration statement is declared effective, our amended and restated memorandum
and articles of association provides that we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as
reasonably possible, but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, divided by the number of the then-outstanding public shares, which redemption
will completely extinguish public shareholders&#8217; 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 our remaining shareholders
and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands
law to provide for claims of creditors and the requirements of other applicable law. However, if we anticipate that we may not be able
to consummate our initial business combination within 12 months, our sponsor may, but is not obligated to cause our Company to extend
the period of time to consummate a business combination nine times by an additional one month each time (for a total of up to 21 months
to complete a business combination). Pursuant to the terms of our amended and restated memorandum and articles of association and the
trust agreement to be entered into between us and Continental Stock Transfer &amp; Trust Company, LLC on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination, our sponsor, upon five days advance notice
prior to the applicable deadline, must deposit into the trust account for each one-month extension $198,000, or $227,700 if the underwriter&#8217;s
over-allotment option is exercised in full ($0.033 per share in either case), on or prior to the date of the applicable deadline.
The insiders or their affiliates or designees will receive a non-interest-bearing, unsecured promissory note equal to the amount
of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds available
outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the
lender&#8217;s discretion, converted upon consummation of our business combination into additional private units at a price of $10.00
per unit. In the event that we receive notice from our insiders five days prior to the applicable deadline of their intent to effect
an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition,
we intend to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited.
Our insiders and their affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our
initial business combination. To the extent that some, but not all, of our insiders, decide to extend the period of time to consummate
our initial business combination, such insiders (or their affiliates or designees) may deposit the entire amount required. If we are
unable to consummate our initial business combination within such time period, we will, as promptly as possible but not more than ten
business days thereafter, redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account,
including a pro rata portion of any interest earned on the funds held in the trust account and not necessary to pay our taxes, then seek
to liquidate and dissolve. However, we may not be able to distribute such amounts as a result of claims of creditors which may take priority
over the claims of our public shareholders. In the event of our liquidation and subsequent dissolution, the public rights will expire
and will be worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount in the trust account will be treated as funds distributable under the Companies Act provided that immediately following the date
on which the proposed distribution is proposed to be made, we are able to pay our debts as they fall due in the ordinary course of business.
If we are forced to liquidate the trust account, we anticipate that we would distribute to our public shareholders the amount in the
trust account calculated as of the date that is two (2) days prior to the distribution date (including any accrued interest net of taxes
payable). Prior to such distribution, we would be required to assess all claims that may be potentially brought against us by our creditors
for amounts they are actually owed and make provision for such amounts, as creditors take priority over our public shareholders with
respect to amounts that are owed to them. We cannot assure you that we will properly assess all claims that may be potentially brought
against us. As such, our shareholders could potentially be liable for any claims of creditors to the extent of distributions received
by them as an unlawful payment in the event we enter an insolvent liquidation. Furthermore, while we will seek to have all vendors and
service providers (which would include any third parties we engaged to assist us in any way in connection with our search for a target
business) and prospective target businesses execute agreements with us waiving any right, title, interest or claim of any kind they may
have in or to any monies held in the trust account, there is no guarantee that they will execute such agreements. Nor is there any guarantee
that, even if such entities execute such agreements with us, they will not seek recourse against the trust account or that a court would
conclude that such agreements are legally enforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our initial shareholders and our officers and directors have agreed to waive their respective rights to participate in any
liquidation of our trust account or other assets with respect to the insider shares and private units and to vote their insider shares,
private shares in favor of any dissolution and plan of distribution which we submit to a vote of shareholders. There will be no distribution
from the trust account with respect to our warrants and rights, which will expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to complete an initial business combination and expend all of the net proceeds of this offering, other than the proceeds
deposited in the trust account, and without taking into account interest, if any, earned on the trust account, the initial per-share
redemption price from the trust account would be $10.00.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proceeds deposited in the trust account could, however, become subject to the claims of our creditors which would be prior to the claims
of our public shareholders. Although we will seek to have all vendors, including lenders for money borrowed, prospective target businesses
or other entities we engage 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 a claim against our assets, including the funds held in the trust account.
If any third party refused to execute an agreement waiving such claims to the monies held in the trust account, we would perform an analysis
of the alternatives available to us if we chose not to engage such third party and evaluate if such engagement would be in the best interest
of our shareholders if such third party refused to waive such claims. Examples of possible instances where we may engage a third party
that refused to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed
by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management
is unable to find a provider of required services willing to provide the waiver. In any event, our management would perform an analysis
of the alternatives available to it and would only enter into an agreement with a third party that did not execute a waiver if management
believed that such third party&#8217;s engagement would be significantly more beneficial to us than any alternative. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DT
Cloud Capital Corp., has agreed that, if we liquidate the trust account prior to the consummation of a business combination, it will
be liable to pay debts and obligations to target businesses or vendors or other entities that are owed money by us for services rendered
or contracted for or products sold to us in excess of the net proceeds of this offering not held in the trust account, but only to the
extent necessary to ensure that such debts or obligations do not reduce the amounts in the trust account and only if such parties have
not executed a waiver agreement. However, we cannot assure you that it will be able to satisfy those obligations if it is required to
do so. Accordingly, the actual per-share redemption price could be less than $10.00 due to claims of creditors. Additionally, if we are
forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the
trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of
third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, we cannot
assure you we will be able to return to our public shareholders at least $10.00 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
identifying, evaluating and selecting a target business, we may encounter intense competition from other entities having a business objective
similar to ours. Many of these entities are well established and have extensive experience identifying and effecting business combinations
directly or through affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial
resources will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous
potential target businesses that we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain
sizable target businesses may be limited by our available financial resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following also may not be viewed favorably by certain target businesses:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to seek shareholder approval of a business combination or obtain the necessary financial information to be sent to shareholders
    in connection with such business combination may delay or prevent the completion of a transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to redeem public shares held by our public shareholders may reduce the resources available to us for a business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
    may require us to file a new listing application and meet its initial listing requirements to maintain the listing of our securities
    following a business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    outstanding warrants and rights and the potential future dilution they represent;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to pay the deferred underwriting discounts and commissions to the underwriter upon consummation of our initial
    business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to either repay or issue units upon conversion of up to $300,000 of working capital loans that may be made to us by our
    initial shareholders, officers, directors or their affiliates;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to register the resale of the insider shares, as well as the private units (and underlying securities) and any securities
    issued to our initial shareholders, officers, directors or their affiliates upon conversion of working capital loans; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact on the target business&#8217; assets as a result of unknown liabilities under the securities laws or otherwise depending on
    developments involving us prior to the consummation of a business combination.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these factors may place us at a competitive disadvantage in successfully negotiating a business combination. Our management
believes, however, that our status as a public entity and potential access to the United States public equity markets may give us a
competitive advantage over privately held entities having a similar business objective as ours in acquiring a target business
with significant growth potential on favorable terms.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we succeed in effecting a business combination, there will be, in all likelihood, intense competition from competitors of the target
business. We cannot assure you that, subsequent to a business combination, we will have the resources or ability to compete effectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain our principal executive office at 30 Orange Street, London, United Kingdom, WC2H 7HF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend to
devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will vary based
on whether a target business has been selected for the business combination and the stage of the business combination process the company
is in. Accordingly, once management locates a suitable target business to acquire, they will spend more time investigating such target
business and negotiating and processing the business combination (and consequently spend more time to our affairs) than they would prior
to locating a suitable target business. We presently expect our executive officers to devote such amount of time as they reasonably believe
is necessary to our business (which could range from only a few hours a week while we are trying to locate a potential target business
to a majority of their time as we move into serious negotiations with a target business for a business combination). We do not intend
to have any full-time employees prior to the consummation of a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Periodic
Reporting and Audited Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will register our units, ordinary shares, warrants, and rights under the Exchange Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual
report will contain financial statements audited and reported on by our independent registered public accountants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will provide shareholders with audited financial statements of the prospective target business as part of any proxy solicitation sent
to shareholders to assist them in assessing the target business. In all likelihood, the financial information included in the proxy solicitation
materials will need to be prepared in accordance with U.S. GAAP or IFRS, depending on the circumstances, and the historical financial
statements may be required to be audited in accordance with the standards of the PCAOB. The financial statements may also be required
to be prepared in accordance with U.S. GAAP for the Form 8-K announcing the closing of an initial business combination, which would need
to be filed within four business days thereafter. We cannot assure you that any particular target business identified by us as a potential
acquisition candidate will have the necessary financial information. To the extent that this requirement cannot be met, we may not be
able to acquire the proposed target business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be required to comply with the internal control requirements of the Sarbanes-Oxley Act beginning for the fiscal year ending December
31, 2024&#160;. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal
controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase
the time and costs necessary to complete any such acquisition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an emerging growth company as defined in 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
&#8220;emerging growth companies&#8221; including, but not limited to, not being required to comply with the independent registered public
accounting firm attestation requirements of Section 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. We will remain such for up to five years. However, we issue our non-convertible debt within a three-year period
or our total revenues exceed $1.07 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 for complying with new or revised accounting standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no material litigation, arbitration or governmental proceeding currently pending against us or any of our officers or directors in
their capacity as such, and we and our officers and directors have not been subject to any such proceeding in the 12 months preceding
the date of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Comparison
to Offerings of Blank Check Companies Subject to Rule 419</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table compares and contrasts the terms of our offering and the terms of an offering of blank check companies under Rule 419
promulgated by the SEC assuming that the gross proceeds, underwriting discounts and underwriting expenses for the Rule 419 offering are
the same as this offering and that the underwriter will not exercise its over-allotment option. None of the terms of a Rule 419
offering will apply to this offering because we will be listed on a national securities exchange, we will have net tangible assets in
excess of $5,000,001 upon the successful consummation of this offering and will file a Current Report on Form 8-K, including an audited
balance sheet demonstrating this fact.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
    of the Offering</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 32%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
    Under a Rule 419 Offering</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Escrow
    of offering proceeds</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$60,000,000
    (or $69,000,000 if the underwriter&#8217;s over-allotment option is exercised in full) of the net offering proceeds and proceeds
    from the sale of the private units will be deposited into a trust account in the United States, maintained by Continental Stock Transfer
    &amp; Trust Company, acting as trustee.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$53,244,000
    of the offering proceeds would be required to be deposited into either an escrow account with an insured depositary institution or
    in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial
    interests in the account.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Investment
    of net proceeds</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    $60,000,000 (or $69,000,000 if the underwriter&#8217;s over-allotment option is exercised in full) of the net offering proceeds
    and proceeds from the sale of the private units held in trust will only be invested in United States government treasury bills, bonds
    or notes with a maturity of 180 days or less or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated
    under the Investment Company Act and that invest solely in United States government treasury securities.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
    of the Offering</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Terms
    Under a Rule 419 Offering</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
    on fair value or net assets of target business</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    initial target business that we acquire must have a fair market value equal to at least 80% of the balance in our trust account (excluding
    any deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the
    execution of a definitive agreement for our initial business combination. We will not be required to comply with the 80% fair market
    value requirement if we are delisted from NASDAQ.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    would be restricted from acquiring a target business unless the fair value of such business or net assets to be acquired represent
    at least 80% of the maximum offering proceeds.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    of securities issued</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    units may commence trading on or promptly after the date of this prospectus. The ordinary shares, warrants and rights comprising
    the units will begin to trade separately on the 52<sup>nd</sup> day after the date of this prospectus unless the underwriter informs
    us of its decision to allow earlier separate trading (based upon its assessment of the relative strengths of the securities markets
    and small capitalization and blank check companies in general, and the trading pattern of, and demand for, our securities in particular),
    provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting our receipt
    of the proceeds of this offering.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    trading of the units or the underlying securities would be permitted until the completion of a business combination. During this
    period, the securities would be held in the escrow or trust account.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise
    of the warrants</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    warrants cannot be exercised until the completion of a business combination and, accordingly, will be exercised only after the trust
    account has been terminated and distributed.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection
    with the exercise would be deposited in the escrow or trust account.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Election
    to remain an investor</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">We
    will either (1) give our shareholders the opportunity to vote on the business combination or (2) provide our public shareholders
    with the opportunity to sell their public shares to us in a tender offer for cash equal to their <i>pro rata</i> share of the aggregate
    amount then on deposit in the trust account less taxes payable. If we hold a meeting to approve a proposed business combination,
    we will send each shareholder a proxy statement containing information required by the SEC. Under our amended and memorandum and
    articles of association, we must <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">provide
    at least 10 days advance notice of any meeting of shareholders. Accordingly, this is the minimum amount of time we would need to
    provide holders to determine whether to exercise their rights to convert their shares into cash at such a meeting or to remain an
    investor in our company. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender
    offer in accordance with the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially
    the same financial and other information about the initial business combination as we would have included in a proxy statement. The
    tender offer rules require us to hold the tender offer open for at least 20 business days. Accordingly, this is the minimum amount
    of time we would need to provide holders to determine whether they want to sell their shares to us in the tender offer or remain
    an investor in our company.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">A
    prospectus containing information required by the SEC would be sent to each investor. Each investor would be given the opportunity
    to notify the company, in writing, within a period of no less than 20 business days and no more than 45 business days from the effective
    date of the post-effective amendment, to decide whether he or she elects to remain a shareholder of the company or require the return
    of his or her investment. If the company has not received the notification by the end of the 45<sup>th </sup>business day, funds
    and interest or <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">dividends,
    if any, held in the trust or escrow account would automatically be returned to the shareholder. Unless a sufficient number of investors
    elect to remain investors, all of the deposited funds in the escrow account must be returned to all investors and none of the securities
    will be issued.</span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
    combination deadline</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to our amended and restated memorandum and articles of association, if we do not complete an initial business combination within
    12 months from the date that the registration statement is declared effective (or up to 21 months as described elsewhere herein),
    we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than
    ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount
    then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
    to us to pay our income taxes, divided by the number of the then-outstanding public shares, which redemption will completely extinguish
    public shareholders&#8217; 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 our remaining shareholders and our
    board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under Cayman Islands
    law to provide for claims of creditors and the requirements of other applicable law.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 32%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    an acquisition has not been consummated within 21 months after the effective date of the initial registration statement, funds held
    in the trust or escrow account would be returned to investors.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interest
    earned on the funds in the trust account</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    can be released to us, from time to time any interest earned on the funds in the trust account that we may need to pay our tax obligations.
    The remaining interest earned on the funds in the trust account will not be released until the earlier of the completion of a business
    combination and our entry into liquidation upon failure to effect a business combination within the allotted time.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
    interest earned on the funds in the trust account will be held in trust for the benefit of public shareholders until the earlier
    of the completion of a business combination and our liquidation upon failure to effect a business combination within the allotted
    time.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Release
    of funds</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
    for interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds held
    in the trust account will not be released until the earlier of the completion of a business combination (in which case, the proceeds
    released to us will be net of the funds used to pay converting or tendering shareholders, as the trustee will directly send the appropriate
    portion of the amount held in trust to the converting or tendering shareholders at the time of the business combination) and the
    liquidation of our trust account upon failure to effect a business combination within the allotted time.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    proceeds held in the escrow account would not be released until the earlier of the completion of a business combination or the failure
    to effect a business combination within the allotted time.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_012"></span>MANAGEMENT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
and Executive Officers</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current directors and executive officers, their ages and positions are as follows:</span></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: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 8%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olivia
    Wenxi He</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairperson
    of the Board of Directors, and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas
    Trent Stout</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">44</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    David Osowski</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Edwin
    Chun Wai Tam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longjiao
    Li</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of the business experience of each our executive officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Olivia
Wenxi He.</i></b> Ms. He is our Chief Executive Officer and Chairperson of the Board of Directors. Ms. He has over 15 years of
experience in the investment banking industry. Since June 2021, Ms. He serves as the chief financial officer of Metal Sky Star Acquisition
Corporation (NASDAQ: MSSA), a special purpose acquisition company. Since February 2019, Ms. He serves as chief investment officer
at KX Power Limited, an asset management company based in London, specializing in the development and management of renewable energy
and power generation assets. Prior to joining KX Power Limited, she served as the managing director and global head of Commodity
Exchange Traded Products at Bank of America Merrill Lynch in London. She was responsible for initiating and executing strategic solutions
and issuance, trading physical and synthetic commodity products, and managing portfolio assets in energy, metals and agriculture, with
a wide variety of commodity, currency and interest-rate risk. Prior to that, Ms. He traded and structured commodity derivative products
at Citigroup, fixed income security products with a focus on structured credit and rates at UBS and RBC Capital Markets. Ms. He holds
master&#8217;s degrees in both Mathematical Finance and Engineering from University of Toronto, and a bachelor&#8217;s degree in Engineering
from Tongji University. We believe that Ms. He is qualified to serve on our board of directors based on her solid experience in the investment
banking industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Thomas
Trent Stout.</i></b> Mr. Stout is our Chief Financial Officer and Director. Since July 2020, Mr. Stout has been the senior managing director
and the head of blockchain of Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply,
information, and demand management. Since July 2020, Mr. Stout has been a partner, president and a senior advisory team member of KX
Power Limited, an asset management company based in London. From January 2017 to June 2020, Mr. Stout served as a founder and principal
of PowerLink Partners, LLC, an investment vehicle and consulting firm focused on the energy industry. From April 2012 to December 2016,
Mr. Stout served as a managing director and a head of global commodity index &amp; products of Bank of America Corporation (NYSE: BAC)
in Houston and London, a multinational investment bank and financial services holding company. He obtained a master&#8217;s degree in
Business Administration from the University of Chicago, and a bachelor&#8217;s degree in Business Administration
from Texas Christian University. in 2004 and 2000, respectively. We believe that Mr. Stout is qualified to serve on our board of directors
based on his solid experience in the investment banking industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Michael
David Osowski.</i></b> Mr. Osowski is our Independent Director. Since January 2022, Mr. Osowski has been serving in a strategic business
development role with Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply, information,
and demand management. From May 2015 to January 2022, Mr. Osowski served as the president and the chief executive officer
of Trident Operating Company, LLC, a company which operates various companies in multiple industries including energy, food services,
and sporting events. From 2009 to 2015 Mr. Osowski was the founder and chief executive officer of Oasis Power, an electricity
company serving the both residential and commercial customers. From 2002 to 2009 Mr. Osowski was a senior executive at Spark Energy,
one of the largest independent deregulated electricity providers in the United States. From 1999 to 2002, Mr. Osowski was an executive
at Green Mountain Energy, the first company to offer renewable energy to deregulated electricity customers. Mr. Osowski has been serving
as a board member of Texas Hydrogen Alliance, the Warrior Health Foundation, and Houston Constable Precinct One since 2022, 2020 and
2021, respectively. Mr. Osowski obtained a bachelor&#8217;s degree in Communication from Ohio University in 1993. We believe that
Mr. Osowski is qualified to serve on our board of directors based on his solid experience in holding various management positions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Edwin
Chun Wai Tam.</i></b> Mr. Tam is our Independent Director. Mr. Tam has approximately 19 years of experience in accounting, auditing,
corporate governance and treasury management. Since August 2018, Mr. Tam has been practicing as the Senior Partner of Noble Partners
CPA Company, a certified public accountants firm in Hong Kong. Mr. Tam has been serving as the authorized representative and company
secretary of Feiyang International Holdings Group Limited (HKEx: 01901) since January 2019, Vision International Holdings Limited, (HKEx:
08107) since May 2019, and TL Natural Gas Holdings Limited (HKEx: 08536) since May 2019. Mr. Tam was the authorized representative and
company secretary of Michong Metaverse (China) Holdings Group Limited (formerly known as Nomad Technologies Holdings Limited) (HKEx:
08645) from August 2018 to December 2020, and Shenglong Splendecor International Limited (HKEx: 08481) from July 2018 to June 2020. From
May 2010 to July 2018, Mr. Tam served as the vice president and group financial controller of Greenheart Group Limited (HKEx: 00094.HK),
a company which engages in log harvesting, lumber processing, marketing and sales of logs and lumber products. Mr. Tam obtained a bachelor&#8217;s
degree in Accounting from the Manchester Metropolitan University in the United Kingdom in 2003. Mr. Tam is a practicing fellow
member of the Hong Kong Institute of Certified Public Accountants and fellow of the Association of Chartered Certified Accountants in
England since 2017, and 2011, respectively. We believe that Mr. Tam is qualified to serve on our board of directors based on his solid
experience in accounting, auditing, corporate governance and treasury management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Longjiao
Li.</i></b> Ms. Li is our Independent Director. Since July 2017, Ms. Li has been serving as the co-founder of Shenzhen Qianhai Hairun
Huaxin Investment Company Limited, an investment consulting and investment banking company. From October 2014 to September 2016, Ms.
Li served as the research and development director at Xuezi Biotechnology (Shenzhen) Co., Ltd., a company which engages in manufacture
and sale of cosmetics. Ms. Li obtained a bachelor&#8217;s degree in Bioengineering from the Shaanxi University of Science and
Technology in 2010. We believe that Ms. Li is qualified to serve on our board of directors based on her solid  investment
experience.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Officer and Director Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
of our officers or directors have received any cash compensation for services rendered to us. Commencing on the date that our securities
are first listed on NASDAQ through the earlier of consummation of our initial business combination and our liquidation, we will
pay to an affiliate of our sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided
to members of our management team. In addition, 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. There is no limit on the amount of these out-of-pocket expenses and there
will be no review of the reasonableness of the expenses by anyone other than our board of directors and audit committee, which includes
persons who may seek reimbursement, or a court of competent jurisdiction if such reimbursement is challenged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 fees from the combined company. All these fees 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 executive officers will
be determined by a compensation committee constituted solely of independent directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation
of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment
or consulting arrangements to remain with us after the initial business combination. The existence or terms of any such employment or
consulting arrangements to retain their positions with us may influence our management&#8217;s motivation in identifying or selecting
a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business
combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any
agreements with our executive officers and directors that provide for benefits upon termination of employment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Independence</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NASDAQ
requires that a majority of our board must be composed of &#8220;independent directors.&#8221; Currently Mr. Michael David Osowski,
Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li would each be considered an &#8220;independent director&#8221; under the NASDAQ listing
rules, which 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&#8217;s board of directors would interfere with the director&#8217;s exercise
of independent judgment in carrying out the responsibilities of a director. Our Independent Directors will have regularly scheduled meetings
at which only independent directors are present.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will only enter into a business combination if it is approved by a majority of our independent directors. Additionally, we will
only enter into transactions with our officers and directors and their respective affiliates that are on terms no less favorable to us
than could be obtained from independent parties. Any related-party transactions must also be approved by our audit committee and a majority
of disinterested independent directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audit
Committee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the NASDAQ listing standards and applicable SEC rules, we are required to have three members of the audit committee all of whom must
be independent. Effective as of the date of this prospectus, we have established an audit committee of the board of directors, which
will consist of Mr. Michael David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under
NASDAQ&#8217;s listing standards. Mr. Edwin Chun Wai Tam is the Chairperson of the audit committee. The audit committee&#8217;s duties,
which are specified in our Audit Committee Charter, include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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    whether the audited financial statements should be included in our Form 10-K;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
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    of our financial statements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    the independence of the independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">verifying
    the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible
    for reviewing the audit as required by law;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">inquiring
    and discussing with management our compliance with applicable laws and regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">pre-approving
    all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the
    services to be performed;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    or replacing the independent auditor;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">determining
    the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and
    the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    reimbursement of expenses incurred by our management team in identifying potential target businesses.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Financial
Experts on Audit Committee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee will at all times be composed exclusively of independent directors who are &#8220;financially literate&#8221;
as defined under NASDAQ listing standards. NASDAQ listing standards define &#8220;financially literate&#8221; as being able to read and
understand fundamental financial statements, including a company&#8217;s balance sheet, income statement and cash flow statement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we must certify to NASDAQ that the committee has, and will continue to have, at least one member who has past employment experience
in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results
in the individual&#8217;s financial sophistication. The board of directors has determined that Mr. Edwin Chun Wai Tam is qualified as
an &#8220;audit committee financial expert,&#8221; as defined under rules and regulations of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Governance and Nominating Committee</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
as of the date of this prospectus, we have established a corporate governance and nominating committee of the board of directors, which
will consist of Mr. Michael David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under
NASDAQ&#8217;s listing standards. Ms. Longjiao Li is the Chairperson of the corporate governance and nominating committee. The corporate
governance and nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.
The corporate governance and nominating committee considers persons identified by its members, management, shareholders, investment bankers
and others.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Guidelines
for Selecting Director Nominees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
guidelines for selecting nominees, which are specified in the Corporate Governance and Nominating Committee Charter, generally provide
that persons to be nominated:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
    have demonstrated notable or significant achievements in business, education or public service;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
    possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring
    a range of skills, diverse perspectives and backgrounds to its deliberations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
    have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
corporate governance and nominating committee will consider a number of qualifications relating to management and leadership
experience, background and integrity and professionalism in evaluating a person&#8217;s candidacy for membership on the board of
directors. The corporate governance and nominating committee may require certain skills or attributes, such as financial or
accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and
makeup of its members to obtain a broad and diverse mix of board members. The 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 meeting of shareholders (or, if applicable, a special meeting of shareholders). Our shareholders that
wish to nominate a director for election to the board of directors should follow the procedures set forth in our memorandum
and articles of association. The corporate governance and nominating committee does not distinguish among nominees recommended by
shareholders and other persons.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Compensation
Committee</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
as of the date of this prospectus, we will establish a compensation committee of the board of directors, which will consist of Mr. Michael
David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under NASDAQ&#8217;s listing standards.
Mr. Michael David Osowski is the Chairperson of the compensation committee. The compensation committee&#8217;s duties, which are specified
in our Compensation Committee Charter, include, but are not limited to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&#8217;s compensation,
    evaluating our Chief Executive Officer&#8217;s performance in light of such goals and objectives and determining and approving the
    remuneration (if any) of our Chief Executive Officer based on such evaluation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the compensation of all of our other executive officers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    our executive compensation policies and plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing
    and administering our incentive compensation equity-based remuneration plans;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting
    management in complying with our proxy statement and annual report disclosure requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers
    and employees;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    required, producing a report on executive compensation to be included in our annual proxy statement; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    evaluating and recommending changes, if appropriate, to the remuneration for directors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, as indicated above, no compensation of any kind, including finders, consulting or other similar fees, will be paid to
any of our existing shareholders, including our directors or any of their respective affiliates, prior to, or for any services they render
in order to effectuate, the consummation of a business combination. Accordingly, it is likely that prior to the consummation of an initial
business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements
to be entered into in connection with such initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of this offering, we will adopt a code of ethics that applies to all of our executive officers, directors and employees.
The code of ethics codifies the business and ethical principles that govern all aspects of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Conflicts
of Interest</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
investors should be aware of the following potential conflicts of interest:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
    of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest
    in allocating their time among various business activities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the course of their other business activities, our officers and directors may become aware of investment and business opportunities
    which may be appropriate for presentation to our company as well as the other entities with which they are affiliated. Our management
    has pre-existing fiduciary duties and contractual obligations and may have conflicts of interest in determining to which entity a
    particular business opportunity should be presented.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers and directors may in the future become affiliated with entities, including other blank check companies, engaged in business
    activities similar to those intended to be conducted by our company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    insider shares owned by our officers and directors will be released from escrow only if a business combination is successfully completed
    and subject to certain other limitations. Additionally, our officers and directors will not receive distributions from the trust
    account with respect to any of their insider shares if we do not complete a business combination. Furthermore, our initial shareholders
    have agreed that the private units will not be sold or transferred by them until after we have completed our initial business combination.
    In addition, our officers and directors may loan funds to us after this offering and may be owed reimbursement for expenses incurred
    in connection with certain activities on our behalf which would only be repaid if we complete an initial business combination. For
    the foregoing reasons, the personal and financial interests of our directors and executive officers may influence their motivation
    in identifying and selecting a target business, completing a business combination in a timely manner and securing the release of
    their shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, directors owe the following fiduciary duties:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">duty
    to act in good faith in what the director believes to be in the best interests of the company as a whole;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">duty
    to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">directors
    should not improperly fetter the exercise of future discretion;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">duty
    to exercise independent judgment.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the above, directors also owe a duty to act with skill, care and diligence.
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,
or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be
forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by
way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval
at general meetings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business
opportunities meeting the above-listed criteria to multiple entities. In addition, conflicts of interest may arise when our board evaluates
a particular business opportunity with respect to the above-listed criteria. We cannot assure you that any of the above-mentioned conflicts
will be resolved in our favor. Furthermore, most of our officers and directors have pre-existing fiduciary obligations to other businesses
of which they are officers or directors. To the extent they identify business opportunities which may be suitable for the entities to
which they owe pre-existing fiduciary obligations, our officers and directors will honor those fiduciary obligations. Accordingly, it
is possible they may not present opportunities to us that otherwise may be attractive to us unless the entities to which they owe pre-existing
fiduciary obligations and any successors to such entities have declined to accept such opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to minimize potential conflicts of interest which may arise from multiple corporate affiliations, each of our officers and directors
has contractually agreed, pursuant to a written agreement with us, until the earliest of a business combination, our liquidation or such
time as he ceases to be an officer or director, to present to our company for our consideration, prior to presentation to any other entity,
any suitable business opportunity which may reasonably be required to be presented to us, subject to any pre-existing fiduciary or contractual
obligations he might have.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the other relevant pre-existing fiduciary or contractual obligations of our officers and directors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Individual</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of Affiliated Company</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Affiliation</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Olivia Wenxi He</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KX
    Power Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Investment Officer </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Metal Sky Star Acquisition Corporation</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Chief Financial Officer</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Thomas Trent Stout</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Priority
    Power Management, LLC</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Managing Director and the Head of Blockchain </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KX
    Power Limited </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partner,
                                            President and Senior Advisory Team Member</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Mr. Michael David Osowski</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Priority Power Management, LLC</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">Strategic Business Development</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Edwin Chun Wai Tam</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noble
    Partners CPA Company</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
                                            Partner</span></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Feiyang
    International Holdings Group Limited (HKEx: 01901) </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative and Company Secretary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vision
    International Holdings Limited, (HKEx: 08107) </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative and Company Secretary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TL
    Natural Gas Holdings Limited (HKEx: 08536)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized
    Representative and Company Secretary</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ms.
    Longjiao Li</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shenzhen
    Qianhai Hairun Huaxin Investment Company Limited</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-founder</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the vote required for any business combination, all of our existing shareholders, including all of our officers and directors,
have agreed to vote their respective insider shares and private shares in favor of any proposed business combination. In addition, they
have agreed to waive their respective rights to participate in any liquidation distribution with respect to those ordinary shares acquired
by them prior to this offering. If they purchase ordinary shares in this offering or in the open market, however, they would be entitled
to participate in any liquidation distribution in respect of such shares but have agreed not to convert such shares (or sell their shares
in any tender offer) in connection with the consummation of our initial business combination or an amendment to our amended and restated
memorandum and articles of association relating to pre-business combination activity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed
by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions will require prior approval
by our audit committee and a majority of our uninterested &#8220;independent&#8221; directors, or the members of our board who do not
have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent legal counsel. We
will not enter into any such transaction unless our audit committee and a majority of our disinterested &#8220;independent&#8221; directors
determine that the terms of such transaction are no less favorable to us than those that would be available to us with respect to such
a transaction from unaffiliated third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
further minimize conflicts of interest, we have agreed not to consummate our initial business combination with an entity that is affiliated
with any of our officers, directors or initial shareholders, unless we have obtained (i) an opinion from an independent investment banking
firm that the business combination is fair to our unaffiliated shareholders from a financial point of view and (ii) the approval of a
majority of our disinterested and independent directors (if we have any at that time). Furthermore, in no event will any of our
initial shareholders, officers, directors, special advisors or their respective affiliates be paid any finder&#8217;s fee, consulting
fee or other similar compensation prior to, or for any services they render in order to effectuate, the consummation of our initial business
combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Limitation
on Liability and Indemnification of Officers and Directors</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
memorandum and articles of association provide that, subject to certain limitations, the company shall indemnify its directors and officers
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings. Such indemnity only applies if the person acted honestly and in good
faith with a view to what the person believes is in the best interests of the company and, in the case of criminal proceedings, the person
had no reasonable cause to believe that their conduct was unlawful. The decision of the directors as to whether the person acted honestly
and in good faith and with a view to the best interests of the company and as to whether the person had no reasonable cause to believe
that his conduct was unlawful and is, in the absence of fraud, sufficient for the purposes of the memorandum and articles of association,
unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering
of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view
to the best interests of the company or that the person had reasonable cause to believe that his conduct was unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our memorandum and articles of association. Our memorandum and articles of association also will permit us to purchase
and maintain insurance on behalf of any officer or director who at the request of the Company is or was serving as a director or officer
of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against
any liability asserted against the person and incurred by the person in that capacity, whether or not the company has or would have had
the power to indemnify the person against the liability as provided in the memorandum and articles of association. We will purchase a
policy of directors&#8217; and officers&#8217; liability insurance that insures our officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
provisions may discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder&#8217;s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that these provisions, the insurance and the indemnity agreements are necessary to attract and retain talented and experienced
officers and directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 theretofore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_013"></span>PRINCIPAL
SHAREHOLDERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary shares included in the units offered by this prospectus (assuming none of the individuals
listed purchase units in this offering), by:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our officers and directors; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    of our officers and directors as a group.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 of beneficial ownership of any ordinary shares issuable
upon exercise of the warrants or conversion of rights as the rights are not convertible within sixty days of the date of this prospectus
and the warrants are not exercisable within 60 days of the date of this prospectus and the rights are not convertible within sixty days
of the date of this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="6" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Prior
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name and
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    and Nature <br />
    of Beneficial <br />
    Ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Percentage of <br />
    Outstanding <br />
    Ordinary <br />
    Shares</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Nature of <br />
    Beneficial <br />
    Ownership</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Percentage of <br />
    Outstanding <br />
    Ordinary <br />
    Shares</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longjiao
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">-</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif">Infinity-Star Holdings Limited<sup>(5)</sup></td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right">-</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">%</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise indicated, the business address of each of the individuals is c/o DT Cloud Acquisition Corporation, 30 Orange Street, London,
    United Kingdom, WC2H 7HF.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    no exercise of the over-allotment option and includes 187,400 ordinary shares in the private placement, therefore, an aggregate of
    225,000 ordinary shares held by our sponsor are forfeited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Represents
    shares held by DT Cloud Capital Corp., our sponsor. Each of our officers and directors is a shareholder of our sponsor. The address
    for our sponsor is Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
    individual does not beneficially own any of our ordinary shares. However, such individual has a pecuniary interest in our ordinary
    shares through his/her ownership of shares of our sponsor.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(5)</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Represents the 11% and 80% of the outstanding shares
    of our sponsor held by Infinity-Star Holdings Limited and Mr. Xin Jin, respectively.</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
after this offering, our initial shareholders will beneficially own approximately 21.70% of the then issued and outstanding ordinary
shares (assuming none of them purchase any units offered by this prospectus). None of our initial shareholders, officers and directors
has indicated to us that he or she intends to purchase securities in this offering. Because of the ownership block held by our
initial shareholders, such individuals may be able to effectively exercise control over all matters requiring approval by our shareholders,
including the election of directors and approval of significant corporate transactions other than approval of our initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriter does not exercise all or a portion of the over-allotment option, our sponsor will have up to an aggregate of 225,000
ordinary shares subject to forfeiture as required by Cayman Islands law. Our initial shareholders will be required to have redeemed by
us only a number of shares necessary to maintain their collective 20.0% ownership interest in our ordinary shares (excluding the private
units) after giving effect to the offering and the exercise, if any, of the underwriter&#8217;s over-allotment option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the insider shares issued and outstanding prior to the date of this prospectus will be placed in escrow with Continental Stock Transfer
&amp; Trust Company, as escrow agent, and the representative shares, until (1) the earlier of one year after the date of the consummation
of our initial business combination; or (2) after the date of the consummation of our initial business combination, and subsequently,
we consummate a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the
right to exchange their shares for cash, securities or other property. Notwithstanding the foregoing, the insider shares
and the representative shares will be released from the Lock-Up (1) on the earlier of 150 days after the date of the consummation
of our initial business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after our initial business combination or (2) after the date of the consummation of our initial business combination,
which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property. Up
to 225,000 of the insider shares may also be released from escrow earlier than this date for forfeiture and cancellation if the over-allotment
option is not exercised in full as described above. Additionally, our initial shareholders and the holders of the representative shares
have also agreed not to transfer, assign or sell any of private units (including the ordinary shares issuable upon exercise of the private
units) and the representative shares, respectively, until 30 days after the completion of our initial business combination (except with
respect to permitted transferees as described herein). Any permitted transferees will be subject to the same restrictions and other agreements
of our initial shareholders and the holders of the representative shares with respect to any insider shares, private units, and representative
shares, as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares
are exchanged or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer&#8217;s shares, then the
insider shares, representative shares or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
The permitted transferees shall mean (i) among the initial shareholders or to the initial shareholders&#8217;, Brookline or our officers,
directors or their respective affiliates (including for transfers to an entity&#8217;s members upon its liquidation), (ii) to a holder&#8217;s
shareholders or members upon the holder&#8217;s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member
of the holder&#8217;s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder&#8217;s immediate
family, in each case 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, (vii) in connection with the consummation of a business combination at prices no greater than the price at which the shares
were originally purchased, (viii) in the event of our liquidation prior to its consummation of an initial business combination or (ix)
in the event that, subsequent to the consummation of an initial business combination, we complete a liquidation, merger, share exchange
or other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities
or other property, in each case (except for clauses (vi), (viii) or (ix) or with our prior written consent) on the condition that prior
to such registration for transfer, the warrant agent shall be presented with written documentation pursuant to which each transferee
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this paragraph and
any other applicable agreement the transferor is bound by.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0">The representative shares have been deemed compensation
by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of the commencement of sales in this offering
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days beginning on the date of commencement of sales of this offering, nor may they be sold, transferred, assigned, pledged or
hypothecated for a period of 180 days beginning on the date of commencement of sales of this offering, except to any underwriter and
selected dealer participating in the offering and their officers, partners, registered persons or affiliates. Brookline has further agreed
not to transfer, assign or sell any of the representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated above.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the escrow period, the holders of these shares will not be able to sell or transfer their securities except (i) for transfers to our
officers, directors or their respective affiliates (including for transfers to an entity&#8217;s members upon its liquidation), (ii)
to relatives and trusts for estate planning purposes, (iii) by virtue of the laws of descent and distribution upon death, (iv) pursuant
to a qualified domestic relations order, (v) by certain pledges to secure obligations incurred in connection with purchases of our securities,
(vi) by private sales made at or prior to the consummation of a business combination at prices no greater than the price at which the
shares were originally purchased or (vii) to us for no value for cancellation in connection with the consummation of our initial business
combination, in each case (except for clause (vii)) where the transferee agrees to the terms of the escrow agreement, but will retain
all other rights as our shareholders, including, without limitation, the right to vote their ordinary shares and the right to receive
cash dividends, if declared. If dividends are declared and payable in ordinary shares, such dividends will also be placed in escrow.
If we are unable to effect a business combination and liquidate the trust account, none of our initial shareholders will receive any
portion of the liquidation proceeds with respect to their insider shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this offering. All
of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also agreed that
if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an
additional number of private units (up to a maximum of 200,000 private units) <i>pro rata</i> with the amount of the over-allotment option
exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are identical to
the units sold in this offering except the private warrants will be non-redeemable and may be exercised on a cashless basis, in each
case so long as they continue to be held by the initial purchasers or their permitted transferees. Additionally, because the private
units will be issued in a private transaction, the holders of the private warrants and their transferees will be allowed to exercise
such warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon exercise of such warrants is
not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote the ordinary shares underlying
the private units, or &#8220;private shares,&#8221; in favor of any proposed business combination, (B) not to propose, or vote in favor
of, an amendment to our amended and restated memorandum and articles of association that would stop our public shareholders from converting
or selling their shares to us in connection with a business combination 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 12 months (as such period may be extended up to 21 months
at our election, either in lieu of a shareholder vote or if a shareholder vote has been unsuccessful, subject to the satisfaction
of certain conditions or by our shareholders in accordance with our amended and restated memorandum and articles of association)
from the closing of this offering unless we provide public shareholders with the opportunity to redeem their public shares from the trust
account in connection with any such vote, (C) not to convert any private shares for cash from the trust account in connection with a
shareholder vote to approve our proposed initial business combination or a vote to amend the provisions of our amended and restated memorandum
and articles of association relating to shareholders&#8217; rights or pre-business combination activity and (D) that the private shares
shall not participate in any liquidating distribution upon winding up if a business combination is not consummated. The purchasers of
the private units have also agreed not to transfer, assign or sell any of the private units or underlying securities (except to the same
permitted transferees as the insider shares) until 30 days after the completion of our initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
or their affiliates may, but are not obligated to, loan us funds, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would
either be paid upon consummation of our initial business combination, without interest, or, at the lender&#8217;s discretion, up to $300,000
of the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit. Our shareholders
have approved the issuance of the units and underlying securities upon conversion of such notes, to the extent the holder wishes to so
convert them at the time of the consummation of our initial business combination. If we do not complete a business combination, the loans
would be repaid out of funds not held in the trust account, and only to the extent available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor and our executive officers and directors are deemed to be our &#8220;promoters,&#8221; as that term is defined under the Federal
securities laws.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_014"></span>CERTAIN
TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an aggregate purchase price
of $25,000, or approximately $0.01 per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriter does not exercise all or a portion of its over-allotment option, our sponsor has agreed that up to an aggregate
of 225,000 ordinary shares in proportion to the portion of the over-allotment option that was not exercised are subject to forfeiture
and would be immediately cancelled.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriter determines the size of the offering should be increased (including pursuant to Rule 462(b) under the Securities
Act) or decreased, a share capitalization or a contribution back to capital, as applicable, would be effectuated in order to maintain
our initial shareholder&#8217;s ownership at a percentage of the number of shares to be sold in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this offering. All
of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also agreed that
if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an
additional number of private units (up to a maximum of 200,000 private units) <i>pro rata</i> with the amount of the over-allotment option
exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The purchase price for the private
units being purchased by our sponsor will be delivered to Loeb &amp; Loeb LLP, our counsel in connection with this offering, who will
also be acting solely as escrow agent in connection with the private sale of such units, at least 24 hours prior to the date of this
prospectus to hold in a non-interest-bearing account until we consummate this offering. Loeb &amp; Loeb LLP will deposit the purchase
price into the trust account simultaneously with the consummation of the offering. The private units are identical to the units sold
in this offering except as otherwise described in this prospectus. The purchasers have agreed not to transfer, assign or sell any of
the private units or the underlying securities (except to the same permitted transferees as the insider shares) until 30 days
after the completion of our initial business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
and their respective 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 lender&#8217;s discretion, up to $300,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. Our shareholders have approved the issuance
of the units and underlying securities upon conversion of such notes, to the extent the holder wishes to so convert them at the time
of the consummation of our initial business combination. If we do not complete a business combination, the loans would be repaid out
of funds not held in the trust account, and only to the extent available.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units (and
all underlying securities) and any securities our initial shareholders, officers, directors or their affiliates may be issued in payment
of working capital loans or loans to extend the time available for us to consummate our initial business combination, will be entitled
to registration rights pursuant to an agreement to be signed prior to or on the effective date of this offering. The holders of a majority
of these securities are entitled to make up to two demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary
shares are to be released from escrow. The holders of a majority of the private units or securities issued in payment of working capital
loans or loans to extend our life made to us can elect to exercise these registration rights at any time after we consummate a business
combination. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements
filed subsequent to our consummation of a business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, our sponsor had loaned us an aggregate of $75,000 to be used to pay formation expenses and a portion of the expenses
of this offering. The loan is payable without interest on the date on which we consummate our initial public offering. We intend to repay
this loan from the proceeds of this offering not being placed in the trust account. If we determine not to proceed with the offering,
such amounts would not be repaid.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the fees described above, no compensation or fees of any kind, including finder&#8217;s fees, consulting fees or other similar compensation,
will be paid to any of our initial shareholders, officers or directors who owned our ordinary shares prior to this offering, or to any
of their respective affiliates, prior to or with respect to the business combination (regardless of the type of transaction that it is).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will reimburse our officers and directors for any reasonable out-of-pocket business expenses incurred by them in connection with certain
activities on our behalf such as identifying and investigating possible target businesses and business combinations. There is no limit
on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available
proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination.
Our audit committee will review and approve all reimbursements and payments made to any initial shareholder or member of our management
team, or our or their respective affiliates, and any reimbursements and payments made to members of our audit committee will be reviewed
and approved by our board of directors, with any interested director abstaining from such review and approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed
by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions, including the payment of any
compensation, will require prior approval by a majority of our uninterested &#8220;independent&#8221; directors (to the extent we have
any) or the members of our board who do not have an interest in the transaction, in either case who had access, at our expense, to our
attorneys or independent legal counsel. We will not enter into any such transaction unless our disinterested &#8220;independent&#8221;
directors (or, if there are no &#8220;independent&#8221; directors, our disinterested directors) determine that the terms of such transaction
are no less favorable to us than those that would be available to us with respect to such a transaction from unaffiliated third parties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Code of Ethics, which we will adopt upon consummation of this offering, will require us to avoid, wherever possible, all related party
transactions that could result in actual or potential conflicts of interests, except under guidelines approved by the board of directors
(or the audit committee). Related-party transactions are defined as transactions in which (1) the aggregate amount involved will or may
be expected to exceed $120,000 in any calendar year, (2) we or any of our subsidiaries is a participant, and (3) any (a) executive officer,
director or nominee for election as a director, (b) greater than 5% beneficial owner of our ordinary shares, or (c) immediate family
member, of the persons referred to in clauses (a) and (b), has or will have a direct or indirect material interest (other than solely
as a result of being a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when
a person takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts
of interest may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his or her
position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also require each of our directors and executive officers to annually complete a directors&#8217; and officers&#8217; questionnaire that
elicits information about related party transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee, pursuant to its written charter, will be responsible for reviewing and approving related-party transactions to the extent
we enter into such transactions. All ongoing and future transactions between us and any of our officers and directors or their respective
affiliates will be on terms believed by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions
will require prior approval by our audit committee and a majority of our uninterested &#8220;independent&#8221; directors, or the members
of our board who do not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent
legal counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested independent
directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with respect
to such a transaction from unaffiliated third parties. Additionally, we require each of our directors and executive officers to complete
a directors&#8217; and officers&#8217; questionnaire that elicits information about related party transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
further minimize potential conflicts of interest, we have agreed not to consummate a business combination with an entity which is affiliated
with any of our initial shareholders unless we obtain an opinion from an independent investment banking firm that the business combination
is fair to our unaffiliated shareholders from a financial point of view. Furthermore, in no event will any of our existing officers,
directors or initial shareholders, or any entity with which they are affiliated, be paid any finder&#8217;s fee, consulting fee or other
compensation prior to, or for any services they render in order to effectuate, the consummation of a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_015"></span>DESCRIPTION
OF SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>General</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands exempted company (company number 392229) and our affairs are governed by our amended and restated memorandum and
articles of association, the Companies Act and common law of the Cayman Islands. Based upon our amended and restated memorandum and articles
of association, our authorized share capital consists of 500,000,000 ordinary shares with a par value of $0.0001 per share. As of the
date of this prospectus, 1,725,000 ordinary shares are issued and outstanding, held by our initial shareholders. No preferred shares
are issued or outstanding or authorized by our constitutional documents. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
unit consists of one ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon
the consummation of an initial business combination. Each redeemable warrant entitles the holder thereof to purchase one ordinary share.
Each redeemable warrant has an exercise price $11.50 per share and will become exercisable on the later of 30 days after the completion
of an initial business combination or 12 months from the date the registration statement is declared effective by the SEC,
and shall expire on the five-year anniversary of the consummation of the initial business combination. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of shares. Each right entitles the holder thereof to receive one-twentieth
(1/20) of an ordinary share upon consummation of our initial business combination. In addition, we will not issue fractional shares in
connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed
in accordance with the applicable provisions of Cayman Islands Law. As a result, you must hold rights in multiples of 20 in order to
receive shares for all of your rights upon closing of a business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ordinary shares, warrants, and rights will begin to trade separately on the 52<sup>nd</sup> day after the date of this prospectus unless
the underwriter determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative
strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities
in particular). In no event will the underwriter allow separate trading of the ordinary shares, warrants and rights until we file
an audited balance sheet reflecting our receipt of the gross proceeds of this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, or a new Form 8-K, to provide updated financial information to reflect the exercise of the over-allotment option. We
will also include in this Form 8-K, an amendment thereto, or in a subsequent Form 8-K information indicating when separate trading of
the ordinary shares, warrants and rights has commenced.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Ordinary
Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. In connection with
any vote held to approve our initial business combination, all of our initial shareholders, as well as all of our officers and directors,
have agreed to vote their respective ordinary shares owned by them immediately prior to this offering and any shares purchased in this
offering or following this offering in the open market in favor of the proposed business combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will proceed with the business combination only if we have net tangible assets of at least $5,000,001 upon consummation of such business
combination and a majority of the ordinary shares voted are voted in favor of the business combination. At least ten (10) days&#8217;
notice must be given for each general meeting (although we will provide whatever minimum number of days are required under federal
securities laws). Shareholders may vote at meetings in person or by proxy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of our board of directors serve until the next annual general meeting. There is no cumulative voting with respect to the election
of directors.</span> <span style="font-family: Times New Roman PS Std,serif; font-size: 10pt">After the closing of a Business Combination,
the Company may by Ordinary Resolution appoint any person to be a director or may by Ordinary Resolution remove any director.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate a business combination by 12 months from
the date that the registration statement is declared effective (or up to 21 months if we have extended the period of time as
described in this prospectus), we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, divided by the number of the then-outstanding public shares, which
redemption will completely extinguish public shareholders&#8217; 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 our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to
our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our
initial shareholders have agreed to waive their rights to share in any distribution from the trust account with respect to their
insider shares upon our winding up, liquidation and subsequent dissolution.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shareholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the ordinary shares, except that public shareholders have the right to have their public shares converted to cash equal to their <i>pro
rata</i> share of the trust account if they vote on the proposed business combination and the business combination is completed. Public
shareholders who convert their public shares into their portion of the trust account still have the right to exercise the redeemable
warrants that they received as part of the units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Register
of Members</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Companies Act, the ordinary shares are deemed to be issued when the name of the shareholder is entered in our register of members.
Our register of members will be maintained by our transfer agent Continental Stock Transfer &amp; Trust Company, which will enter the
name of Cede &amp; Co in our register of members on the closing of this offering as nominee for each of the respective public shareholders.
If (a) information that is required to be entered in the register of members is omitted from the register or is inaccurately entered
in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder of the company, or any person
who is aggrieved by the omission, inaccuracy or delay, may apply to the Cayman Islands courts for an order that the register be rectified,
and the court may either refuse the application or order the rectification of the register, and may direct the company to pay all costs
of the application and any damages the applicant may have sustained.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Redeemable
Warrants</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
warrants are currently outstanding. Each redeemable warrant entitles the registered holder to purchase one 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 consummation
of our initial business combination or 12 months from the date the registration statement is declared effective by the SEC. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only under a whole number of shares. This means that only
a whole warrant may be exercised at any given time by a warrant holder. However, except as set forth below, no warrants will be exercisable
for cash unless we have an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants
and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary
shares issuable upon exercise of the warrants is not effective within 90 days from 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 from registration provided
by Section 3(a)(9) of the Securities Act provided that such exemption is available. If an exemption from registration is not available,
holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years from the effective date
of the registration statement of which this prospectus forms a part at 5:00 p.m., Eastern Standard Time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&#8217; prior written notice of redemption to each warrant holder;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, the reported last sale price of the ordinary shares equals or exceeds $18.00 per share, as adjusted for share splits,
    share capitalizations, rights, issuances, subdivisions, reorganizations, recapitalizations, and the like, for any 20 trading days
    within a 30 trading days period ending on the third business day prior to the notice of redemption to warrant holders; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if,
    and only if, there is a current registration statement in effect with respect to the ordinary shares underlying such warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&#8217;s
warrant upon surrender of such warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a &#8220;cashless basis.&#8221; In such event, each holder would pay the exercise price by surrendering the whole
warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares
underlying the warrants, multiplied by the excess of the &#8220;fair market value&#8221; (defined below) over the exercise price of the
warrants by (y) the fair market value. The &#8220;fair market value&#8221; shall mean the average reported closing price of the ordinary
shares for the 10 trading days ending on the third trading day prior to the date of exercise on which the notice of redemption is sent
to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a &#8220;cashless
basis&#8221; will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption,
our cash needs at such time and concerns regarding dilutive share issuances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 share (with such issue
price or effective issue price to be determined in good faith by our board of directors), (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, and (z) the volume weighted average trading price of our 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 &#8220;Market Price&#8221;) is
below $9.20 per share, the exercise price of the redeemable warrants will be adjusted (to the nearest cent) to be equal to 115% of the
Market 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 Market Price.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
exercise price and number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a share capitalizations, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary shares and any voting rights until they exercise their warrants and
receive ordinary shares. After the issuance of 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as described above, no warrants will be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder
seeks to exercise such warrant, a prospectus relating to the ordinary shares issuable upon exercise of the warrants is current and the
ordinary shares have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain
a current prospectus relating to the ordinary shares issuable upon exercise of the warrants until the expiration of the warrants. However,
we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable
upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to settle any such warrant
exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of the warrants is not current or if the ordinary
shares is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, we will not be
required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited
and the warrants may expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder (and his, her
or its affiliates) would not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder
(and his, her or its affiliates) would beneficially own in excess of 9.8% of the ordinary shares issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (as a result of a subsequent share capitalizations payable in ordinary shares, or by a split up of the
ordinary shares or other similar event), we will, upon exercise, round up or down to the nearest whole number the number of ordinary
shares to be issued to the warrant holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;Risk Factors &#8212; Risks Associated with Our Business &#8212; Our warrant agreement and rights 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 or rights, which could
limit the ability of warrant or rights holders to obtain a favorable judicial forum for disputes with our company.&#8221; 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Private
Warrants</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.
The private warrants (including the ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable
or saleable until 30 days after the completion of our initial business combination (except for permitted transferees and as described
herein under &#8220;Principal Shareholders&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
in cases where we are not the surviving company in a business combination, each holder of a right will automatically receive one ordinary
share upon consummation of our initial business combination, even if the holder of a public right converted all 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. In the event we will not be the surviving company upon completion of our initial
business combination, each holder of twenty rights will be required to affirmatively convert his, her or its rights in order to
receive the one share underlying each right upon consummation of the business combination. No additional consideration will be required
to be paid by a holder of rights in order to receive his, her or its additional ordinary shares upon consummation of an initial business
combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of ours).
If we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in
the transaction on an as-converted into ordinary shares basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest
whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands Law. As a result, you must hold rights
in multiples of twenty in order to receive shares for all of your rights upon closing of a business combination. If we are unable to
complete an initial business combination within the required time period and we liquidate the funds held in the trust account, holders
of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held
outside of the trust account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties
for failure to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in
no event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Transfer Agent, Warrant Agent, and Rights Agent</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer &amp; Trust Company, 1 State
Street 30<sup>th</sup> Floor, New York, NY 10004-1561.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Listing
of our Securities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is presently no public market for our units, ordinary shares or warrants. We have applied to have the units, and the ordinary shares
and warrants once they begin separate trading, listed on NASDAQ under the symbols &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]U,&#8221;
&#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],&#8221; &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]W,&#8221;
and &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]R,&#8221; respectively. Although, after giving
effect to this offering, we meet on a pro forma basis the minimum initial listing standards of NASDAQ, which generally only requires
that we meet certain requirements relating to shareholders&#8217; equity, market capitalization, aggregate market value of publicly held
shares and distribution requirements, we cannot assure you that our securities will continue to be listed on NASDAQ as we might not meet
certain continued listing standards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Differences in Corporate Law</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands companies are governed by the Companies Act. The Companies Act 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 provisions of the Companies Act applicable to us that materially differ from the laws applicable to companies incorporated
in the United States and their shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mergers
and Similar Arrangements.</i> In certain circumstances, the Companies Act 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) so as to form a single surviving company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 or merger or consolidation must then be authorized by either (a)
a special resolution (usually a majority of two-thirds of the votes of shareholders who attend and vote at a general meeting) of the
shareholders of each company; or (b) such other authorization, if any, as may be specified in such constituent company&#8217;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 votes at a general meeting 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 Act (which includes certain other formalities) have been complied with,
the Registrar of Companies will register the plan of merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: (i) 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; (ii) 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; (iii) 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; (iv) 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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: (i) 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; (ii) 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; (iii) 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; and (iv) that there is no other reason why it would be against the public interest to permit
the merger or consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his, her or its shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence,
that procedure is as follows (a) the shareholder must give his 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 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 intention to dissent including, among other details, a demand for payment of the fair value of his 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 shares at a price that the company determines is the fair value
and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must
pay the shareholder such amount; (e) if the company and the shareholder fail to agree a price within such 30-day period, within
20 days following the date on which such 30-day period expires, the company must (and any dissenting shareholder may) 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 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, 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 &#8220;scheme of arrangement&#8221; which may be tantamount to a merger. In the event
that a merger was sought pursuant to a scheme of arrangement (the procedure 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 satisfies itself that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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 the statutory provisions as to majority vote
    have been complied with;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholders have been fairly represented at the meeting in question;</span></td></tr>
</table>

<p style="margin: 0; font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is such as a businessman would reasonably approve; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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 Act or that would amount
    to a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 United States corporations, providing
rights to receive payment in cash for the judicially determined value of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Squeeze-out
Provisions.</i> When a takeover offer is made and accepted by holders of 90% of the shares to whom the offer relates is made within four
months after making such offer, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Shareholders&#8217;
Suits.</i> Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability
for 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 be applied by a court in the Cayman Islands,
exceptions to the foregoing principle apply in circumstances in which:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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 which have actually been obtained; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    who control the company are perpetrating a &#8220;fraud on the minority.&#8221;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Enforcement
of Civil Liabilities.</i> 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would
(i) 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 (ii) entertain original actions brought in each respective jurisdiction against
us or our directors and officers predicated upon the securities laws of the United States or any state in the United States. There is
no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce such foreign money judgment without re-examination or re-litigation of matters adjudicated
upon, provided that (1) the U.S. court issuing the judgment is of competent jurisdiction; (2) the U.S. judgment is final and for
a liquidated sum; (3) the judgment given by the U.S. Court was not in respect of taxes or a fine or penalty or similar fiscal or revenue
obligation of the company; (4) in obtaining judgment there was no fraud on part of the person in whose favor judgment was given or on
part of the court; (5) recognition or enforcement of the judgment would not be contrary to public policy in the Cayman Islands; and (6)
the proceedings pursuant to which judgment was obtained were not contrary to natural justice. A Cayman Islands court may stay
enforcement proceedings if concurrent proceedings are being brought elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>&#160;</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Special
Considerations for Exempted Companies.</i> We are an exempted company with limited liability (meaning our public shareholders have no
liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under
the Companies Act. The Companies Act 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">annual
    reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside
    of the Cayman Islands and has complied with the provisions of the Companies Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company&#8217;s register of members is not open to inspection;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company does not have to hold an annual general meeting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may not issue negotiable or bearer shares, but may issue shares with no par value;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register by way of continuation in another jurisdiction and be deregistered in the Cayman Islands;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a limited duration company; and</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font-family: Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a segregated portfolio company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Amended and Restated Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
(i) at least two-thirds (or any higher threshold specified in a company&#8217;s articles of association) of a company&#8217;s shareholders
who, being entitled to do so, attend and vote at a general meeting for which notice specifying the intention to propose the resolution
as a special resolution has been given; or (ii) if so authorized by a company&#8217;s articles of association, by a unanimous written
resolution of all of the company&#8217;s shareholders. Our amended and restated memorandum and articles of association will provide that
special resolutions must be approved either by at least two-thirds of our shareholders who, being entitled to do so, attend and vote
at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given (i.e.,
the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor, who will beneficially own 21.70% of our ordinary shares upon the closing of this offering (assuming it does not purchase
units in this offering, including ownership of the private placement units, assuming the sponsor forfeits 225,000 shares due to no exercise
of the underwriter&#8217;s over-allotment option), will 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 it chooses. Specifically, our amended and restated memorandum and articles
of association will provide, among other things, that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    we are unable to complete our initial business combination within 12 months from the date that the registration statement is declared
    effective (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, subject to lawfully available funds therefor, redeem 100%
    of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
    including interest (net of taxes payable and less interest to pay dissolution expenses up to $105,000) divided by the number of then
    issued and outstanding public shares, which redemption will completely extinguish public shareholders&#8217; 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,
    liquidate and dissolve;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (i) receive
    funds from the trust account or (ii) vote on any initial business combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">although
    we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or
    our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent
    directors, will obtain an opinion from an independent investment banking firm or another independent firm that commonly renders valuation
    opinions for the type of company we are seeking to acquire or an independent accounting firm, that such a business combination is
    fair to our company from a financial point of view;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange
    Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially
    the same financial and other information about our initial business combination and the redemption rights as is required under Regulation
    14A of the Exchange Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">so
    long as we obtain and maintain a listing for our securities on the NASDAQ and the approval by a majority of our board, including
    a majority of the independent directors, 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 our assets held in the trust account (excluding the deferred underwriting
    discounts and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business
    combination;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    our shareholders approve an amendment to our amended and restated memorandum and articles of association that would (i) 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 12 months from the date that the registration statement is declared effective (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)
    or (ii) with respect to the other provisions relating to shareholders&#8217; rights or pre-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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our amended and restated memorandum and articles of association will provide that under no circumstances will we redeem our
public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation
of our initial business combination, after payment of the deferred underwriting commission.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution which requires the approval of the holders of at least two-thirds of such company&#8217;s shareholders who, being
entitled to do so, attend and vote at a general meeting or by way of unanimous written resolution. A company&#8217;s articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Anti-Money
Laundering &#8212; Cayman Islands</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money
laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted,
and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition
of due diligence information) to a suitable person.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may
be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised)
of the Cayman Islands, as amended and revised from time to time (the &#8220;Regulations&#8221;) or any other applicable law. Depending
on the circumstances of each application, a detailed verification of identity might not be required where:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    subscriber makes the payment for their investment from an account held in the subscriber&#8217;s name at a recognized financial institution;
    or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
    jurisdiction; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated
    in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on
    the underlying investors.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent
anti-money laundering regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse
to accept the application, in which case any funds received will be returned without interest to the account from which they were originally
debited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant
jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in
any applicable jurisdiction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&#8220;FRA&#8221;)
of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) 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 FRA, pursuant to the Terrorism Act (Revised)
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Certain
Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized but unissued ordinary 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 ordinary 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Data
Protection in the Cayman Islands &#8211; Privacy Notice</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
privacy notice explains the manner in which the company collects, processes and maintains personal data about investors of the company
pursuant to the Data Protection Act, 2017 of the Cayman Islands, as amended from time to time and any regulations, codes of practice
or orders promulgated pursuant thereto (&#8220;DPA&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company is committed to processing personal data in accordance with the DPA. In its use of personal data, the company will be characterized
under the DPA as a &#8216;data controller&#8217;, whilst certain of the company&#8217;s service providers, affiliates and delegates may
act as &#8216;data processors&#8217; under the DPA. These service providers may process personal information for their own lawful purposes
in connection with services provided to the company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
privacy notice puts our shareholders on notice that, by virtue of making an investment in the company, the company and certain of the
company&#8217;s service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be
directly or indirectly identified.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for the company to perform
a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance
with any legal, tax or regulatory obligation to which the company is subject or (c) where the processing is for the purposes of legitimate
interests pursued by the company or by a service provider to whom the data are disclosed. As a data controller, we will only use your
personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact
you.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that we will share your personal data with the company&#8217;s service providers for the purposes set out in this privacy
notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations
or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional
circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties
to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal
duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Your
personal data shall not be held by the company for longer than necessary with regard to the purposes of the data processing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements
of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that
data.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
company will only transfer personal data in accordance with the requirements of the DPA, 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 to your investment into the company, this will be relevant for those individuals and you should inform such individuals of the
content.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy
notice fulfils the company&#8217;s obligation in this respect) (b) the right to obtain a copy of your personal data (c) the right
to require us to stop direct marketing (d) the right to have inaccurate or incomplete personal data corrected (e) the right to withdraw
your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data (f) the
right to be notified of a data breach (unless the breach is unlikely to be prejudicial) (g) the right to obtain information as to any
countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish
to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us
as to the source of your personal data (h) the right to complain to the Office of the Ombudsman of the Cayman Islands and (i) the right
to require us to delete your personal data in some limited circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you consider that your personal data has not been handled correctly, or you are not satisfied with the company&#8217;s responses to any
requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands&#8217; Ombudsman.
The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_016"></span>SHARES
ELIGIBLE FOR FUTURE SALE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
after this offering, we will have 7,777,400 ordinary shares issued and outstanding, or 8,928,500 shares if the over-allotment option
is exercised in full. Of these shares, the 6,000,000 shares sold in this offering, or 6,900,000 shares if the over-allotment option is
exercised in full, will be freely tradable without restriction or further registration under the Securities Act, except for any shares
purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining shares are restricted
securities under Rule 144, in that they were issued in private transactions not involving a public offering. All of those shares will
not be transferable except in limited circumstances described elsewhere in this prospectus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Rule
144</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Rule 144, a person who has beneficially owned restricted ordinary shares 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 ordinary shares 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:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    of the number of ordinary shares then issued and outstanding, which will equal 77,774 shares immediately after this offering (or
    89,285 if the over-allotment option is exercised in full); and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    average weekly trading volume of the ordinary shares during the four calendar weeks preceding the filing of a notice on Form 144
    with respect to the sale.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has provided an important exception to this prohibition, however, if the following conditions are met:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    issuer of the securities that was formerly a shell company has ceased to be a shell company;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status
    as an entity that is not a shell company.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result, it is likely that pursuant to Rule 144, our initial shareholders will be able to sell their insider shares freely without registration
one year after we have completed our initial business combination assuming they are not an affiliate of ours at that time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration
Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units (and
underlying securities) and any securities issued to our initial shareholders, officers, directors or their affiliates in payment of working
capital loans made to us, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective
date of this offering. The holders of a majority of these securities are entitled to make up to two demands that we register such securities.
The holders of the majority of the insider shares can elect to exercise these registration rights at any time commencing three months
prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the private units (and
underlying securities) and securities issued in payment of working capital loans (or underlying securities) or loans to extend our life
(or underlying securities) can elect to exercise these registration rights at any time after we consummate a business combination. In
addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect to registration statements filed subsequent
to our consummation of a business combination. We will bear the expenses incurred in connection with the filing of any such registration
statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_017"></span>TAXATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following summary of the material Cayman Islands and U.S. federal income tax consequences of an investment in our units, ordinary shares,
warrants, and rights to acquire our ordinary shares, sometimes referred to, individually or collectively, in this summary as our &#8220;securities,&#8221;
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 securities, such as the tax consequences
under state, local and other tax laws.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion of 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&#8217;s particular circumstances, and does not consider tax consequences other than those arising under Cayman
Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Under
Existing Cayman Islands Laws</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 corporation tax. The Cayman Islands currently have no income, corporation or capital gains tax
and no estate duty, inheritance tax or gift tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
stamp duty is payable in respect of the issue of our securities or on an instrument of transfer in respect of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has received
an undertaking from the Financial Secretary of the Cayman Islands in the following form:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
Tax Concessions Act (Revised)<br />
Undertaking as to Tax Concessions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provision of section 6 of The Tax Concessions Act (Revised) of the Cayman Islands, the Financial Secretary
undertakes with DT Cloud Acquisition Corporation (&#8220;the Company&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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 the Tax Concessions Act (Revised).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    concessions shall be for a period of twenty years from [&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],
    2022.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>United
States Federal Income Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>General</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section is a general summary of the material U.S. federal income tax considerations relating to the acquisition, ownership and
disposition of our units (each consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20)
of one ordinary share upon the consummation of an initial business combination) issued pursuant to this offering by U.S. Holders (as
defined below) and Non-U.S. Holders (as defined below). This section does not address any aspect of U.S. federal gift or estate tax,
Medicare contribution tax laws, or the state, local or non-U.S. tax consequences of an investment in our securities, nor does it provide
any actual representations as to any tax consequences of the acquisition, ownership or disposition of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
the components of a unit are separable at the option of the holder within a short period of time after the date of this prospectus, the
holder of a unit generally should be treated, for U.S. federal income tax purposes, as the owner of the underlying ordinary share, warrant,
and right components of the unit, as the case may be. As a result, the discussion below of the U.S. federal income tax consequences with
respect to actual holders of ordinary shares, warrants, and rights should also apply to holders of units (as the deemed owners of the
underlying ordinary shares, warrants, and rights that comprise the units).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below of the U.S. federal income tax consequences to &#8220;U.S. Holders&#8221; will apply to a beneficial owner of our securities
that is for U.S. federal income tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    individual citizen or resident of the United States as determined for U.S. federal income tax purposes;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    corporation (or other entity treated as a corporation) 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    trust if (i) a U.S. court can exercise primary supervision over the trust&#8217;s administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a beneficial owner of our securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a &#8220;Non-U.S. Holder.&#8221; The material U.S. federal
income tax consequences of the acquisition ownership and disposition of our securities applicable specifically to Non-U.S. Holders are
described below under the heading &#8220;Non-U.S. Holders.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), its legislative history, Treasury
regulations promulgated thereunder, published rulings and court decisions, and administrative and judicial interpretations thereof, all
as currently in effect. These authorities are subject to change or differing interpretations, possibly on a retroactive basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion assumes that the ordinary shares, warrants, and rights will trade separately and does not address all aspects of U.S. federal
income taxation that may be relevant to any particular holder based on such holder&#8217;s individual circumstances. In particular, this
discussion considers only holders that purchase units pursuant to this offering and that own and hold our securities as capital assets
within the meaning of Section 1221 of the Code, and does not address the potential application of the alternative minimum tax. In addition,
this discussion does not address the U.S. federal income tax consequences to holders that are subject to special rules, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
    institutions or financial services entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
    that are subject to the mark-to-market accounting rules under Section 475 of the Code or the &#8220;applicable financial statement&#8221;
    accounting rules under Section 451(b) of the Code;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
    entities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
    or agencies or instrumentalities thereof;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
    companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
    investment companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
    estate investment trusts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">qualified foreign pension funds;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    liable for alternative minimum tax;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
    or former long-term residents of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    that actually or constructively own 5 percent or more of our voting shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span 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;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span 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 transaction;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. dollar;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
    foreign corporations; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive
    foreign investment companies.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, Medicare contribution tax
laws, the one-percent excise tax on stock repurchases, state, local or non-U.S. tax laws or, except as discussed herein, any tax
reporting obligations of a holder of our securities. Additionally, 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 classified
as a partnership for U.S. federal income tax purposes) is the beneficial owner of our securities, the U.S. 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. This discussion
also assumes that any distributions made (or deemed made) by us on our securities 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. In addition, this discussion
assumes that a holder will own a sufficient number of warrants or rights such that upon conversion of the warrants or rights into ordinary
shares, the holder will acquire only a whole number of ordinary shares and will not forfeit any fractional securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not sought, and will not seek, a ruling from the IRS or an opinion of counsel as to any U.S. federal income tax consequence described
herein. The IRS may disagree with the descriptions 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION IS ONLY A SUMMARY OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR
SECURITIES. IT DOES NOT PROVIDE ANY ACTUAL REPRESENTATIONS AS TO ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF
OUR SECURITIES AND WE HAVE NOT OBTAINED ANY OPINION OF COUNSEL WITH RESPECT TO SUCH TAX CONSEQUENCES. AS A RESULT, 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, AS WELL
AS U.S. FEDERAL TAX LAWS (INCLUDING ANY NON-INCOME TAX LAWS) AND ANY APPLICABLE TAX TREATIES.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Allocation
of Purchase Price and Characterization of a Unit</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no authority addressing the treatment, for U.S. federal income tax purposes, of securities with terms substantially the same as the
units, and, therefore, that treatment is not entirely clear. Each unit should be treated for U.S. federal income tax purposes as an investment
unit consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon
the consummation of an initial business combination. For U.S. federal income tax purposes, each holder of a unit generally must allocate
the purchase price of a unit among the ordinary share, one warrant, and one right to receive one-twentieth (1/20) of one ordinary share
based on the relative fair market value of each at the time of issuance. The price allocated to each ordinary share, warrant, and rights
generally will be the holder&#8217;s tax basis in such share, warrant, or rights as the case may be.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing treatment of our ordinary shares, warrants, rights and a holder&#8217;s purchase price allocation are not binding on the IRS
or the courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can be
given that the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each holder
is advised to consult its own tax advisor regarding the risks associated with an investment in a unit (including alternative characterizations
of a unit or the components thereof) and regarding an allocation of the purchase price among the components of a unit. The balance of
this discussion assumes that the characterization of the units (and the components thereof) and any allocations of the purchase price
of a unit as described above is respected for U.S. federal income tax purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Tax
Reporting Transfers of Property</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
and the period of limitations on assessment and collection of United States federal income taxes will be extended in the event of a failure
to comply. Each U.S. Holder is urged to consult with its own tax advisor regarding this reporting obligation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
of Distributions Paid on Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, a U.S. Holder generally will be required to include
in gross income as dividends the amount of any distribution of cash or other property (other than certain distributions of the Company&#8217;s
shares or rights to acquire the Company&#8217;s shares) paid on our ordinary shares to the extent the distribution is paid out of our
current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of such
earnings and profits generally will be applied against and reduce the U.S. Holder&#8217;s basis in its 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 ordinary shares. 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. Notwithstanding the foregoing,
in the case of a U.S. Holder that is a corporation owning at least 10 percent of our shares by vote and value, a dividend received by
such a U.S. Holder on a share of our stock may be eligible for a dividends-received deduction with respect to the U.S. source portion
of such dividends, if any. Such corporate U.S. Holders must have owned such shares for over 46 days during the 91-day period beginning
on the date which is 45 days before the ex-dividend date. The Code also provides a dividends-received deduction for a dividend received
from a &#8220;specified 10-percent owned foreign corporation&#8221; by a U.S. corporation that is a 10% U.S. Shareholder (i.e., any U.S.
person that owns directly or indirectly, 10% or more of the voting power of the issued and outstanding shares of the Company or 10% or
more of the total value of shares of all classes of stock of the Company) with respect to the foreign-source portion of such dividend.
However, the deduction for the foreign-source portion of dividends received by specified 10-percent owned foreign corporations is generally
disallowed in its entirety if the common share with respect to which the dividend is paid is owned by such corporate U.S. Holder for
less than 366 days during the 731-day period beginning on the date which is 365 days before the date on which the common share becomes
ex-dividend with respect to such dividend. With respect to non-corporate U.S. Holders, dividends may be subject to the lower applicable
long-term capital gains tax rate (see &#8220;&#8212; Taxation on the Disposition of Securities&#8221; below) if our ordinary shares are
readily tradeable on an established securities market in the United States, we are not treated as a PFIC at the time the dividend
was paid or in the previous year, and certain other requirements are met. U.S. Holders should consult their own tax advisors regarding
the availability of the lower rate for any cash dividends paid with respect to our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Possible
Constructive Distributions</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
terms of each warrant provide for an adjustment to the number of shares for which the warrant may be exercised or to the exercise price
of the warrant in certain events. An adjustment which has the effect of preventing dilution generally is not taxable. However, the U.S.
Holders of the warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases the
warrant holders&#8217; proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of ordinary
shares that would be obtained upon exercise) as a result of a distribution of cash to the holders of our ordinary shares which is taxable
to the U.S. Holders of such ordinary shares as described under &#8220;&#8212; Taxation of Distributions Paid on Ordinary Shares&#8221;
above. Such constructive distribution would be subject to tax as described under that section and treated as if the U.S. Holders of the
warrants received a cash distribution from us equal to the fair market value of such increased interest. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Taxation
on the Disposition of Securities</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
a sale or other taxable disposition of our securities (which, in general, would include a redemption of ordinary shares, as discussed
below, and our liquidation and subsequent dissolution in the event we do not consummate an initial business combination within the required
time), and subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss in an amount equal
to the difference between (i) sum of the amount realized of cash and the fair market value of any property received in such disposition
(or, if the ordinary securities, warrants, or rights are held as part of the units at the time of disposition, the portion of the amount
realized on such disposition that is allocated to the ordinary shares, warrants, or rights based on the then fair market values of the
ordinary shares, warrants, and rights constituting the units) and (ii) the U.S. Holder&#8217;s adjusted tax basis in the securities so
disposed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder&#8217;s adjusted tax basis in its securities generally will equal the U.S. Holder&#8217;s acquisition cost (that is, the
portion of the purchase price of a unit allocated the holder&#8217;s ordinary shares, warrants, and/or rights as described above under
&#8220;&#8212; Allocation of Purchase Price and Characterization of a Unit&#8221;) reduced, in the case of an ordinary share, by any
prior distributions treated as a return of capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that under tax law currently in effect long-term capital gains recognized by non-corporate U.S. Holders
are generally subject to U.S. federal income tax at reduced rates. Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder&#8217;s holding period for the securities 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 deductibility
of capital losses is subject to various limitations. U.S. Holders who recognize losses with respect to a disposition of our securities
should consult their own tax advisors regarding the tax treatment of such losses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Redemption
of Ordinary Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules described below, if a U.S. Holder converts ordinary shares into the right to receive cash pursuant to a redemption
transaction or sells its ordinary shares to us pursuant to a tender offer or other open market transaction, for U.S. federal income tax
purposes, such, redemption or sale generally will be treated as a redemption and will be subject to the following rules. If the redemption
or sale qualifies as a sale of the ordinary shares under Section 302 of the Code, the tax treatment of such redemption will be as described
under &#8220;&#8212; Taxation on the Disposition of Securities&#8221; above. If the redemption or sale does not qualify as a sale of
ordinary shares under Section 302 of the Code, a U.S. Holder will be treated as receiving a distribution with the tax consequences described
under &#8220;Taxation of Distributions Paid on Ordinary Shares&#8221; above. Whether redemption of our shares qualifies for sale treatment
will depend largely on the total number of our ordinary shares treated as held by such U.S. Holder (including any shares constructively
owned by the U.S. Holder as a result of owning warrants) relative to all of our shares outstanding both before and after such redemption
or sale. The redemption of ordinary shares generally will be treated as a sale or exchange of the ordinary shares (rather than as a distribution)
if the receipt of cash upon the redemption (i) is &#8220;substantially disproportionate&#8221; with respect to a U.S. Holder, (ii) results
in a &#8220;complete termination&#8221; of such holder&#8217;s interest in us or (iii) is &#8220;not essentially equivalent to a dividend&#8221;
with respect to such holder. These tests are explained more fully below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span 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 must take into account not only our ordinary shares actually
owned by such holder, but also our ordinary shares that are constructively owned by such holder. A U.S. Holder may constructively own,
in addition to our ordinary shares owned directly, ordinary shares owned by related individuals and entities in which such holder has
an interest or that have an interest in such holder, as well as any ordinary shares such holder has a right to acquire by exercise of
an option, which would generally include ordinary shares which could be acquired pursuant to the exercise of warrants or conversion of
rights. In order to meet the substantially disproportionate test, the percentage of our issued and outstanding voting shares actually
and constructively owned by a U.S. Holder immediately following the redemption of our ordinary shares must, among other requirements,
be less than 80% of the percentage of our issued and outstanding voting and ordinary shares actually and constructively owned by such
holder immediately before the redemption. Prior to our initial business combination, the 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&#8217;s interest if either (i) all of our ordinary shares actually and constructively owned by such U.S. Holder are
redeemed or (ii) all of our ordinary shares actually owned by such U.S. Holder are redeemed and such holder is eligible to waive, and
effectively waives, in accordance with specific rules, the attribution of shares owned by certain family members and such holder does
not constructively own any other shares. The redemption of the ordinary shares will not be essentially equivalent to a dividend if such
redemption results in a &#8220;meaningful reduction&#8221; of a U.S. Holder&#8217;s proportionate interest in us. Whether the redemption
will result in a meaningful reduction in a U.S. Holder&#8217;s proportionate interest in us will depend on the particular facts and circumstances.
However, the IRS has indicated in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder
in a publicly held corporation who exercises no control over corporate affairs may constitute such a &#8220;meaningful reduction.&#8221;
U.S. Holders should consult with their own tax advisors as to the tax consequences of any such redemption or sale of any ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
none of the foregoing tests are satisfied, then the redemption may be treated as a distribution and the tax effects will be as described
under &#8220;&#8212; Taxation of Distributions Paid on Ordinary Shares,&#8221; above. After the application of those rules, any remaining
tax basis a U.S. Holder has in the redeemed ordinary shares will be added to the adjusted tax basis in such holder&#8217;s remaining
ordinary shares. If there are no remaining ordinary shares, a U.S. Holder should consult its own tax advisors as to the allocation of
any remaining basis. U.S. Holders should also be aware that substantially contemporaneous dispositions or acquisitions of our shares
that are part of a plan viewed as an integrated transaction with the redemption may be taken into account in determining whether any
of the tests described above are satisfied.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
U.S. Holders who actually or constructively own five percent (or if our ordinary shares are not then publicly traded, one percent) or
more of our shares (by vote or value) may be subject to special reporting requirements with respect to a redemption of ordinary shares,
and such holders should consult with their own tax advisors with respect to their reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exercise
or Lapse of a Warrant</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 an ordinary share from the exercise of a warrant on a cash basis. An ordinary
share acquired pursuant to the exercise of one warrant on a cash basis generally will have a tax basis equal to the U.S. Holder&#8217;s
initial investment in the warrant (that is, the portion of the U.S. Holder&#8217;s purchase price for the units that is allocated to
the warrant, as described above under &#8220;Allocation of Purchase Price and Characterization of a Unit&#8221;), increased by the exercise
price of the warrant. It is unclear whether a U.S. Holder&#8217;s holding period for the ordinary share received 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&#8217;s tax basis in the warrant.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences of a cashless exercise of warrants are not clear under current tax law. Subject to the PFIC rules discussed below,
a cashless exercise may be tax-free, either because the exercise is not a realization event (i.e., not a transaction in which gain
or loss is realized) or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free
situation, a U.S. Holder&#8217;s basis in the ordinary shares received would equal the holder&#8217;s basis in the warrants. If the cashless
exercise were treated as not being a realization event, it is unclear whether a U.S. Holder&#8217;s holding period for the ordinary shares
received would be treated as commencing on the date of exercise of the warrant or the day following the date of exercise of the warrants.
If the cashless exercise were treated as a recapitalization, the holding period of the ordinary shares received would include the holding
period of the warrants. It is also possible that a cashless exercise could be treated in part as a taxable exchange in which gain
or loss would be recognized. In such event, a U.S. Holder could be deemed to have surrendered a number of warrants with a fair market
value equal to the exercise price for the number of warrants deemed exercised. For this purpose, the number of warrants deemed exercised
would be equal to the amount needed to receive on exercise the number of ordinary shares issued pursuant to the cashless exercise. In
this situation, 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 ordinary shares received in respect of the warrants deemed surrendered to pay
the exercise price and the U.S. Holder&#8217;s tax basis in the warrants deemed surrendered. Such gain or loss would be long-term or
short-term depending on the U.S. Holder&#8217;s holding period in the warrants. In this case, a U.S. Holder&#8217;s tax basis in the
ordinary shares received would equal the sum of the fair market value of the ordinary shares received in respect of the warrants deemed
surrendered and the U.S. Holder&#8217;s tax basis in the warrants deemed exercised. It is unclear whether a U.S. Holder&#8217;s holding
period for the ordinary shares would commence on the date of exercise of the warrants or the day following the date of exercise of the
warrants, in either case, the holding period will not include the period during which the U.S. Holder held the warrant. There may also
be alternative characterizations of any such taxable exchange that would result in similar tax consequences, except that a U.S. Holder&#8217;s
gain or loss would be short-term. Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including
when a U.S. Holder&#8217;s holding period would commence with respect to an ordinary share received, there can be no assurance which,
if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly,
U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless exercise of the warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Conversion
or Lapse of Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the PFIC rules discussed below, a U.S. Holder generally should not recognize gain or loss upon the acquisition of ordinary shares
on the conversion of the rights, such ordinary shares should have a tax basis equal to such holder&#8217;s tax basis in the rights, and
the holding period of such shares should begin on the day after such conversion. In addition, a U.S. Holder generally should recognize
a capital loss on the lapse of the rights equal to such holder&#8217;s tax basis in the rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unearned
Income Medicare Tax</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current tax law, U.S. Holders that are individual, estates or trusts and whose income exceeds certain thresholds generally will be subject
to a 3.8% Medicare contribution tax on unearned income, including, among other things, dividends on, and gains from the sale or other
disposition of, our securities, subject to certain limitations and exceptions. Under current Treasury regulations, in the absence
of a special election, such unearned income generally would not include income inclusions under the qualified election fund (&#8220;QEF&#8221;)
rules discussed below under &#8220;Passive Foreign Investment Company Rules,&#8221; but would include distributions of earnings and profits
from a QEF. U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition
or our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Passive
Foreign Investment Company Rules</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of such foreign corporation, including its <i>pro rata</i> 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. In addition, a foreign corporation will be a PFIC if at least 50% of its
assets in a taxable year of the foreign corporation, ordinarily determined based on fair market value and averaged quarterly over the
year, including its <i>pro rata</i> 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, among other items, dividends,
interest, rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains
from the disposition of assets giving rise to passive income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 start-up exception, a corporation will not be a PFIC for the first taxable
year the corporation has gross income, 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 start-up year; and (3) the corporation is not in fact a
PFIC for either of those years. The applicability of the start-up exception to us is uncertain. 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 start-up 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, however, will not be determinable until after
the end of such taxable year (and, in the case of the startup exception to our current taxable year, perhaps until after the end of our
two taxable years following our startup 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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
securities and, in the case of our ordinary shares, the U.S. Holder did not make a timely QEF election for our first taxable year as
a PFIC in which the U.S. Holder held (or was deemed to hold) such ordinary shares, a QEF election along with a deemed sale (or purging)
election, or a &#8220;mark-to-market&#8221; election, each as described below, such holder generally will be subject to special rules
for regular U.S. federal income tax purposes with respect to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    gain recognized by the U.S. Holder on the sale or other disposition of our securities; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    &#8220;excess distribution&#8221; 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 our
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&#8217;s holding period for
    our securities).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    U.S. Holder&#8217;s gain or excess distribution will be allocated ratably over the U.S. Holder&#8217;s holding period for our securities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount allocated to the U.S. Holder&#8217;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&#8217;s holding period before the first day of our first taxable year in which we are a PFIC,
    will be taxed as ordinary income;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    interest charge generally applicable to underpayments of tax will be imposed in respect of the tax attributable to each such other
    taxable year of the U.S. Holder.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ordinary
shares (but not our warrants and likely not our rights) by making a timely QEF election (or a QEF election along with a purging election).
Pursuant to the QEF election, a U.S. Holder generally will be required to include in income its <i>pro rata</i> 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 if we are treated as a PFIC for that
taxable year. A U.S. Holder 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is not entirely clear how various aspects of the PFIC rules apply to the unexercised warrants. However, a U.S. Holder may not make a
QEF election with respect to its warrants. As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon
exercise of such warrants), any gain recognized generally will be subject to the special tax and interest charge rules treating the gain
as an excess distribution, as described above, if we were a PFIC at any time during the period the U.S. Holder held the warrants. If
a U.S. Holder that exercises such warrants properly makes a QEF election with respect to the newly acquired ordinary shares (or has previously
made a QEF election with respect to our ordinary shares), the QEF election will apply to the newly acquired ordinary shares, but 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 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. The purging election creates a deemed sale of such shares at their fair market value. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will have a new basis in its ordinary shares acquired upon the
exercise of the warrants and will also have a new holding period in such ordinary shares for purposes of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is also likely 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&#8217;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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 U.S.
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 own tax advisors regarding the availability and tax consequences of a retroactive QEF election under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, 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. Additionally, there is 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder has made a QEF election with respect to our ordinary shares, and the special tax and interest charge rules 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 ordinary shares generally will be taxable as capital gain and no interest charge will be imposed. As discussed above, for U.S. federal
income tax purposes, U.S. Holders of a QEF generally are currently taxed on their <i>pro rata</i> shares of its earnings and profits,
whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable as a dividend to such U.S. Holders. The adjusted tax basis of a U.S. Holder&#8217;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. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the applicable
attribution rules as owning shares in a QEF.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
a determination as to our PFIC status will be made annually, an initial determination that we are a PFIC will generally apply for subsequent
years to a U.S. Holder who held our securities while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent
years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder holds (or
is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect
to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any of
our taxable years that end within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the
QEF election is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our
ordinary shares, the PFIC rules discussed above will continue to apply to such shares unless the holder files on a timely filed U.S.
federal income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of
the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold our shares for their fair market value on
the &#8220;qualification date.&#8221; The qualification date is the first day of our tax year in which we qualify as a QEF with respect
to such U.S. Holder. The purging election can only be made if such U.S. Holder held our shares on the qualification date. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in our shares by the amount
of the gain recognized and will also have a new holding period in the shares for purposes of the PFIC rules.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) our ordinary
shares and for which we are determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect
to its ordinary shares as long as such shares continue to be treated as marketable shares. Instead, in general, the U.S. Holder will
include as ordinary income for each year that we are treated as a PFIC the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. These amounts of ordinary income would not be eligible
for the favorable tax rates applicable to qualified dividend income or long-term capital gains. The U.S. Holder also will be allowed
to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of
its 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&#8217;s adjusted tax basis in its 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 the ordinary shares in a taxable year
in which we are treated as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market
election for a taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its ordinary shares and
for which we are treated as a PFIC. Currently, a mark-to-market election may not be made with respect to our rights or warrants.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the NASDAQ Global Market, 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. If made, a mark-to-market election
would be effective for the taxable year for which the election was made and for all subsequent taxable years unless the ordinary shares
ceased to qualify as &#8220;marketable stock&#8221; for purposes of the PFIC rules or the IRS consented to the revocation of the election.
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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are a PFIC and, at any time, have a foreign subsidiary that is classified as a PFIC, U.S. Holders of our shares 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.
However, there is 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 the required information. A mark-to-market election generally would not be available with respect to such lower-tier PFIC.
U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 be required to file
an IRS Form 8621 (whether or not a QEF or mark-to-market election is or has been made) with such U.S. Holder&#8217;s U.S. federal income
tax return and provide 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 securities should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-U.S.
Holders</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section applies to you if you are a &#8220;Non-U.S. Holder.&#8221; As used herein, the term &#8220;Non-U.S. Holder&#8221; means a beneficial
owner of our units, ordinary shares, warrants, or rights that is for U.S. federal income tax purposes&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span 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)</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    foreign corporation; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    estate or trust that is not a U.S. Holder;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 United States federal income tax consequences of the
sale or other disposition of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
(including constructive dividends) paid or deemed paid to a Non-U.S. Holder in respect to our securities generally will not be subject
to U.S. federal income tax, unless the dividends are effectively connected with the Non-U.S. Holder&#8217;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 holder maintains or maintained in the United States).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our securities 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 holder maintains or maintained
in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable
year of sale or other disposition and certain other conditions are met (in which case, such gain from United States sources generally
is subject to tax at a 30% rate or a lower applicable tax treaty rate).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
(including constructive distributions) and gains that are effectively connected with the Non-U.S. Holder&#8217;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 that such holder maintains or maintained in the United States) generally will be subject to regular U.S. federal income tax
at the same regular U.S. 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 U.S. federal income tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower
applicable tax treaty rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Backup
Withholding and Information Reporting</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions of our securities
by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments made (and sales and other dispositions
effected at an office) outside the United States will be subject to information reporting in limited circumstances. In addition, certain
information concerning a U.S. Holder&#8217;s adjusted tax basis in its securities and whether any gain or loss with respect to such securities
is long-term or short-term may be required to be reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement
of Specified Foreign Financial Assets) to report their interest in our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who are individuals and certain entities will be required to report information with respect to such U.S. Holder&#8217;s investment
in &#8220;specified foreign financial assets&#8221; on IRS Form 8938 (Statement of Specified Foreign Financial Assets), subject to certain
exceptions. Specified foreign financial assets generally include any financial account maintained with a non-U.S. financial institution
and should also include the ordinary shares, warrants, and rights if they are not held in an account maintained with a U.S. financial
institution. Persons who are required to report specified foreign financial assets and fail to do so may be subject to substantial penalties,
and the period of limitations on assessment and collection of United States federal income taxes may be extended in the event of a failure
to comply. 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 ordinary shares, warrants, and rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
backup withholding of U.S. federal income tax, currently at a rate of 24%, generally will apply to dividends paid on our securities to
a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of our securities by a U.S. Holder
(other than an exempt recipient), in each case who:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    notified by the IRS that backup withholding is required; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
    </span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to comply with applicable certification requirements.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally may 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will withhold all taxes required to be withheld by law from any amounts otherwise payable to any holder of our securities, including
tax withholding required by the backup withholding rules. Backup withholding is not an additional tax. Rather, the amount of any backup
withholding will be allowed as a credit against a U.S. Holder&#8217;s or a Non-U.S. Holder&#8217;s U.S. federal income tax liability
and may entitle such holder to a refund, provided that the requisite information is timely furnished to the IRS. 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_018"></span>UNDERWRITING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookline
Capital Markets, a division of Arcadia Securities, LLC (&#8220;Brookline&#8221;) is acting as the sole book running manager and underwriter
of this offering. Subject to the terms and conditions of the underwriting agreement dated the date of this prospectus, the underwriter
has agreed to purchase from us, and we have agreed to sell to the underwriter, the 6,000,000 units offered hereby.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriting agreement provides that the obligations of the underwriter to purchase the units included in this offering are subject to
approval of legal matters by counsel and to other conditions. The underwriter is obligated to purchase all of the units (other than those
covered by the underwriter&#8217;s over-allotment option described below) if they purchase any of the units.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units
sold by the underwriter to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus.
If all of the units are not sold at the initial offering price, the underwriter may change the public offering price and the other selling
terms. The underwriter has advised us that the underwriter does not intend to make sales to discretionary accounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriter sells more units than the total number set forth in the table above, we have granted to the underwriter an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 900,000 additional units at the public offering price less the underwriting
discount. Any units issued or sold under the option will be issued and sold on the same terms and conditions as the other units that
are the subject of this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
our sponsor and our officers and directors have agreed that, for a period of 180 days from the date of this prospectus, we and they will
not, without the prior written consent of Brookline, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly,
any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, ordinary shares;
provided, however, that we may (i) issue and sell the private units, (ii) issue and sell the additional units to cover our underwriter&#8217;s
over-allotment option (if any), (iii) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance
and sale of the securities in this offering, the resale of the insider shares and the private units or the warrants and ordinary shares
issuable upon exercise of the warrants and (iv) issue securities in connection with an initial business combination. However, the foregoing
shall not apply to the forfeiture of any insider shares pursuant to their terms or any transfer of insider shares to any current or future
independent director of the company (as long as such current or future independent director is subject to the terms of the letter agreement,
filed herewith, at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result
of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer). Brookline in its
sole discretion may release any of the securities subject to these lock-up agreements at any time without notice.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial shareholders have agreed not to transfer, assign or sell any of their (i) insider shares until the earlier to occur of: (a) one
year after the completion of our initial business combination; and (b) subsequent to our initial business combination (x) the date on
which we complete a liquidation, merger, stock exchange or other similar transaction that results in all of our shareholders having the
right to exchange their ordinary shares for cash, securities or other property or (y) if the closing price of our ordinary shares equals
or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and other
similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150&#160; days after our initial business
combination (except as described in the section entitled &#8220;Principal Shareholders&#8221;) and (ii) private units (including the
ordinary shares issuable upon exercise of the private units) until 30 days after the completion of our initial business combination (except
with respect to permitted transferees as described herein under &#8220;Principal Shareholders&#8221;). Any permitted transferees will
be subject to the same restrictions and other agreements of our initial shareholders with respect to any insider shares and private units,
as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares are exchanged
or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer&#8217;s shares, then the insider shares
or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our securities. Consequently, the initial public offering price for the units was
determined by negotiations between us and the underwriter.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
determination of our per unit offering price was more arbitrary than would typically be the case if we were an operating company. Among
the factors considered in determining initial public offering price were the history and prospects of companies whose principal business
is the acquisition of other companies, prior offerings of those companies, our management, our capital structure, and currently prevailing
general conditions in equity securities markets, including current market valuations of publicly traded companies considered comparable
to our Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you, however, that the price at which the units, ordinary shares or warrants will sell in the public market after this
offering will not be lower than the initial public offering price or that an active trading market in our units, ordinary shares or warrants
will develop and continue after this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
units have been approved for listing on Nasdaq under the symbol &#8220;[ ]U&#8221; Once the securities comprising the units begin separate
trading, we expect that the ordinary shares and warrants will be listed on Nasdaq under the symbols &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;],&#8221;
&#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]W,&#8221; and &#8220;[&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;]R&#8221;,
respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the underwriting discounts and commissions that we are to pay to the underwriter in connection with this offering.
These amounts are shown assuming both no exercise and full exercise of the underwriter&#8217;s over-allotment option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Paid by us</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>No
                                            Exercise</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Full
                                            Exercise</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Per Unit(1)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">0.39</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">0.39</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>Total(1)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,340,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,691,000</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $0.25 per unit, or $1,500,000 (or $1,725,000 if the underwriter&#8217;s over-allotment option is exercised in full) in the
    aggregate, payable to the underwriter and/or advisors (which are FINRA members) for deferred underwriting commissions that will be
    placed in a trust account located in the United States as described herein. In addition, the Company also will issue 90,000 ordinary
    shares (or up to 103,500 ordinary shares if the underwriter&#8217;s over-allotment option is exercised in full) to Brookline (the
    &#8220;representative shares&#8221;) upon the closing of the offering as part of the underwriting compensation. The commissions of
    $0.14 per unit will be paid in cash to the underwriter upon the closing of this offering.&#160;&#160;With respect to the deferred
    commissions, $0.10 per unit will be released to the underwriter only on the completion of an initial business combination, and $0.15
    per unit will be released to one or more advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company based on the
    amount remaining in the trust account after the completion of an initial business combination, subject to adjustment as described in
    this prospectus. Does not include certain fees and expenses payable to the underwriter in connection with this offering. </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">We have agreed to reimburse
the underwriter up to $75,000 (the &#8220;Expense Cap&#8221;) for certain of the underwriter&#8217;s out-of-pocket expenses relating
to the offering, including underwriters&#8217; legal counsel fees and expenses. We have paid the underwriter $50,000 of the Expense Cap
as an advance for such underwriter&#8217;s expenses, which will be reimbursed to us to the extent not actually incurred in compliance
with FINRA Rule 5110(g).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will issue 90,000&#160;representative shares (or up to 103,500 ordinary shares if the underwriter&#8217;s over-allotment option is
exercised in full) to Brookline (and/or its designees) (the &#8220;representative shares&#8221;) as part of its underwriter
compensation. The&#160;representative shares are identical to the public shares except that Brookline has agreed not to transfer,
assign or sell any such&#160;representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated
elsewhere in this prospectus. In addition, Brookline has agreed (i) to waive its redemption rights with respect to such shares in
connection with the completion of our initial business combination and (ii) to waive its rights to liquidating distributions from
the trust account with respect to such shares if we fail to complete our initial business combination within 12 months (as such
period may be extended up to 21 months at the election of the Company, either in lieu of a shareholder vote or if a shareholder vote
has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in accordance with our amended and
restated memorandum and articles of association) from the closing of this offering. The&#160;representative shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of the commencement of
sales in this offering of which this prospectus forms a part pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1),
these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the
economic disposition of the securities by any person for a period of 180 days beginning on the date of commencement of sales of this
offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning on the date of
commencement of sales of this offering except to any underwriter and selected dealer participating in the offering and their
officers, partners, registered persons or affiliates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriter may offer and sell the units through one or more of its respective affiliates or other registered broker-dealers or selling
agents. The offering of the shares by the underwriter is subject to receipt and acceptance and subject to the underwriter&#8217;s right
to reject any order in whole or in part.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not complete our initial business combination within 12 months (or up to 21 months if the period of time to consummate a business
combination is extended) from the closing of this offering, the underwriter has agreed that (i) it will forfeit any rights or claims
to their deferred underwriting discounts and commissions, including any accrued interest thereon, then in the trust account and (ii)
that the deferred underwriter&#8217;s discounts and commissions will be distributed on a pro rata basis, together with any accrued interest
thereon (which interest will be net of taxes paid or payable) to the public shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the offering, the underwriter may purchase and sell units in the open market. Purchases and sales in the open market
may include short sales, purchases to cover short positions, which may include purchases pursuant to the underwriter&#8217;s over-allotment
option, and stabilizing purchases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
to cover short positions and stabilizing purchases, as well as other purchases by the underwriter for its own accounts, may have the
effect of preventing or retarding a decline in the market price of the units. They may also cause the price of the units to be higher
than the price that would otherwise exist in the open market in the absence of these transactions. The underwriter may conduct these
transactions in the over-the-counter market or otherwise. If the underwriter commences any of these transactions, it may discontinue
them at any time.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that the total expenses of this offering payable by us will be $532,000, excluding underwriting discounts and commissions. We
have also agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act, or to contribute
to payments the underwriter may be required to make because of any of those liabilities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not under any contractual obligation to engage the underwriter to provide any services for us after this offering, but we may do
so at our discretion. However, the underwriter may introduce us to potential target businesses provide financial advisory services to
us in connection with a business combination or assist us in raising additional capital in the future including by acting as a placement
agent in a private offering or underwriting or arranging debt financing. If the underwriter provides services to us after this offering,
we may pay the underwriter&#8217;s fair and reasonable fees that would be determined at that time in an arm&#8217;s length negotiation;
provided that no agreement will be entered into with the underwriter and no fees for such services will be paid to the underwriter prior
to the date that is 60 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed underwriter&#8217;s
compensation in connection with this offering and we may pay the underwriter of this offering or any entity with which it is affiliated
a finder&#8217;s fee or other compensation for services rendered to us in connection with the completion of a business combination. Any
fees we may pay the underwriter or its affiliates for services rendered to us after this offering may be contingent on the completion
of a business combination and may be paid in other than cash. The underwriter or its affiliates that provide these services to us may
have a potential conflict of interest given that the underwriter is entitled to the deferred portion of their underwriting compensation
for this offering only if an initial business combination is completed within the specified timeframe.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in the ordinary course of their business activities, the underwriter and its affiliates may make or hold a broad array of investments
and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for
their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments
of ours or our affiliates. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or
short positions in such securities and instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to offer to engage Brookline as our lead book-running managing underwriter, lead book-running placement agent or lead arranger,
as the case may be, in connection with any public offering or private placement of our securities or any debt financing relating to or
in connection with our initial business combination, on substantially similar economic terms as this offering. In accordance with FINRA
Rule 5110(g)(6)(A), this right shall not have a duration of more than three years from the initial closing of this offering. The terms
of any such engagement are set forth in a separate agreement between us and Brookline, and contains terms and conditions that are customary
for investment banks for similar transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 20pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brookline
does not anticipate making any offers or sales of the units outside the United States.</span></p>












<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_019"></span>LEGAL
MATTERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loeb
&amp; Loeb LLP is acting as United States counsel in connection with the registration of our securities under the Securities Act and
will pass on the validity of the warrants and rights offered in the prospectus. Legal matters as to Cayman Islands law, as well as the
validity of the issuance of the ordinary shares offered in this prospectus, will be passed upon for us by Ogier. DLA Piper LLP (US)
is acting as counsel for the underwriter in this offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_020"></span>EXPERTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of DT Cloud Acquisition Corporation as of August 12, 2022 and for the period from July 7, 2022 (inception) through
August 12, 2022 appearing in this prospectus have been audited by MaloneBailey, 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 DT Cloud 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 on such report given on the authority of such firm as an experts in auditing and accounting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_021"></span>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have filed with the SEC a registration statement on Form S-1, which includes exhibits, schedules and amendments, under the Securities
Act, with respect to this offering of our securities. Although this prospectus, which forms a part of the registration statement, contains
all material information included in the registration statement, parts of the registration statement have been omitted as permitted by
rules and regulations of the SEC. We refer you to the registration statement and its exhibits for further information about us, our securities
and this offering. The registration statement and its exhibits, as well as our other reports filed with the SEC, can be inspected and
copied at the SEC&#8217;s public reference room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information about
the operation of the public reference room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a web site at <i>http://www.sec.gov
</i>which contains the Form S-1 and other reports, proxy and information statements and information regarding issuers that file electronically
with the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Audited Financial Statements</b></span></p>

<p style="text-align: center; margin-top: 0; margin-bottom: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>For The Period from July 7, 2022 (Inception) to August 12, 2022</b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#toc_001">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="a_022"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO AUDITED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#o_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID: 206)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#sur_001"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    Sheet as of August 12, 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#sur_002">Statement of Operations for
    the period from July 7, 2022 (inception) through August 12, 2022</a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#sur_003"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Changes in Shareholders&#8217; Equity for the period from July 7, 2022 (inception) through August 12, 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#sur_004"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statement
    of Cash Flows</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> for the period from July 7,
    2022 (inception) through August 12, 2022</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><a href="#sur_005"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notes to Audited Financial Statements</span></a></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6
    &#8211; F-15</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="o_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors of</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DT
Cloud Acquisition Corporation</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Opinion
on the Financial Statements</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying balance sheet of DT Cloud Acquisition Corporation (the &#8220;Company&#8221;) as of August 12, 2022, and
the related statement of operations, shareholders&#8217; equity, and cash flows for the period from July 7, 2022 (inception) to August
12, 2022, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of August 12, 2022, and the results of its operations
and its cash flows for the period from July 7, 2022 (inception) to August 12, 2022, in conformity with accounting principles generally
accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern Matter</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered losses from operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern. Management&#8217;s plans in regard to these matters are also described in Note 1. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
for Opinion</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
MaloneBailey, LLP</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">www.malonebailey.com</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have served as the Company&#8217;s auditor since 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Houston,
Texas</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
31, 2022</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <div style="break-before: page; margin-top: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_001"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BALANCE
SHEET</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AS
OF AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" id="xdx_30E_111_zi0xc3XfDQU9" summary="xdx: Statement - Balance Sheet" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td id="xdx_49C_20220812_ze72cQqnhnYl" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 126; Options: NewSection; Value: 2 -->
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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_002"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF OPERATIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Statement of Operations" id="xdx_309_113_zj97UjJlry42" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_490_20220707__20220812_z456y0699Arj" style="border-bottom: Black 1.5pt solid; text-align: right">&#160;</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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    <td style="width: 80%; text-align: left; padding-bottom: 1.5pt">Formation and operating costs</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1.5pt solid; width: 16%; text-align: right">(<ix:nonFraction name="us-gaap:OperatingExpenses" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,813</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">NET LOSS</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_i_pdd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 127; Value: 2 -->
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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_003"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.7pt; text-align: center; text-indent: -6.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4BE_us-gaap--StatementEquityComponentsAxis_us-gaap--CommonStockMember_zO0Ou4mlmuX2" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom">
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    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center">Ordinary shares</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.7pt; text-align: center; text-indent: -6.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<!-- Field: Page; Sequence: 128; Value: 2 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_004"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>STATEMENT
OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;))</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<table cellpadding="0" cellspacing="0" summary="xdx: Statement - Statement of Cash Flows" id="xdx_30F_112_zuVWIEKPXpYh" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td id="xdx_493_20220707__20220812_zbbDT6Udr6I5" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="font-weight: bold; text-align: left">Cash flows from operating activities:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 2.5pt">Accrued deferred offering costs</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="DTCA:AccruedDeferredOfferingCosts" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">12,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--CapitalContributionPaidToDeferredOfferingCosts_i01_zIUmy3HnuMIj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Capital contribution from shares paid to promissory note &#8211; related party</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="DTCA:CapitalContributionPaidToDeferredOfferingCosts" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 6.7pt; text-align: center; text-indent: -6.7pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">See
accompanying notes to financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="sur_005"></span>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"><p id="xdx_80E_eus-gaap--OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_z5yhJj5peekb" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 - <span id="xdx_827_zoPxzKF3v7hh">ORGANIZATION AND BUSINESS BACKGROUND</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DT
Cloud Acquisition Corporation (the &#8220;Company&#8221;) is a newly incorporated blank check company incorporated as a Cayman Islands
exempted company on July 7, 2022, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (the &#8220;Business Combination&#8221;). The Company is not limited to a
particular industry or geographic region for purposes of consummating a Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, the Company had not commenced any operations. All activities from inception through August 12, 2022 relate to
the Company&#8217;s formation and the proposed public offering as described below. The Company has selected December 31 as its
fiscal year end.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public offering
of <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zTTMpgmU4gdl" title="Number of shares available for sale"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> units (&#8220;Units&#8221;) (or <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zABgl7T6gYxg" title="Shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember_custom_UnderwritersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,900,000</ix:nonFraction></span> Units if the underwriter&#8217;s over-allotment option is exercised in full),
at $<span id="xdx_90D_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_z7YQB9XROhy4" title="Offering price per unit"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-12_custom_ProposedPublicOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit, which is discussed in Note 3 (the &#8220;Proposed Public Offering&#8221;), and the sale of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zomJdJtGUPL8"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">187,400</ix:nonFraction></span> units (the &#8220;Private
Placement Units&#8221;) at a price of $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zdLxnv4s9wZ4"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-12_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Unit in a private placement to DT Cloud Capital Corp. (the &#8220;Sponsor&#8221;) (or
<span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z0c9vZlZDifb"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember_custom_UnderwritersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> Units if the overallotment is exercised in full) to the Sponsors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to list the Units on the Nasdaq Global Market (&#8220;NASDAQ&#8221;). The Company&#8217;s management has broad discretion
with respect to the specific application of the net proceeds of the &#8220;Proposed Public Offering&#8221; and sale of the Private Placement
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 a fair market value
equal to at least <span id="xdx_909_ecustom--PercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance_pid_dp_uPure_c20220707__20220812__srt--RangeAxis__srt--MinimumMember_zsRO7GwaCdx1" title="Percentage of fair market value of business acquisition"><ix:nonFraction name="DTCA:PercentageOfFairMarketValueOfBusinessAcquisitionToTrustAccountBalance" contextRef="From2022-07-072022-08-12_srt_MinimumMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable
on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a
Business Combination if the post-Business Combination company owns or acquires <span id="xdx_907_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_pid_dp_uPure_c20220812__us-gaap--BusinessAcquisitionAxis__custom--PostBusinessCombinationMember_zckvHbJFottj" title="Percentage of voting interests acquired"><ix:nonFraction name="us-gaap:BusinessAcquisitionPercentageOfVotingInterestsAcquired" contextRef="AsOf2022-08-12_custom_PostBusinessCombinationMember" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">50</ix:nonFraction></span>% or more of the outstanding voting securities of the
target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company
under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;). There is no assurance that the Company
will be able to successfully effect a Business Combination. Upon the closing of the &#8220;Proposed Public Offering&#8221;, management
has agreed that $10.00 per Unit sold in the &#8220;Proposed Public Offering&#8221;, including the proceeds of the sale of the Private
Placement Units, will be held in a trust account (&#8220;Trust Account&#8221;) 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 185 days or less, or in any open-ended investment
company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined
by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust
Account to the Company&#8217;s shareholders, as described below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 Public Shares for a pro
rata portion of the amount then on deposit in the Trust Account (initially $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20220812_zdxfLgWS67nh" title="Price per shares"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per share, plus any pro rata interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter
(as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company&#8217;s
warrants. The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the
completion of the &#8220;Proposed Public Offering&#8221;, in accordance with the Financial Accounting Standards Board (&#8220;FASB&#8221;)
Accounting Standards Codification (&#8220;ASC&#8221;) Topic 480 &#8220;<i>Distinguishing Liabilities from Equity</i>.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will proceed with a Business Combination if the Company has net tangible assets of at least $<span id="xdx_90E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment_iI_pp0p0_c20220812__srt--RangeAxis__srt--MinimumMember_zjb5z1TO4Ugc" title="Business combination, net tangible assets"><ix:nonFraction name="us-gaap:BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment" contextRef="AsOf2022-08-12_srt_MinimumMember" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,000,001</ix:nonFraction></span> upon such consummation
of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination. 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, offer such redemption
pursuant to the tender offer rules of the Securities and Exchange Commission (&#8220;SEC&#8221;), 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s initial shareholders (the &#8220;initial shareholders&#8221;) have agreed (a) to vote their founder shares, the ordinary
shares included in the Private Placement Units (the &#8220;Private Placement Shares&#8221;) and any Public Shares purchased during or
after the &#8220;Proposed Public Offering&#8221; in favor of a Business Combination, (b) not to propose, or vote in favor of, an amendment
to the Company&#8217;s Amended and Restated Memorandum and Articles of Association that would stop the public shareholders from converting
or selling their shares to the Company in connection with a Business Combination or affect the substance or timing of the Company&#8217;s
obligation to redeem <span id="xdx_90A_ecustom--PercentOfObligationToRedeemPublicShares_iI_pid_dp_c20220812_zwezVndC9Ay8" title="Percent of obligation to redeem public shares"><ix:nonFraction name="DTCA:PercentOfObligationToRedeemPublicShares" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the Public Shares if the Company does not complete a Business Combination within the Combination Period
(as defined below) unless the Company provides public shareholders with the opportunity to redeem their Public Shares for cash from the
Trust Account in connection with any such vote; (c) not to redeem any founder shares and Private Placement Shares as well as any Public
Shares purchased during or after the &#8220;Proposed Public Offering&#8221; for cash from the Trust Account in connection with a shareholder
vote to approve a Business Combination (or sell any shares in a tender offer in connection with a Business Combination) or a vote to
amend the provisions of the Amended and Restated Memorandum and Articles of Association relating to shareholders&#8217; rights of pre-Business
Combination activity and (d) that the founder shares and Private Placement Shares shall not participate in any liquidating distributions
upon winding up if a Business Combination is not consummated. However, the initial shareholders will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares purchased during or after the &#8220;Proposed Public Offering&#8221; if the
Company fails to complete its Business Combination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will have until nine months from the closing of the &#8220;Proposed Public Offering&#8221;. However, if the Company anticipates
that it may not be able to consummate a Business Combination within 12 months, the Company may, but is not obligated to, extend the period
of time to consummate a Business Combination month by month (for a total of up to 21 months to complete a Business Combination) (the
&#8220;Combination Period&#8221;). 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 $<span id="xdx_905_eus-gaap--Deposits_iI_c20220812_zbQ4vNKQEoMf"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">198,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">,
or $<span id="xdx_90A_eus-gaap--Deposits_iI_c20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zMepEmY228Gl"><ix:nonFraction name="us-gaap:Deposits" contextRef="AsOf2022-08-12_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">227,700</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the underwriter&#8217;s over-allotment option
is exercised in full ($<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zogzsdgnEkG8"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-12_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.033</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share in either case) for each monthly extension,
on or prior to the applicable deadline (up to an aggregate of $<span id="xdx_908_eus-gaap--PaymentsForRepurchaseOfEquity_c20220707__20220812_zp2CjqIdm9y4"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfEquity" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,782,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(or $<span id="xdx_90F_eus-gaap--PaymentsForRepurchaseOfEquity_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zRZhobDStznl"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfEquity" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,049,300</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if the underwriter&#8217;s over-allotment option
is exercised in full), or $<span id="xdx_90A_eus-gaap--SharesIssuedPricePerShare_iI_c20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zOqR1Hd7jhaj"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-12_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.033</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per public share, for an aggregate of nine months).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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 interest earned (net of taxes payable), which redemption will completely extinguish public shareholders&#8217; 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 the remaining shareholders and the Company&#8217;s board of directors,
proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations
to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred
underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination
Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the
redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available
for distribution will be less than $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20220812_zx6tIggysvTg"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20220812_zF8F600SX7oe"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span></span>
<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">per share (whether or not the underwriter&#8217;s over-allotment
option is exercised in full), 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&#8217;s indemnity of the underwriter of the &#8220;Proposed Public Offering&#8221;
against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;). In
the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent
of any liability for such third party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify
the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or
other entities with which the Company does business, execute agreements with the Company waiving any right, title, interest or claim
of any kind in or to monies held in the Trust Account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Going
Concern Consideration</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
August 12, 2022, the Company had <span id="xdx_90B_eus-gaap--Cash_iI_do_c20220812_zhttrmfC8uqf" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2022-08-12" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></span> cash balance
and a net loss of $<span id="xdx_905_eus-gaap--NetIncomeLoss_iN_di_c20220707__20220812_zKHsF65obNKd" title="Net loss"><ix:nonFraction name="us-gaap:NetIncomeLoss" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,813</ix:nonFraction></span>
for the period from July 7, 2022 (inception) to August 12, 2022. 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&#8217;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 &#8220;Proposed Public Offering&#8221; as discussed in Note 3. There is no
assurance that the Company&#8217;s plans to raise capital or to consummate a Business Combination will be successful or successful
within the Combination Period. On August 5, 2022, the Sponsor agreed to loan the Company up to an aggregate amount of $<span id="xdx_901_eus-gaap--DebtInstrumentFaceAmount_iI_c20220731__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z3B12kVO3iHf" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-07-31_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>
to be used, in part, for transaction costs incurred in connection with the &#8220;Proposed Public Offering&#8221;. As of August 12,
2022, the Sponsor advanced the Company an aggregate amount of $<span id="xdx_900_eus-gaap--SponsorFees_c20220811__20220812_zlKsyzyveoNf" title="Sponsor advance"><ix:nonFraction name="us-gaap:SponsorFees" contextRef="From2022-08-112022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,000</ix:nonFraction></span>. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:BasisOfPresentationAndSignificantAccountingPoliciesTextBlock"><p id="xdx_80C_eus-gaap--BasisOfPresentationAndSignificantAccountingPoliciesTextBlock_zjrCQwubered" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8211; <span id="xdx_822_zEjI52VfOL0e">SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zp1zVHt4jIOl" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_866_zdGFjCIILrf5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of presentation</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</span></p>

</ix:nonNumeric><p id="xdx_85A_zGsdYz1tXXb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:EmergingGrowthCompanyPolicyTextBlock"><p id="xdx_849_ecustom--EmergingGrowthCompanyPolicyTextBlock_z6SFEDfHij5f" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_866_zpXx1ggfPowg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Emerging
growth company</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously
approved.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of
such extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&#8217;s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:UseOfEstimates"><p id="xdx_84C_eus-gaap--UseOfEstimates_zpA7gzo0Dg6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_86B_z9OLakeXcSOe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use
of estimates</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
preparing these financial statements in conformity with U.S. GAAP, management makes 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 expenses during the reporting period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, Actual results may differ from
these estimates.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:DeferredChargesPolicyTextBlock"><p id="xdx_847_eus-gaap--DeferredChargesPolicyTextBlock_zWozudHx2Ek5" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_869_zs3UiLKOERgl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deferred
offering costs</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the Proposed Public Offering and that will be charged to shareholders&#8217; equity upon the completion of the Proposed Offering.
Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be
charged to operations.</span></p>

</ix:nonNumeric><p id="xdx_85A_zjEXcPnXnQW" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_z6Zz3FwhrXeh" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_868_zdET7SSmEcqd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Income
taxes</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are determined in accordance with the provisions of ASC Topic 740, &#8220;<i>Income Taxes</i>&#8221; (&#8220;ASC 740&#8221;). Under
this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities
are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements
uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the
financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. The Company&#8217;s
management determined that the Cayman Islands is the Company&#8217;s major tax jurisdiction. The Company recognizes accrued interest
and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts
accrued for interest and penalties as of August 12, 2022. The Company is currently not aware of any issues under review that could result
in significant payments, accruals or material deviation from its position.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations
may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with
foreign tax laws. The Company&#8217;s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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&#8217;s
tax provision was zero for the period presented.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:WarrantsPolicyTextBlock"><p id="xdx_84D_ecustom--WarrantsPolicyTextBlock_zjECiv4T1Td" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_869_zOWiHrgWCWz7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&#8217;s
specific terms and applicable authoritative guidance in ASC 480 and ASC Topic 815, &#8220;<i>Derivatives and Hedging&#8221;</i> (&#8220;ASC
815&#8221;). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition
of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including
whether the warrants are indexed to the Company&#8217;s own ordinary shares and whether the warrant holders could potentially require
&#8220;net cash settlement&#8221; in a circumstance outside of the Company&#8217;s control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 134; Value: 2 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:OrdinarySharesSubjectToPossibleRedemptionPolicyTextBlock"><p id="xdx_846_ecustom--OrdinarySharesSubjectToPossibleRedemptionPolicyTextBlock_znZDR7EmaDIf" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_868_ziUel4QFYiC8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
share subject to possible redemption</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Ordinary share subject
to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary
shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company&#8217;s control) are classified as temporary equity. At all other
times, ordinary shares are classified as shareholders&#8217; equity.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_847_eus-gaap--EarningsPerSharePolicyTextBlock_zIn846qj1cL6" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_869_zTP1LDUxqXQh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Net
loss per share</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 <span id="xdx_900_ecustom--OrdinaryShareSubjectToForfeiture_pid_c20220707__20220812_zgB1HOtBpZqf" title="Ordinary shares subject to forfeiture"><ix:nonFraction name="DTCA:OrdinaryShareSubjectToForfeiture" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">225,000</ix:nonFraction></span> ordinary shares
that are subject to forfeiture if the over-allotment option is not exercised by the underwriter (see Note 6). At August 12, 2022, 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.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:RelatedPartiesPolicyTextBlock"><p id="xdx_84A_ecustom--RelatedPartiesPolicyTextBlock_zE3f1i2aFLp8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_862_zw4OSGaZ4dEa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related
parties</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:FairValueOfFinancialInstrumentsPolicy"><p id="xdx_848_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zOF9S03mec03" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_865_zFdEL997oSX3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fair
value of financial instruments</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&#8217;s assets and liabilities, which qualify as financial instruments under ASC Topic 820, &#8220;<i>Fair
Value Measurement</i>,&#8221; approximates the carrying amounts represented in the accompanying unaudited condensed balance sheets, primarily
due to their short-term nature.</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z7nlVEqOVZhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span id="xdx_867_zyw1OhFuC0sd" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Recent
accounting pronouncements</i></b></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In August 2020, the Financial Accounting Standards Board (&#8220;FASB&#8221;)
issued Accounting Standards Update (&#8220;ASU&#8221;) 2020-06, Debt &#8212; Debt with Conversion and Other Options (Subtopic 470-20)
and Derivatives and Hedging &#8212; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40) (&#8220;ASU 2020-06&#8221;) to simplify accounting
for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash
conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification
of contracts in an entity&#8217;s own equity. The new standard also introduces additional disclosures for convertible debt and freestanding
instruments that are indexed to and settled in an entity&#8217;s own equity. ASU 2020-06 amends the diluted earnings per share guidance,
including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and
should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted
as of inception of the Company. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements,
if currently adopted, would have a material effect on the Company&#8217;s financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric></ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:ProposedPublicOfferingTextBlock"><p id="xdx_807_ecustom--ProposedPublicOfferingTextBlock_ze5m9AUuTXb4" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 &#8211; <span id="xdx_820_zXOiTMmoiES2">PROPOSED PUBLIC OFFERING</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.6pt; text-align: justify; text-indent: -28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Proposed Public Offering calls for the Company to offer for sale up to <span id="xdx_902_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zai7V6TMuiKi" title="Number of shares available for sale"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> Units at a proposed public offering price of $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zMM2B5TYftW1" title="Offering price per unit"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-12_custom_ProposedPublicOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span>
per Unit (plus up to an additional <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zxEwiLeqTCbh"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></span> units to cover over-allotments, if any). <span id="xdx_903_ecustom--UnitsDescription_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zR6E4xSvYlG6" title="Units description"><ix:nonNumeric contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember" name="DTCA:UnitsDescription">Each Unit will consist of one ordinary share, one
warrant (&#8220;Public Warrant&#8221;) and one right (&#8220;Public Right&#8221;). Each Public Warrant will entitle the holder to purchase
one ordinary share at an exercise price of $11.50 per share. Each whole Public Right will entitle the holder to receive one-twentieth
(1/20) ordinary share upon consummation of initial business combination</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="DTCA:PrivatePlacementTextBlock"><p id="xdx_804_ecustom--PrivatePlacementTextBlock_zH0xFgiVoHif" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; <span id="xdx_82D_zpPQwkAwuNZd">PRIVATE PLACEMENT</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will agree to purchase an aggregate of <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z2OKuzVsyFK7" title="Number of shares available for sale"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">187,400</ix:nonFraction></span> Private Placement Units (or <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z0bUA2LFuE82"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember_custom_UnderwritersMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">200,000</ix:nonFraction></span> Private Placement Units if the underwriter&#8217;s
over-allotment is exercised in full) at $<span id="xdx_90F_eus-gaap--SaleOfStockPricePerShare_iI_c20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zHUmpXwimCm6" title="Price per share"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-12_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per Private Placement Unit (for a total purchase price of $<span id="xdx_90A_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zMyKRyHra0qg" title="Sale price of shares"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-07-072022-08-12_us-gaap_PrivatePlacementMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,874,000</ix:nonFraction></span> or $<span id="xdx_90C_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zBURPztqyc85"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" contextRef="From2022-07-072022-08-12_us-gaap_OverAllotmentOptionMember_custom_UnderwritersMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> in
the aggregate if the underwriter&#8217;s over-allotment is exercised in full) in a private placement that will occur simultaneously with
the closing of the &#8220;Proposed Public Offering&#8221;. <span id="xdx_901_ecustom--UnitsDescription_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zd7vfxqyrxDh" title="Units description"><ix:nonNumeric contextRef="From2022-07-072022-08-12_us-gaap_PrivatePlacementMember" name="DTCA:UnitsDescription">Each Private Placement Unit consists of one Private Placement Share, one redeemable
warrant (each, a &#8220;Private Placement Unit&#8221;) and one right (&#8220;Private Placement Right&#8221;). Each whole Private Placement
Warrant will entitle the holder to purchase one ordinary share at a price of $11.50 per share. Each Private Placement Right will entitle
the holder to receive one-twentieth (1/20) ordinary share upon consummation of the initial business combination</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.6pt; text-align: justify; text-indent: -28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock"><p id="xdx_803_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zcbd03Xdszt9" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 &#8211; <span id="xdx_821_zv8sGmk3EM88">RELATED PARTY TRANSACTIONS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.6pt; text-align: justify; text-indent: -28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.6pt; text-align: justify; text-indent: -28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Founder
Shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August, the Company issued an aggregate of <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220707__20220812_z0c0xR25vSDi" title="Number of shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,725,000</ix:nonFraction></span> founder shares to the initial shareholders, including an aggregate of up to <span id="xdx_903_ecustom--OrdinaryShareSubjectToForfeiture_pid_c20220707__20220812_zRbrlTKAbqn6" title="Ordinary share subject to forfeiture"><ix:nonFraction name="DTCA:OrdinaryShareSubjectToForfeiture" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">225,000</ix:nonFraction></span>
shares subject to forfeiture by the Sponsor to the extent that the underwriter&#8217;s over-allotment is not exercised in full or in
part, so that the Sponsor will collectively own <span id="xdx_90E_ecustom--PercentageOfIssuedAndOutstandingSharesAfterInitialPublicOfferingCollectivelyHeldByInitialStockholders_pid_dp_c20220707__20220812_zi4iI43zzRRe" title="Percentage of issued and outstanding shares"><ix:nonFraction name="DTCA:PercentageOfIssuedAndOutstandingSharesAfterInitialPublicOfferingCollectivelyHeldByInitialStockholders" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">20.0</ix:nonFraction></span>% of the Company&#8217;s issued and outstanding shares after the &#8220;Proposed Public
Offering&#8221; (assuming the initial shareholders do not purchase any Public Units in the &#8220;Proposed Public Offering&#8221; and
excluding the Private Placement Shares) (see Note 6). The sponsor paid an aggregate purchase price of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfCommonStock_c20220707__20220812_zJCU8fgXAnwg" title="Purchase price of shares issued"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction></span> for the issuance of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220707__20220812_zBfRYSsj2tSk"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,725,000</ix:nonFraction></span>
of the Company&#8217;s ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Promissory
Note &#8212; Related Party</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
August 5, 2022, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate
principal amount of $<span id="xdx_90A_eus-gaap--DebtInstrumentFaceAmount_iI_c20220805__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zzDDiSg1iMl5" title="Principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-08-05_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(the &#8220;Promissory Note&#8221;). The Promissory
Note is non-interest-bearing and payable on the consummation of initial business combination or converted upon consummation
of the business combination into additional private units at a price of $<span id="xdx_901_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20220805__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_z9pJtNwRP0X8" title="Conversion price of note"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-08-05_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.00</ix:nonFraction></span> per unit.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
inception to August 12, 2022, the Company has borrowed $<span id="xdx_90F_eus-gaap--ProceedsFromLoans_c20220707__20220812_zww9ba9WpTth"><ix:nonFraction name="us-gaap:ProceedsFromLoans" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and used $<span id="xdx_90A_eus-gaap--LoansPayable_iI_c20220812_zDHiaH4qgzGa"><ix:nonFraction name="us-gaap:LoansPayable" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">25,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the proceeds to pay off the loan. As of August
12, 2022, the principal amount due and owing under the Promissory Note was $<span id="xdx_903_eus-gaap--ProceedsFromRelatedPartyDebt_c20220707__20220812__us-gaap--DebtInstrumentAxis__custom--PromissoryNoteMember_zI6rgdCuZc96"><ix:nonFraction name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="From2022-07-072022-08-12_custom_PromissoryNoteMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">75,000</ix:nonFraction></span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
The advances are non-interest-bearing and due on demand.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Administrative
Services Arrangement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>&#160;</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
affiliate of the Sponsor will agree that, commencing from the date that the Company&#8217;s securities are first listed on NASDAQ
through the earlier of the Company&#8217;s consummation of a Business Combination and its liquidation, to make available to the
Company certain general and administrative services, including office space, administrative and support services, as the Company may
require from time to time. The Company has agreed to pay the affiliate of the Sponsor $<span id="xdx_90A_eus-gaap--DueToAffiliateCurrentAndNoncurrent_iI_c20220812__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zoYoJASd2Ak8" title="Due to affiliate"><ix:nonFraction name="us-gaap:DueToAffiliateCurrentAndNoncurrent" contextRef="AsOf2022-08-12_us-gaap_GeneralAndAdministrativeExpenseMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000</ix:nonFraction></span>
per month for these services. <span id="xdx_909_eus-gaap--GeneralAndAdministrativeExpense_do_c20220707__20220812_zdYfluG605Z8" title="Administrative expense"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" contextRef="From2022-07-07to2022-08-12" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">No</ix:nonFraction></span> administrative service expense paid from inception to August 12, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Related
Party Loans</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor or certain
of the Company&#8217;s directors and officers may, but are not obligated to, loan the Company funds as may be required
(&#8220;Working Capital Loans&#8221;). If the Company completes a Business Combination, the Company would repay the Working Capital
Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only
out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion
of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be
used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon
consummation of a Business Combination, without interest, or, at the lender&#8217;s discretion, up to $<span id="xdx_903_ecustom--WorkingCapitalLoans_iI_c20220812__srt--RangeAxis__srt--MaximumMember_zPTUIaRDSjY1" title="Working capital loans"><ix:nonFraction name="DTCA:WorkingCapitalLoans" contextRef="AsOf2022-08-12_srt_MaximumMember" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span>. As of August 12, 2022, the principal amount due and owing under the Related Party Loan was $<span id="xdx_90D_eus-gaap--RepaymentsOfRelatedPartyDebt_c20220707__20220812_z1hQfHEyDuN1" title="Related party debt"><ix:nonFraction name="us-gaap:RepaymentsOfRelatedPartyDebt" contextRef="From2022-07-07to2022-08-12" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>.</span></p>
<!-- Field: Split-Segment; Name: 002 -->
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_807_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zuseoyKN8uth" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 &#8211; <span id="xdx_829_z89G35Zv5pc9">SHAREHOLDERS&#8217; EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 28.6pt; text-align: justify; text-indent: -28.6pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ordinary
shares</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue <span id="xdx_901_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zTSv26io1YH9" title="Common stock, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">500,000,000</ix:nonFraction></span> ordinary shares at par $<span id="xdx_906_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zRcarzwRqmW7" title="Common stock, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.0001</ix:nonFraction></span>. <span id="xdx_900_eus-gaap--CommonStockVotingRights_c20220707__20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zaIQ7IE3Szl5" title="Voting rights"><ix:nonNumeric contextRef="From2022-07-072022-08-12_us-gaap_CommonStockMember" name="us-gaap:CommonStockVotingRights">Holders of the Company&#8217;s ordinary shares are entitled
to one vote for each share</ix:nonNumeric></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of August 12, 2022, <span id="xdx_907_eus-gaap--CommonStockSharesIssued_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zN8CO9JXoZ8a" title="Common stock, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zRfnOJ0OxOE1" title="Common stock, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,725,000</ix:nonFraction></ix:nonFraction></span></span>
Ordinary Shares were issued and outstanding, of which <span id="xdx_90C_ecustom--TemporaryEquityRedemptionOfShares_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zUtaabJfIXz9" title="Redemption of shares"><ix:nonFraction name="DTCA:TemporaryEquityRedemptionOfShares" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">225,000</ix:nonFraction></span>
ordinary shares are subject to forfeiture to the extent that the underwriter&#8217;s over-allotment option is not exercised in full,
so that <span id="xdx_907_eus-gaap--ConversionOfStockDescription_c20220707__20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyPC0ZAHpFm4" title="Shareholders offerings, description"><ix:nonNumeric contextRef="From2022-07-072022-08-12_us-gaap_CommonStockMember" name="us-gaap:ConversionOfStockDescription">the
initial shareholders will own 20.0% of the issued and outstanding shares after the Proposed Public Offering</ix:nonNumeric></span> (excluding the
sale of the Private Units and representative shares and assuming the initial shareholders do not purchase any Units in the Proposed
Public Offering).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
</b>&#8212; <span id="xdx_90D_eus-gaap--SaleOfStockDescriptionOfTransaction_c20220707__20220812_ziVt25CvLrNk" title="Business combination rights"><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" name="us-gaap:SaleOfStockDescriptionOfTransaction">Each holder of a right will receive one-twentieth (1/20) 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.</ix:nonNumeric></span> 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 1/20 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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Warrants
</i></b>&#8212; Each holder of a warrant shall entitle to purchase one share ordinary share at a price of $<span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_znmP6fR4DTli" title="Class of warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-08-12_us-gaap_WarrantMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.50</ix:nonFraction></span>. Public Warrants may
only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public
Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) 12 months from the effective date
of the registration statement relating to the Proposed Offering. No Public Warrants will be exercisable for cash unless the Company has
an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current
prospectus relating to such ordinary shares. The Company has agreed that as soon as practicable, but in no event later than 15 business
days after the closing of a Business Combination, the Company will use its best efforts to file, and within 60 business days following
a Business Combination to have declared effective, a registration statement covering the ordinary shares issuable upon exercise of the
warrants. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public
Warrants is not effective within 60 days, the 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 the Public Warrants on a cashless
basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available,
holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire <span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zkrgOUiWBHL3" title="Warrant term"><ix:nonNumeric contextRef="AsOf2022-08-12_us-gaap_WarrantMember" format="ixt-sec:durwordsen" name="us-gaap:WarrantsAndRightsOutstandingTerm">five years</ix:nonNumeric></span> from the consummation
of a Business Combination or earlier upon redemption or liquidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may call the warrants for redemption:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
in whole and not in part,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at a price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20220812_zOANGKSuTkjb" title="Exercise price of warrants"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-08-12" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.01</ix:nonFraction></span> per warrant,</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
upon not less than 30 days&#8217; prior written notice of redemption to each Public Warrant holder, and</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
if, and only if, the reported last sale price of the ordinary shares equal or exceed $<span id="xdx_901_eus-gaap--TemporaryEquityParOrStatedValuePerShare_iI_pid_c20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zq1IUzQC9xnb" title="Temporary equity, par value"><ix:nonFraction name="us-gaap:TemporaryEquityParOrStatedValuePerShare" contextRef="AsOf2022-08-12_us-gaap_CommonStockMember" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">18.00</ix:nonFraction></span> per share, (as adjusted for share splits,
share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within
a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &#8220;cashless basis,&#8221; as described in the warrant agreement. The exercise price and number of ordinary
shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary
dividend or recapitalization, reorganization, merger or consolidation. However, the 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 warrants. If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company&#8217;s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire
worthless.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if (x) <span id="xdx_903_eus-gaap--SaleOfStockDescriptionOfTransaction_c20220707__20220812__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zRNMcaXwEEOe" title="Sale of stock description"><ix:nonNumeric contextRef="From2022-07-072022-08-12_us-gaap_WarrantMember" name="us-gaap:SaleOfStockDescriptionOfTransaction">the Company issues additional 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 ordinary share (with such
issue price or effective issue price to be determined in good faith by the Company&#8217;s board of directors and, in the case of any
such issuance to the Sponsor or its affiliates, without taking into account any founder shares, Private Placement Units (or any private
placement equivalent securities issued to the Sponsor or its affiliates upon conversion of either Working Capital Loans or extension
loans made to the Company) held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the &#8220;Newly Issued Price&#8221;),
(y) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available
for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the
volume weighted average trading price of the 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 &#8220;Market Value&#8221;) is below $9.20 per share, the
exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Market Value and the Newly Issued Price.</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%"><a href="#a_022">Table of Contents</a></td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
CLOUD ACQUISITION CORPORATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>(Currency
expressed in United States Dollars (&#8220;US$&#8221;), except for number of shares)</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Proposed Offering except that Private
Placement Units will not be transferable, assignable or saleable until 30 days after the completion of the Company&#8217;s Business Combination
and will be entitled to registration rights</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed the key terms applicable to the Public Warrants as well as the Private Placement Warrants and believes the Public Warrants
and Private Placement Warrants, if were issued, should be classified as equity in accordance with ASC 480, <i>Distinguishing Liabilities
from Equity</i> (&#8220;ASC 480&#8221;) and ASC 815, <i>Derivatives and Hedging</i> (&#8220;ASC 815&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:CommitmentsDisclosureTextBlock"><p id="xdx_808_eus-gaap--CommitmentsDisclosureTextBlock_zJ3BoXTiQwCc" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 &#8211; <span id="xdx_82C_zqTOSAXKpfYa">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Risks
and Uncertainties</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company&#8217;s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Registration
Rights</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
holders of the Founder Shares, Private Warrant sold in a private placement (and their underlying securities) and any Units that may be
issued upon conversion of the Working Capital Loans (and underlying securities) will be entitled to registration rights pursuant to a
registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering requiring the Company to
register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders have certain &#8220;piggy-back&#8221; registration rights with respect
to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Underwriter
Agreement</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will grant the underwriter a 45-day option to purchase up to <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember_zKHc1LSyTtub" title="Net of offering costs"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">900,000</ix:nonFraction></span> Units (over and above <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zkPMQy6Yx8n8"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> Units referred to Note 3)
solely to cover over-allotments at the &#8220;Proposed Public Offering&#8221; price, less the underwriting discounts and commissions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span id="xdx_90B_eus-gaap--UnderwritingCommitments_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_zzsQQN1c0Mm3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember_custom_UnderwritersAgreementMember" name="us-gaap:UnderwritingCommitments">The
underwriter will be entitled to cash underwriting discount of 3.9% of the gross proceeds of the &#8220;Proposed Public Offering&#8221;
and 0.6% of the number of units sold in the Offering (i.e.</ix:nonNumeric> </span><span id="xdx_909_eus-gaap--SharesIssued_iI_pid_c20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember_z42kfSs1M77k" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="us-gaap:SharesIssued" contextRef="AsOf2022-08-12_custom_ProposedPublicOfferingMember_custom_UnderwritersAgreementMember" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction>
</span><span id="xdx_90D_eus-gaap--UnderwritingCommitments_c20220707__20220812__us-gaap--SubsidiarySaleOfStockAxis__custom--ProposedPublicOfferingMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritersAgreementMember__srt--RangeAxis__srt--MaximumMember_zRvcjJIp5Vv5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2022-07-072022-08-12_custom_ProposedPublicOfferingMember_custom_UnderwritersAgreementMember_srt_MaximumMember" name="us-gaap:UnderwritingCommitments">ordinary
shares, or up to 103,500 ordinary shares if the underwriter&#8217;s over-allotment option is exercised in full). 1.4% of cash
underwriting discount will be payable at the closing of the &#8220;Proposed Public Offering&#8221;. The balance of 2.5% of cash underwriting
discount will be deferred and payable until the closing of the initial Business Combination.</ix:nonNumeric></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2022-07-07to2022-08-12" escape="true" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_804_eus-gaap--SubsequentEventsTextBlock_z43n7NqhzDv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 26pt; text-align: justify; text-indent: -26pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 &#8211; <span id="xdx_826_zspSzMcDF658">SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to August 31, 2022 the date that
the financial statements were available to be issued. Other than as described in these financial statements, the Company did not identify
any subsequent events that would have required adjustment or disclosure in the financial statements.</span></p>

</ix:nonNumeric><p id="xdx_812_zN0gydjBU4ff" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
____, 2022, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the dealers&#8217; obligation to deliver a prospectus when acting as underwriters and
with respect to their unsold allotments or subscriptions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering
other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having
been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than
the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction
in which the offer or solicitation is not authorized or is unlawful.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>$60,000,000</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
Cloud Acquisition Corporation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6,000,000
Units</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Brookline
Capital Markets</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a
division of Arcadia Securities, LLC</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>________,
2022</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INFORMATION
NOT REQUIRED IN PROSPECTUS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
13. Other Expenses of Issuance and Distribution.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated expenses payable by us in connection with the offering described in this registration statement (other than the underwriting
discount and commissions) will be as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></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-family: Times New Roman, Times, Serif; width: 80%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Initial
    trustee fee</span></td><td style="font-family: Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="font-family: Times New Roman, Times, Serif; width: 16%; text-align: right"><span style="font-family: Times New Roman, Times, Serif">11,300</span></td><td style="font-family: Times New Roman, Times, Serif; width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">SEC
    Registration Fee / FINRA filing fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">28,700</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Accounting
    fees and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">65,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">NASDAQ
    listing fees</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Printing
    and engraving expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">5,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">Legal
    fees and expenses</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">170,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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; text-align: left"><span style="font-family: Times New Roman, Times, Serif">D&amp;O
    insurance fee</span></td><td style="font-family: Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">200,000</span></td><td style="font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></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: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">Miscellaneous</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td><td style="border-bottom: Black 1.5pt solid; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">47,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif"><sup>(1)</sup></span></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-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">Total</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td>
    <td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: left"><span style="font-family: Times New Roman, Times, Serif">$</span></td><td style="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif">532,000</span></td><td style="font-family: Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
    amount represents additional expenses that may be incurred by the Company in connection with the offering over and above those specifically
    listed above, including distribution and mailing costs.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
14. Indemnification of Directors and Officers.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law does not limit the extent to which a company&#8217;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 civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will 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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 theretofore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
15. Recent Sales of Unregistered Securities.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the past three years, we sold the following ordinary shares without registration under the Securities Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    August 2022, an aggregate of 1,725,000 shares were sold to certain of our initial shareholders, which we refer to throughout this
    prospectus as the &#8220;insider shares,&#8221; for an aggregate purchase price of $25,000, or approximately $0.01 per share, in
    connection with the Company&#8217;s organization pursuant to the exemption from registration contained in Section 4(a)(2) of the
    Securities Act. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, our sponsor has committed to purchase an aggregate of 187,400 private units from the company on a private placement
    basis simultaneously with the consummation of this offering. Our sponsor has also agreed that if the over-allotment option is exercised
    by the underwriter in full or in part, they will purchase from the company at a price of $10.00 per private unit up
    to an additional 12,600 private units. These issuances will be made pursuant to the exemption from registration contained in Section
    4(a)(2) of the Securities Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
underwriting discounts or commissions were paid with respect to such sales.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
16. Exhibits and Financial Statement Schedules.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The following exhibits are filed as part of this Registration Statement:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement.**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex3-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Memorandum and Articles of Association.*</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Amended and Restated Memorandum and Articles of Association.**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-1.htm">Specimen Unit Certificate.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-2.htm">Specimen Ordinary Share Certificate.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-3.htm">Specimen Warrant Certificate.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-4.htm">Form of Warrant Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-5.htm">Specimen Rights Certificate.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex4-6.htm">Form of Rights Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Ogier**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Loeb &amp; Loeb LLP.**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-1.htm">Form of Letter Agreement among the Registrant, Underwriters and the Company&#8217;s officers, directors and shareholders.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-2.htm">Form of Investment Management Trust Agreement between Continental Stock Transfer &amp; Trust Company and the Registrant.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-3.htm">Form of Escrow Agreement between the Registrant, Continental Stock Transfer &amp; Trust Company and the Initial Shareholders.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-4.htm">Form of Registration Rights Agreement among the Registrant and the Initial Shareholders.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-5.htm">Form of Subscription Agreement between the Registrant and the Sponsor.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex10-6.htm">Form of Indemnification Agreement.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex10-7.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Administration Service Agreement between the Registrant and the Sponsor.*</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex14.htm">Form of Code of Ethics.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><a href="ex23-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of MaloneBailey, LLP.*</span></a></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Ogier (included in Exhibit 5.1).**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Loeb &amp; Loeb LLP (included in Exhibit 5.2).**</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif"><a href="#poa_001"><span style="font-size: 10pt">Power
    of Attorney (included on signature page).</span></a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-1.htm">Form of Audit Committee Charter.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-2.htm">Form of Corporate Governance and Nominating Committee Charter.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex99-3.htm">Form of Compensation Committee Charter.*</a></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">107</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="ex107.htm">Filing fee table.*</a></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Filed herein.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
To be filed with an amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Item
17. Undertakings.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
    price set forth in the &#8220;Calculation of Registration Fee&#8221; table in the effective registration statement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
    for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
    for the purpose of determining any liability under the Securities Act of 1933 in a primary offering of securities of the undersigned
    registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
    if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
    will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule
    430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
    statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included
    in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
    by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
    a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
    or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates
    in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes that:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="text-align: left; width: 100%"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><a href="#toc_001">Table of Contents</a></p></td></tr></table></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="poa_001"></span>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in London, United Kingdom, on August 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DT
    CLOUD ACQUISITION CORPORATION</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Olivia Wenxi He</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olivia
    Wenxi He</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer </span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 30%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 20%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Date</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Olivia Wenxi He</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer (Principal executive officer) and Chairperson of the Board of Directors</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    31, 2022</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Olivia
    Wenxi He</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>AUTHORIZED
U.S. REPRESENTATIVE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of DT Cloud Acquisition
Corporation has signed this registration statement in the City of New York, on August 31, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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{"company-data": {"conformed-name": "DT Cloud Acquisition Corp", "cik": "0001944212", "irs-number": "000000000"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-267184", "film-number": "221217490"}, "business-address": {"street1": "30 ORANGE STREET", "city": "LONDON", "state": "X0", "zip": "WC2H 7HF", "phone": "44 7918725316"}, "mail-address": {"street1": "30 ORANGE STREET", "city": "LONDON", "state": "X0", "zip": "WC2H 7HF"}}
As
filed with the U.S. Securities and Exchange Commission on August 31, 2022.
Registration
No. 333-[                ]
UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
S-1
REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933
DT
CLOUD ACQUISITION CORPORATION
(Exact name of registrant as specified in its constitutional
documents)
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)
Ms.
Olivia Wenxi He
30
Orange Street
London
United
Kingdom
,
WC2H 7HF
Telephone:
+44
7918725316
(Address, including zip code, and telephone number, including area code, of registrant's principal executive
offices)
Cogency
Global Inc.
122 East 42
nd
Street, 18
th
Floor
New York, NY 10168
+1 800-221-0102
(Name, address, including zip code, and telephone number, including area code, of agent for service)
Copies
to:
Lawrence
                                            S. Venick, Esq.
Loeb & Loeb LLP
2206-19 Jardine House
1
    Connaught Place
Central
Hong
    Kong SAR
Telephone: +852-3923-1111
Fax:
    +852-3923-1100
Jeffrey
                                            C. Selman, Esq.
Alan Seem, Esq.
DLA Piper LLP (US)
2000 University Avenue
East Palo Alto, California
94303
United States
Telephone: 650-833-2000
Peter Ekberg,
Esq.
DLA Piper LLP (US)
90 South Seventh Street
Unit 5100
Minneapolis, MN 55402
United States
Telephone: 612-524-3000
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, 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
☒
Smaller
    reporting company
☒
Emerging
    growth company
☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.
☐
The
registrant hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the
registrant shall file a further amendment which specifically states that this registration statement shall thereafter become effective
in accordance with Section 8(a) of the Securities Act of 1933 or until the registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.
The
information in this preliminary prospectus is not complete and may be changed. We may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and
is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.
PRELIMINARY
    PROSPECTUS
SUBJECT
    TO COMPLETION, DATED AUGUST 31, 2022
$60,000,000
DT
CLOUD ACQUISITION CORPORATION
6,000,000 Units
DT
Cloud Acquisition Corporation is a blank check company incorporated in the Cayman Islands as an exempted company with limited
liability 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. 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. Our efforts to identify a prospective target business will not be limited to a particular industry or geographic region.
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 ordinary
share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon the consummation of an
initial business combination, as described in more detail in this prospectus. We refer to the rights included in the units as
"rights" or the "public rights," and the warrants included in the units as "warrants" or the
"public warrants." As a result, (1) each redeemable warrant entitles the holder thereof to purchase one ordinary share
at a price of $11.50 per share, subject to adjustment as described in this prospectus, and (2) each twenty rights entitle the holder
thereof to receive one ordinary share. Each warrant will become exercisable on the later of 30 days after the completion of an
initial business combination or 12 months from the date of the registration statement is declared effective by the SEC, and
will expire five years after the completion of our initial business combination or earlier upon redemption or liquidation, as
described in this prospectus.
We
have granted Brookline Capital Markets, a division of Arcadia Securities, LLC ("Brookline"), an underwriter of this
offering, a 45-day option to purchase up to an additional 900,000 units (over and above the 6,000,000 units referred to above) solely
to cover over-allotments, if any.
We
will provide the holders of our outstanding ordinary shares that were sold in this offering with the opportunity to redeem their shares
upon the consummation of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on
deposit in the trust account described below, including interest (net of taxes payable), divided by the number of then outstanding ordinary
shares that were sold in this offering, which we refer to as our "public shares" throughout this prospectus, subject to the
limitations described herein.
We
have 12 months (or up to 21 months if we extend the period of time to consummate a business combination, as described in more detail
in this prospectus) from the closing of this offering to consummate our initial business combination. Public shareholders will not be
offered the opportunity to vote on or redeem their shares in connection with any such extension. If we are unable to complete our initial
business combination within the above time period, we will distribute the aggregate amount then on deposit in the trust account, including
interest (net of taxes payable), pro rata to our public shareholders, by way of the redemption of their shares and thereafter cease all
operations except for the purposes of winding up of our affairs, as further described herein.
Our
sponsor, DT Cloud Capital Corp., has committed to purchase from us an aggregate of 187,400 units (or up to 200,000 units if the underwriter's
over-allotment option is exercised in full) or "private units," at $10.00 per private unit for a total purchase price
of $1,874,000 (or $2,000,000, if the underwriter's over-allotment option is exercised in full). These purchases will take
place on a private placement basis simultaneously with the consummation of this offering. These private units are identical to the units
sold as part of the units in this offering, subject to limited exceptions as further described herein. A portion of the proceeds we receive
from these purchases will be placed in the trust account described below.
Prior
to this offering, there has been no public market for our units, ordinary shares, warrants, or rights. We have applied to have our units
listed on the NASDAQ Global Market, or NASDAQ, under the symbol "[ ]U" on or promptly after the date of this prospectus.
The ordinary shares, warrants, and rights comprising the units will begin separate trading on the 52
nd
day after the date
of this prospectus unless Brookline informs us of its decision to allow earlier separate trading, subject to our satisfaction of certain
conditions. Once the securities comprising the units begin separate trading, the ordinary shares, warrants, and rights will be traded
on NASDAQ under the symbols "[            ]," "[           ]W,"
and "[            ]R", respectively.
We
are an "emerging growth company" under applicable federal securities laws and will be subject to reduced public company reporting
requirements. Investing in our securities involves a high degree of risk. See "Risk Factors" beginning on page 25 for a discussion
of information that should be considered in connection with an investment in our securities. Investors will not be entitled to protections
normally afforded to investors in Rule 419 blank check offerings.
Neither
the U.S. Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of
these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
No
offer or invitation to subscribe for units may be made to the public in the Cayman Islands.
Price
    to Public
Underwriting
Discounts and
Commissions
(1)
Proceeds,
    before Expenses, to us
Per
    Unit
$
10.00
$
0.39
$
9.61
Total
$
60,000,000
$
2,340,000
$
57,660,000
(1)
Includes
    $0.25 per unit, or $1,500,000 (or $1,725,000 if the underwriter's over-allotment option is exercised in full) in the
    aggregate, payable to the underwriter and/or advisors (which are FINRA members)  for deferred underwriting commissions that
    will be placed in a trust account located in the United States as described herein. In addition, the Company will also
    issue 90,000 ordinary shares (or up to 103,500 ordinary shares if the underwriter's over-allotment option is
    exercised in full) to Brookline (the "representative shares") as part of the underwriting compensation in connection
    with this offering. The commissions of $0.14 per unit will be paid in cash to the underwriter upon the closing of this offering.
    With respect to the deferred commissions, $0.10 per unit will be released to the underwriter only on the
    completion of an initial business combination, and $0.15 per unit will be released to one or more advisors (which are FINRA
    members), which may include the underwriter, at the discretion of the Company based on the amount remaining in the
    trust account after the completion of an initial business combination, subject to adjustment as described in this prospectus. Does
    not include certain fees and expenses payable to the underwriter in connection with this offering. See also
    "Underwriting" for a description of compensation and other items of value payable to the underwriter.
Upon
consummation of the offering, $10.00 per unit sold to the public in this offering (whether or not the over-allotment option has been
exercised in full or in part) will be deposited into a United States-based account at Morgan Stanley maintained by
Continental Stock Transfer & Trust Company acting as trustee. Such amount approximately includes $600,000, or $690,000
(being $0.10 per unit) if the underwriter's over-allotment option is exercised in full, payable to the underwriter
as deferred underwriting discounts and commissions only on the completion of an initial business combination, and $900,000 or
$1,035,000 (being $0.15 per unit) if the underwriter's over-allotment option is exercised in full, less any unit
redemption amounts by the shareholders in connection with the initial business combination in cash will be released to one or
more advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company, subject to a maximum fee up to
$1,500,000 or $1,725,000 (being $0.25 per unit), if the over-allotment option is exercised in full. Except as
described in this prospectus, these funds will not be released to us until the earlier of the completion of our initial business
combination and our liquidation upon our failure to consummate a business combination within the required time period. The majority
of our assets may be located outside the United States after we consummate our first business combination.
The
underwriter is offering the units for sale on a firm-commitment basis. Delivery of the units will be made on or about __________,
2022.
Sole
Book-Running Manager
Brookline
Capital Markets
a
division of Arcadia Securities, LLC
The
date of this prospectus is _______________, 2022
DT
CLOUD ACQUISITION CORPORATION
TABLE
OF CONTENTS
Page
PROSPECTUS
    SUMMARY
1
SUMMARY
    FINANCIAL DATA
24
RISK
    FACTORS
25
CAUTIONARY
    NOTE REGARDING FORWARD-LOOKING STATEMENTS
52
ENFORCEABILITY
    OF CIVIL LIABILITIES
53
USE
    OF PROCEEDS
54
DIVIDEND
    POLICY
57
DILUTION
58
CAPITALIZATION
60
MANAGEMENT'S
    DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
61
PROPOSED
    BUSINESS
65
MANAGEMENT
82
PRINCIPAL
    SHAREHOLDERS
89
CERTAIN
    TRANSACTIONS
91
DESCRIPTION
    OF SECURITIES
93
SHARES
    ELIGIBLE FOR FUTURE SALE
105
TAXATION
106
UNDERWRITING
117
LEGAL
    MATTERS
119
EXPERTS
119
WHERE
    YOU CAN FIND ADDITIONAL INFORMATION
119
INDEX
    TO FINANCIAL STATEMENTS
F-1
i
Table of Contents
PROSPECTUS
SUMMARY
This
summary highlights certain information appearing elsewhere in this prospectus. For a more complete understanding of this offering, you
should read the entire prospectus carefully, including the risk factors and the financial statements. Unless otherwise stated in this
prospectus, references to:
●
"we,"
    "us" or "our company" refers to DT Cloud Acquisition Corporation;
●
"amended
    and restated memorandum and articles of association" are to our Amended and Restated Memorandum and Articles of Association;
●
"Companies
    Act" are to the Companies Act (2022 Revision) of the Cayman Islands, as may be amended from time to time;
●
"initial
    shareholders" refers to all of our shareholders immediately prior to the date of this prospectus, including all of our officers
    and directors to the extent they hold such shares;
●
"insider
    shares" refers to the 1,725,000 ordinary shares held by our initial shareholders prior to this offering (including up to an
    aggregate of 225,000 ordinary shares subject to forfeiture to the extent that the underwriter's over-allotment option
    is not exercised in full or in part);
●
"letter
    agreements" refer to the agreements to be executed among us, the underwriter, our officers, directors and other initial
    shareholders on the date of this prospectus;
●
"private
    units" refer to the units issued in a private placement simultaneously with the closing of this offering;
●
"private
    warrants" refer to the warrants underlying the private units;
●
"US
    Dollars" and "$" refer to the legal currency of the United States;
●
"public
    shares" refer to ordinary shares which are being sold as part of the units in this offering (whether they are purchased
    in this offering or thereafter in the open market);
●
"representative
    shares" refer to the 90,000 ordinary shares issued to Brookline (and/or its designees) as a part of its underwriter compensation
    simultaneously with the closing of this offering;
●
"rights"
or "public rights" refer to the rights which are being sold as part of the units in this offering;
●
"warrants"
    or "public warrants" refer to the warrants which are being sold as part of the units in this offering;
●
"sponsor"
    refers to DT Cloud Capital Corp.; and
●
"public
    shareholders" means the holders of the public shares, whether they are purchased in the public offering or in the aftermarket, including any
    of our initial shareholders to the extent that they purchase such public shares (except that our initial shareholders will not have
    conversion or tender rights with respect to any public shares they own).
Except
as specifically provided otherwise, the information in this prospectus assumes that the underwriter will not exercise its over-allotment
option.
All
references in this prospectus to our insider shares being forfeited shall take effect as surrenders for no consideration of such shares
as a matter of Cayman Islands law. All references to the conversion of ordinary shares shall take effect as a redemption of ordinary
shares and issuance of the corresponding ordinary shares as a matter of Cayman Islands law.
You
should rely only on the information contained in this prospectus. We have not authorized anyone to provide you with different information.
We are not making an offer of these securities in any jurisdiction where the offer is not permitted.
As
a blank check company incorporated in the Cayman Islands, we do not have any subsidiaries as of the date of this prospectus, and no transfers,
dividends, or distributions of any earnings or settlement of any amounts have been made by us to date.
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Table of Contents
General
We
are a blank check company incorporated in the Cayman Islands on July 7, 2022 as an exempted company with limited liability (meaning that
our public shareholders have no liability, as shareholders of our company, for the liabilities of our company over and above the amount
paid for their shares). We were 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, 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 location. 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. Additionally,
we have not engaged or retained any agent or other representative to identify or locate any suitable acquisition candidate, to conduct
any research or take any measures, directly or indirectly, to locate or contact a target business.
Competitive
Strengths
Our
management team is led by Ms. Olivia Wenxi He, who has over a decade of combined deal-making and investment experience. Our mission
is to unlock value for our shareholders by identifying an acquisition target in any sectors with growth potential. Given the diversified
experience of our management team, we believe we have significant resources to identify, diligence, and structure transactions that would
benefit all shareholders. We could also get deal sources from our sponsor, or affiliates of our sponsor. Our competitive strengths include
the following:
Deep
Experience of Operating Partners
We
believe that our ability to leverage the experience of the management team, which comprise executives of different companies across multiple
sectors and industries, will provide us a distinct advantage in being able to source, evaluate and consummate an attractive transaction.
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Table of Contents
Proprietary
Sourcing Channels and Leading Industry Relationships
We
believe the capabilities and connections associated with our management team, in combination with our sponsor and our strategic and operating
partners, will provide us with a differentiated pipeline of acquisition opportunities. We expect these sourcing capabilities will be
further bolstered by our reputation and deep industry relationships.
Track
Record of Investment Experience
We
believe that our management's track record of identifying and sourcing transactions positions us well to appropriately evaluate
potential business combinations and select one that will be well received by the public markets.
Execution
and Structuring Capability.
Our
combined expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive
investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous
due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of
transactions, we are able to generate investment opportunities that have attractive risk/reward profiles based on their valuations and
structural characteristics.
Acquisition
Strategy and Investment Criteria
Our
acquisition strategy is to:
●
leverage
    our management team's operational expertise, successful deal experience, and extensive knowledge in a broad sector horizon
    to effectively and efficiently seek acquisition opportunities and may pursue targets in, any industry or geography.
●
leverage
    the unique combination of proven deal execution capabilities, extensive relationship networks and professional investment track record
    of our sponsor and management team's extensive experience with listed companies, capital market transactions and investing
    in companies across a wide range of sectors.
●
focus
    our search for a target company that has compelling economics, potential for high recurring revenue, a defensible market position,
    and successful management teams that are seeking access to the public capital markets.
●
generate
    attractive returns and create value for our shareholders by applying a disciplined strategy of identifying attractive investment
    opportunities that could benefit from the addition of capital, management expertise and strategic insights.
●
identify
    an opportunity where our management team's expertise could effect a positive transformation of the existing business to improve
    the overall value propositions while maximizing shareholder value.
●
identify
    companies that are under-performing their potential due to a temporary period of dislocation in the markets.
●
source
    initial business combination opportunities through the extensive networks of our management team, sponsor and their affiliates, including
    seasoned executives and operators, private equity investors, lenders, attorneys and family offices, that we believe will provide
    our management team with a robust flow of acquisition opportunities.
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Table of Contents
Our
management team has decades of combined experience setting and implementing strategies to grow revenues and improve profitability, including:
helping to develop growth initiatives; developing capital allocation strategies; reducing expenses to increase earnings or to redeploy
capital into more beneficial initiatives; pursuing add-on acquisitions and divestitures; engaging in capital markets and other
financing or restructuring activities; evaluating, changing or enhancing management when appropriate; and crafting other initiatives.
To
execute our business strategy, we intend to:
●
utilize
    our management team's extensive network of company owners, management teams, financial intermediaries and others to identify
    appropriate candidates for a possible business combination;
●
conduct
    rigorous research and analysis of various industries and companies to identify promising potential targets;
●
conduct
    a rigorous and thorough due diligence review of the targets under consideration, including an analysis of overall industry
    and competitive conditions and of company specific information, meetings with incumbent management and employees, document reviews,
    interviews of customers and suppliers, inspections of facilities, competitor analysis and reviews of operational, financial and business
    and other information, among others, in the evaluation process to ensure a high-quality potential target;
●
utilize
    our established deal execution experiences to better understand the competing priorities among stakeholders and creatively structure
    transaction terms to reach a transaction agreement beneficial to all parties;
●
identify
    under-exploited expansion opportunities overlooked by other companies where complexity or urgency mask hidden value and complete
    a business combination at an attractive price in terms of intrinsic value and future potential;
●
implement
    a business plan that we believe will accelerate growth and provide the company with flexibility both financially and operationally;
    and
●
seek
    further strategic opportunities in the form of acquisitions, divestitures or other transactions in order to enhance shareholder
    value.
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Table of Contents
Consistent
with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating
prospective target businesses. We intend to use these criteria and guidelines in evaluating acquisition opportunities, but we may decide
to enter into our initial business combination with a target business that does not meet these criteria and guidelines:
●
Established
    Businesses:
We will seek to acquire one or more businesses or assets that have a history of, or potential for, strong, stable
    cash flow generation, with predictable and recurring revenue streams.
●
Generates
    Stable Free Cash Flow:
We will seek to acquire a business that has historically generated, or has the near-term potential to
    generate, strong and sustainable free cash flow.
●
Growth
    opportunities through capital investment
: We intend to seek candidates who will benefit from additional capital investment through
    a business combination.
●
Strong
    management teams with a proven track record
: We intend to seek candidates who have strong management teams with a proven track
    record of driving revenue growth, enhancing profitability and generating strong free cash flow. We will seek to partner with a potential
    target's management team and expect that the operating and financial abilities of our management and board will help potential
    target companies to unlock opportunities for future growth and enhanced profitability.
●
Benefit
    from Being a Public Company
: We intend to pursue a business combination with a company that we believe will benefit from being
    publicly traded and can effectively utilize the broader access to capital and public profile that are associated with being a publicly
    traded company.
●
Would
    Benefit Uniquely from our Capabilities
: We will seek to acquire a business where the collective capabilities of our management
    and sponsor can be leveraged to tangibly improve the operations and market position of the target.
●
Risk-Adjusted
    Return
: We intend to acquire one or more companies that we believe can offer attractive risk-adjusted return on investments for
    our shareholders.
Our
Competitive Advantages
Status
as a Publicly Listed Company
After
this offering, we believe our structure will make us an attractive business combination partner to prospective target businesses. As
a publicly listed company, we will offer a target business an alternative to the traditional initial public offering. We believe that
target businesses will favor this alternative, which we believe is less expensive, while offering greater certainty of execution than
a traditional initial public offering. During an initial public offering, there are typically expenses incurred in marketing,
which would be costlier than a business combination with us. Furthermore, once a proposed business combination is approved by our shareholders
(if applicable) and the transaction is consummated, the target business will have effectively become public, whereas an initial public
offering is always subject to the underwriter's ability to complete the offering, as well as general market conditions that
could prevent the offering from occurring. Once public, we believe the target business would have greater access to capital and additional
means of creating management incentives that are better aligned with shareholders' interests than it would as a private company.
It can offer further benefits by augmenting a company's profile among potential new customers and vendors and aid in attracting
talented management.
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Table of Contents
Strong
Financial Position and Flexibility
After
this offering, with the funds held in our trust account, we offer a target business a variety of options such as creating a liquidity
event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by
reducing its debt ratio. Because we are able to complete our initial business combination using our cash, debt or equity securities,
or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the consideration
to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure third party financing
and there can be no assurance it will be available to us.
Effecting
a Business Combination
We
will either (i) seek shareholder approval of our initial business combination at a meeting called for such purpose at which public shareholders
may seek to convert their public shares, regardless of whether they vote for or against the proposed business combination, into their
pro rata
portion of the aggregate amount then on deposit in the trust account (net of taxes payable) or (ii) provide our public
shareholders with the opportunity to sell their public 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. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant
to written letter agreements with us, not to convert any public shares held by them into their
pro rata
portion of the aggregate
amount then on deposit in the trust account. 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 so choose and we are legally permitted to do so, we will have the flexibility to avoid a shareholder vote
and allow our shareholders to sell their shares pursuant to the tender offer rules of the Securities and Exchange Commission, or SEC.
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. We will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 upon such consummation and, solely if we seek shareholder approval, a majority
of the issued and outstanding ordinary shares voted are voted in favor of the business combination.
We
will have until 12 months from the consummation of this offering to consummate our initial business combination. However, if we anticipate
that we may not be able to consummate our initial business combination within 12 months, we may, but are not obligated to, extend the
period of time to consummate a business combination nine times by an additional one month each time (for a total of up to 21 months
to complete a business combination). Public shareholders will not be offered the opportunity to vote on or redeem their shares in connection
with any such extension. Pursuant to the terms of our amended and restated 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 to extend the
time available for us to consummate our initial business combination, our insiders or their affiliates or designees, upon five days advance
notice prior to the applicable deadline, must deposit into the trust account for each one month extension, $198,000 or $227,700 if the
underwriter's over-allotment option is exercised in full ($0.033 per share in either case), on or prior to the date of the
applicable deadline, up to an aggregate of $1,782,000 (or $2,049,300 if the underwriter's over-allotment opinion is exercised
in full). The insiders will receive a non-interest-bearing, unsecured promissory note equal to the amount of any such deposit
that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the
trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the lender's
discretion, converted upon consummation of our business combination into additional private units at a price of $10.00 per unit. Our
shareholders have approved the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert
such notes at the time of the consummation of our initial business combination. In the event that we receive notice from our insiders
five days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press release announcing such
intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the applicable
deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated
to fund the trust account to extend the time for us to complete our initial business combination. To the extent that some, but not all,
of our insiders, decide to extend the period of time to consummate our initial business combination, such insiders (or their affiliates
or designees) may deposit the entire amount required. If we are unable to consummate our initial business combination within such time
period, we will, as promptly as possible but not more than ten (10) business days thereafter, redeem 100% of our outstanding public shares
for a pro rata portion of the funds held in the trust account, including a pro rata portion of any interest earned on the funds held
in the trust account and not previously released to us or necessary to pay our taxes, and then seek to liquidate and dissolve. However,
we may not be able to distribute such amounts as a result of claims of creditors which may take priority over the claims of our public
shareholders. In the event of our liquidation and subsequent dissolution, the public warrants and rights will expire and will
be worthless.
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Table of Contents
If
we are unable to consummate our initial business combination within this time period, we will liquidate the trust account and distribute
the proceeds held therein to our public shareholders by way of redeeming their shares and dissolve. If we are forced to liquidate, we
anticipate that we would distribute to our public shareholders the amount in the trust account calculated as of the date that is two
(2) days prior to the distribution date (including any accrued interest net of taxes payable). Prior to such distribution, we would be
required to assess all claims that may be potentially brought against us by our creditors for amounts they are actually owed and make
provision for such amounts, as creditors take priority over our public shareholders with respect to amounts that are owed to them. We
cannot assure you that we will properly assess all claims that may be potentially brought against us. As such, our shareholders could
potentially be liable for any claims of creditors to the extent of distributions received by them as an unlawful payment in the event
we enter an insolvent liquidation. In the event of our liquidation and subsequent dissolution, the public warrants and rights will expire
and will be worthless.
Pursuant
to the NASDAQ listing rules, our initial business combination must be with a target business or businesses whose collective fair market
value is at least equal to 80% of the balance in the trust account (excluding any deferred underwriting discounts and commissions and
taxes payable on the income earned on the trust account) at the time of the execution of a definitive agreement for such business combination,
although this may entail simultaneous acquisitions of several target businesses. The fair market value of the target business 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). Our board of directors will have broad discretion in choosing the standard used
to establish the fair market value of any prospective target business. The target business or businesses that we acquire may have a collective
fair market value substantially in excess of 80% of the trust account balance. We will not be required to comply with the 80% fair market
value requirement if we are delisted from NASDAQ.
We
are not required to obtain an opinion from an unaffiliated third party that the target business we select has a fair market value in
excess of at least 80% of the balance of the trust account unless our board of directors cannot make such determination on its own. We
are also not required to obtain an opinion from an unaffiliated third party indicating that the price we are paying is fair to our shareholders
from a financial point of view unless the target is affiliated with our officers, directors, initial shareholders or their affiliates.
We
currently anticipate structuring our initial 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 of 1940, as amended, or the Investment
Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our 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 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, only the portion of such target business or businesses that is owned or acquired is what will be valued for purposes of the
80% fair market value test.
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Table of Contents
Emerging
Growth Company Status and Other Information
We
are an emerging growth company as defined in Section 2(a) of the Securities Act of 1933, as amended, or the Securities Act, as modified
by the Jumpstart Our Business Startups Act of 2012 (which we refer to herein as the JOBS Act). As such, we are eligible to take advantage
of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth
companies including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the
Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
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 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 are held by non-affiliates exceeds $700 million
as of the prior June 30, and (2) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three
year period.
Private
Placements
In
August 2022, we issued an aggregate of 1,725,000 insider shares to our initial shareholders for an aggregate purchase price of
$25,000, or approximately $0.01 per share. The 1,725,000 insider shares held by our initial shareholders include an aggregate of up to
225,000 shares subject to forfeiture by our sponsor to the extent that the underwriter's over-allotment option is not exercised
in full or in part, so that our initial shareholders will collectively own 20.0% of our issued and outstanding shares after this offering
(without giving effect to the sale of the private units and assuming our initial shareholders do not purchase units in this offering).
None of our initial shareholders has indicated any intention to purchase units in this offering.
The
insider shares and representative shares are identical to the ordinary shares included in the units being sold in this offering.
However, our initial shareholders have agreed, pursuant to written letter agreements with us, and the holders of the representative
shares have agreed, (A) to vote their insider shares and representative shares, respectively, (as well as any public shares
acquired in or after this offering) in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment
to our amended and restated memorandum and articles of association that would stop our public shareholders from converting or selling
their shares to us in connection with a business combination 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 12 months (or up to 21 months, if we extend the time to complete a
business combination as described in this prospectus) from the closing of this offering unless we provide dissenting public shareholders
with the opportunity to convert their public shares into the right to receive cash from the trust account in connection with any such
vote, (C) not to convert any insider shares or representative shares (as well as any other shares acquired in or after this offering)
into the right to receive cash from the trust account in connection with a shareholder vote to approve our proposed initial business
combination (or sell any shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote
to amend the provisions of our amended and restated memorandum and articles of association relating to shareholders' rights or
pre-business combination activity and (D) that the insider shares and representative shares shall not participate in any liquidating
distribution upon winding up if a business combination is not consummated. Additionally, our initial shareholders and the holders
of the representative shares have agreed not to transfer, assign or sell any of the insider shares and representative shares,
respectively, (except to certain permitted transferees) until the earlier of (1) one year after the completion of our initial business
combination; or (2) after the date of the consummation of our initial business combination, and subsequently, we consummate a liquidation,
merger, stock exchange or other similar transaction which results in all of our shareholders having the right to exchange their ordinary
shares for cash, securities or other property (the "Lock-Up"). Notwithstanding the foregoing, the insider shares
and the representative shares will be released from the Lock-Up (1) on the earlier of 150 days after the date of the consummation
of our initial business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after our initial business combination or (2) after the date of the consummation of our initial business combination
which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property. Additionally,
our initial shareholders and the holders of the representative shares have also agreed not to transfer, assign or sell any of private
units (including the ordinary shares issuable upon exercise of the private units) and the representative shares, respectively, until
30 days after the completion of our initial business combination (except with respect to permitted transferees as described herein under
"Principal Shareholders"). Any permitted transferees will be subject to the same restrictions and other agreements of our
initial shareholders and the holders of the representative shares with respect to any insider shares, the private units, and representative
shares, as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares
are exchanged or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer's shares, then the
insider shares, the representative shares, or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
The representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning
on the date of the commencement of sales in this offering pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these
securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the economic
disposition of the securities by any person for a period of 180 days beginning on the date of commencement of sales of this offering,
nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning on the date of commencement of
sales of this offering, except to any underwriter and selected dealer participating in the offering and their officers, partners, registered
persons or affiliates. Brookline has further agreed not to transfer, assign or sell any of the representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated above.
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In
addition, our sponsor, has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total
purchase price of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this
offering. All of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also
agreed that if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit
an additional number of private units (up to a maximum of 12,600 private units)
pro rata
with the amount of the over-allotment
option exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from the private placement
of the private units will be added to the proceeds of this offering and placed in an account in the United States maintained by Continental
Stock Transfer & Trust Company, as trustee. The majority of our assets may be located outside the United States after we consummate
our first business combination.
The
private units are identical to the units sold in this offering except that the private warrants will be non-redeemable and may be exercised
on a cashless basis, in each case so long as they continue to be held by our sponsor or its permitted transferees. Additionally, because
the private units will be issued in a private transaction, our sponsor and its permitted transferees will be allowed to exercise the
private warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon exercise of such warrants
is not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote the ordinary shares underlying
the private units, or "private shares," in favor of any proposed business combination, (B) not to propose, or vote in favor
of, an amendment to our amended and restated memorandum and articles of association that would stop our public shareholders from converting
or selling their shares to us in connection with a business combination 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 12 months from the closing of this offering (as such period
may be extended up to 21 months at the election of the Company, either in lieu of a shareholder vote or if a shareholder vote has been
unsuccessful, subject to the satisfaction of certain conditions or by the Company's shareholders in accordance with our memorandum
and articles of association) from the closing of this offering unless we provide public shareholders with the opportunity to redeem their
public shares from the trust account in connection with any such vote, (C) not to convert any private shares for cash from the trust
account in connection with a shareholder vote to approve our proposed initial business combination or a vote to amend the provisions
of our amended and restated memorandum and articles of association relating to shareholders' rights or pre-business combination
activity and (D) that the private shares shall not participate in any liquidating distribution upon winding up if a business combination
is not consummated. Our sponsor has also agreed not to transfer, assign or sell any of the private units or underlying securities (except
to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions as the
permitted transferees of the insider shares must agree to, each as described above) until 30 days after the completion of our
initial business combination.
If
public units or shares are purchased by any of our directors, officers or initial shareholders, they will be entitled to funds from the
trust account to the same extent as any public shareholder upon our liquidation but will not have redemption rights related thereto.
Corporate
Information
Our
principal executive office is located at 30 Orange Street, London, United Kingdom, WC2H 7HF, and our telephone number is +44 7918725316.
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The
Offering
In
making your decision on whether to invest in our securities, you should take into account not only the backgrounds of the members of
our management team, but also the special risks we face as a blank check company and the fact that this offering is not being conducted
in compliance with Rule 419 promulgated under the Securities Act. You will not be entitled to protections normally afforded to investors
in Rule 419 blank check offerings. You should carefully consider these, and the other risks set forth in the section below entitled "
Risk
Factors
" beginning on page 25 of this prospectus.
Securities
    offered
6,000,000
    units, at $10.00 per unit, each unit consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth
    (1/20) of one ordinary share upon the consummation of an initial business combination. Each redeemable warrant entitles the holder
    thereof to purchase one ordinary share at a price of $11.50 per share.
Listing
    of our securities and proposed symbols
We
    anticipate the units, and the ordinary shares, warrants, and rights, once they begin separate trading, will be listed on NASDAQ under
    the symbols "[          ]U,", "[          ],"
    "[          ]W," and "[          ]R",
    respectively.
Each
    of the ordinary shares, warrants, and rights may trade separately on the 52
nd
day after the date of this prospectus unless
    the underwriter determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative
    strengths of the securities markets and small capitalization and blank check companies in general, and the trading pattern of, and
    demand for, our securities in particular). In no event will the underwriter allow separate trading of the ordinary shares, warrants
    and rights until we file an audited balance sheet reflecting our receipt of the gross proceeds of this offering.
Once
    the ordinary shares, warrants, and rights commence separate trading, holders will have the option to continue to hold units or separate
    their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the
    units into separately trading ordinary shares, warrants and rights. No fractional rights will be issued upon separation of the units.
    Only whole rights will trade. Accordingly, unless you purchase at least twenty units, you will not be able to receive a whole
    right.
We
    will file a Current Report on Form 8-K with the SEC, including an audited balance sheet, promptly upon the consummation of this offering,
    which is anticipated to take place three business days from the date the units commence trading. The audited balance sheet will reflect
    our receipt of the proceeds from the exercise of the over-allotment option if the over-allotment option is exercised on the date
    of this prospectus. If the over-allotment option is exercised after the date of this prospectus, we will file an amendment to the
    Form 8-K or a new Form 8-K to provide updated financial information to reflect the exercise of the over-allotment option. We will
    also include in the Form 8-K, or amendment thereto, or in a subsequent Form 8-K, information indicating if the underwriter has allowed
    separate trading of the ordinary shares, warrants and rights prior to the 52
th
day after the date of this prospectus.
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Ordinary
    shares:
Number
    issued and outstanding
before this offering and the
private placement
1,725,000 shares
(1)
Number
    to be issued and
outstanding after this offering
and sale of private units
7,777,400 shares
(2)(3)
Redeemable
    Warrants:
Number
    issued and outstanding
before this offering and the
private placement
0 warrants
Number
    to be issued and
outstanding after this offering
and sale of private units
6,187,400 warrants
(4)
Exercisability
Each
    redeemable warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per share, subject to adjustment
    as described in this prospectus.
Exercise
    price
$11.50
    per share. No warrants will be exercisable on a cash basis unless we have an effective and current registration statement covering
    the ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such ordinary shares. It is our current
    intention to have an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants
    and a current prospectus relating to such ordinary shares in effect promptly following consummation of an initial business combination.
    Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon exercise of the public warrants
    is not effective within 90 days following the consummation of our initial business combination, public 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 an available exemption from registration under the Securities
    Act. In such event, each holder would pay the exercise price by surrendering the warrants for that number of ordinary shares equal
    to the quotient obtained by dividing (x) the product of the number of ordinary shares underlying the warrants, multiplied by the
    excess of the "fair market value" (defined below) over the exercise price of the warrants by (y) the fair market value.
    The "fair market value" shall mean the average reported last sale price of the ordinary shares for the 10 trading days
    ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. For example,
    if a holder held 300 warrants to purchase 300 shares and the fair market value on the date prior to exercise was $15.00, that holder
    would receive 70 shares without the payment of any additional cash consideration. If an exemption from registration is not available,
    holders will not be able to exercise their warrants on a cashless basis.
(1)
This
    number includes an aggregate of up to 225,000 ordinary shares held by our sponsor that are subject to forfeiture if the over-allotment
    option is not exercised by the underwriter in full.
(2)
Assumes
    the over-allotment option has not been exercised and an aggregate of 225,000 ordinary shares held by our sponsor have been forfeited.
    If the over-allotment option is exercised in full, there will be a total of 8,928,500 ordinary shares issued and outstanding.
(3)
Comprised
    of 6,000,000 ordinary shares included in the units to be sold in this offering, 187,400 private shares and 1,500,000 insider shares
    after 225,000 ordinary shares held by our initial shareholders have been forfeited and 90,000 representative shares.
(4)
Assumes
    the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total of 7,100,000
    warrants, including an aggregate of 200,000 private warrants.
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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 share (with such
    issue price or effective issue price to be determined in good faith by our board of directors), (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, and (z) the volume weighted average trading price of our 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
    Price") is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
    115% of the Market Price, and the $18.00 per share redemption trigger price described below will be adjusted (to the nearest
    cent) to be equal to 180% of the Market Price.
Exercise
    period
The
    warrants will become exercisable on the later of 30 days after the completion of an initial business combination or 12 months from
    the date the registration statement is declared effective by the SEC. The warrants will expire at 5:00 p.m., New York
    City time, on the fifth anniversary of the completion of the initial business combination, or earlier upon redemption.
Redemption
We
    may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant:
●
at
    any time while the warrants are exercisable,
●
upon
    a minimum of 30 days' prior written notice of redemption,
●
if,
    and only if, the last sales price of our ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share
    capitalizations, rights, issuances, subdivisions, reorganizations, recapitalizations, and the like) for any 20 trading days within
    a 30 trading days period ending three business days before we send the notice of redemption, and
●
if,
                                            and only if, there is a current registration statement in effect with respect to the ordinary
                                            shares underlying such warrants at the time of redemption and for the entire 30-day trading
                                            period referred to above and continuing each day thereafter until the date of redemption.
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 ordinary shares may fall below the $18.00 trigger price as well
    as the $11.50 warrant exercise price per share after the redemption notice is issued and not limit our ability to complete
    the redemption.
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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
    whole warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary
    shares underlying the warrants, multiplied by the excess of the "fair market value" (defined below) over the exercise
    price of the warrants by (y) the fair market value. The "fair market value" shall mean the average reported last sale
    price of the ordinary shares for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption
    is sent to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a "cashless
    basis" will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for
    redemption, our cash needs at such time and concerns regarding dilutive share issuances.
Rights
    included as part of units:
Number
    outstanding before this offering and the private placement:
0
    right
Number
    to be outstanding after this offering and sale of private units:
6,187,400
(5)
rights
Terms
    of Rights:
Except
                                            in cases where we are not the surviving company in a business combination, each holder of
                                            a public right will automatically receive one-twentieth (1/20) of one share upon consummation
                                            of our initial business combination. In the event we will not be the surviving company upon
                                            completion of our initial business combination, each holder of a right will be required to
                                            affirmatively convert his, her or its rights in order to receive the one-twentieth (1/20)
                                            of one share underlying each right upon consummation of the business combination. We will
                                            not issue fractional shares in connection with an exchange of rights. Fractional shares will
                                            either be rounded down to the nearest whole share or otherwise addressed in accordance with
                                            the applicable provisions of Cayman Islands law. As a result, you must hold rights in
                                            multiples of twenty in order to receive shares for all of your rights upon closing of a business
                                            combination. If we are unable to complete an initial business combination within the required
                                            time period and we redeem the public shares for the funds held in the trust account, holders
                                            of rights will not receive any of such funds for their rights and the rights will expire
                                            worthless.
(5)
    Assumes the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total
    of 7,100,000 rights, including an aggregate of 200,000 private rights.
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Insider
    Shares and Representative Shares
In
                                            August 2022, an aggregate of 1,725,000 insider shares were issued to our initial
                                            shareholders, for an aggregate purchase price of $25,000, or approximately $0.01 per
                                            share. The insider shares held by our initial shareholders include an aggregate of up to
                                            225,000 shares subject to forfeiture by our sponsor to the extent that the underwriter's
                                            over-allotment option is not exercised in full or in part, so that our initial shareholders
                                            will collectively own 20.0% of our issued and outstanding shares after this offering
                                            (excluding the sale of the private units and the representative shares and assuming
                                            our initial shareholders do not purchase units in this offering). None of our initial shareholders
                                            has indicated any intention to purchase units in this offering.
We will issue 90,000 representative
    shares (or up to 103,500 ordinary shares if the underwriter's over-allotment option is exercised in full) to Brookline (and/or
    its designees) as part of its underwriting compensation. The representative shares are identical to the public shares except
    that Brookline has agreed not to transfer, assign or sell any such representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated below. In addition, Brookline has agreed (i) to waive its redemption
    rights with respect to such shares in connection with the completion of our initial business combination and (ii) to waive its rights
    to liquidating distributions from the trust account with respect to such shares if we fail to complete our initial business combination
    within 12 months (as such period may be extended up to 21 months at the election of the company, either in lieu of a shareholder
    vote or if a shareholder vote has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in
    accordance with our amended and restated memorandum and articles of association) from the closing of this offering.
The
    insider shares and representative shares are identical to the ordinary shares included in the units being sold in this offering.
    However, our initial shareholders have agreed, pursuant to written letter agreements with us, and the holders of the representative
    shares have agreed, (A) to vote their insider shares and representative shares, respectively, (as well as any public shares
    acquired in or after this offering) in favor of any proposed business combination, (B) not to propose, or vote in favor of, an amendment
    to our amended and restated memorandum and articles of association that would stop our public shareholders from converting or selling
    their shares to us in connection with a business combination 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 12 months (as such period may be extended up to 21 months at
    the election of the Company, either in lieu of a shareholder vote or if a shareholder vote has been unsuccessful, subject to the
    satisfaction of certain conditions or by the Company's shareholders in accordance with our memorandum and articles of association)
    from the closing of this offering unless we provide public shareholders with the opportunity to redeem their public shares from the
    trust account in connection with any such vote, (C) not to convert any insider shares or representative shares (as well as
    any other shares acquired in or after this offering) into the right to receive cash from the trust account in connection with a shareholder
    vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with
    a proposed initial business combination) or a vote to amend the provisions of our amended and restated memorandum and articles of
    association relating to shareholders' rights or pre-business combination activity and (D) that the insider shares and representative
    shares shall not participate in any liquidating distribution upon winding up if a business combination is not consummated. Additionally,
    our initial shareholders and the holders of the representative shares have agreed not to transfer, assign or sell any of the
    insider shares and representative shares, respectively, (except to certain permitted transferees) until (1) the earlier of
    one year after the date of the consummation of our initial business combination; or (2) after the date of the consummation of our
    initial business combination, and subsequently, we consummate a liquidation, merger, share exchange or other similar transaction
    which results in all of our shareholders having the right to exchange their shares for cash, securities or other property. Notwithstanding
    the foregoing, the insider shares and the representative shares will be released from the Lock-Up (1) on the
    earlier of 150 days after the date of the consummation of our initial business combination and the date on which the closing price
    of our ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share capitalizations, reorganizations and
    recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination or
    (2) after the date of the consummation of our initial business combination, which results in all of our shareholders having the right
    to exchange their ordinary shares for cash, securities or other property. Additionally, our initial shareholders and the holders
    of the representative shares have also agreed not to transfer, assign or sell any of private units (including the ordinary shares
    issuable upon exercise of the private units) and the representative shares, respectively, until 30 days after the completion of our
    initial business combination (except with respect to permitted transferees as described herein under "Principal Shareholders").
    Any permitted transferees will be subject to the same restrictions and other agreements of our initial shareholders and the holders
    of the representative shares with respect to any insider shares, the private units, and the representative shares, as applicable.
    However, if after our initial business combination, there is a transaction whereby all the outstanding shares are exchanged or redeemed
    for cash (as would be the case in a post-asset sale liquidation) or another issuer's shares, then the insider shares, the representative
    shares, or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
The
    representative shares have been deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning
    on the date of the commencement of sales in this offering of which this prospectus forms a part pursuant to FINRA Rule 5110 (e)(1).
    Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative, put or call transaction
    that would result in the economic disposition of the securities by any person for a period of 180 days beginning on the date of commencement
    of sales of this offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning
    on the date of commencement of sales of this offering except to any underwriter and selected dealer participating in the offering
    and their officers, partners, registered persons or affiliates.
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Private
    placement at time of offering
Our
                                            sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00
                                            per private unit (for a total purchase price of $1,874,000). These purchases will take place
                                            on a private placement basis simultaneously with the consummation of this offering. All of
                                            the proceeds we receive from these purchases will be placed in the trust account described
                                            below. Our sponsor has also agreed that if the over-allotment option is exercised by the
                                            underwriter, it will purchase from us at a price of $10.00 per private unit an additional
                                            number of private units (up to a maximum of 12,600 private units)
pro rata
with the
                                            amount of the over-allotment option exercised so that at least $10.00 per share sold to the
                                            public in this offering is held in trust regardless of whether the over-allotment option
                                            is exercised in full or in part. These additional private units will be purchased
                                            in a private placement that will occur simultaneously with the purchase of units resulting
                                            from the exercise of the over-allotment option. The proceeds from the private placement of
                                            the private units will be added to the proceeds of this offering and placed in an account
                                            in the United States maintained by Continental Stock Transfer & Trust Company, as trustee.
The
    private units are identical to the units sold in this offering except with respect to certain registration rights and transfer restriction.
    Additionally, because the private units will be issued in a private transaction, our sponsor and its permitted transferees will be
    allowed to exercise the private warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon
    exercise of such warrants is not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote
    the ordinary shares underlying the private units, or "private shares," in favor of any proposed business combination,
    (B) not to propose, or vote in favor of, an amendment to our amended and restated memorandum and articles of association that would
    stop our public shareholders from converting or selling their shares to us in connection with a business combination 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 12
    months (as such period may be extended up to 21 months at the election of the company, either in lieu of a shareholder vote
    or if a shareholder vote has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in
    accordance with our amended and restated memorandum and articles of association) from the closing of this offering unless
    we provide public shareholders with the opportunity to redeem their public shares from the trust account in connection with any such
    vote, (C) not to convert any private shares for cash from the trust account in connection with a shareholder vote to approve our
    proposed initial business combination or a vote to amend the provisions of our amended and restated memorandum and articles of association
    relating to shareholders' rights or pre-business combination activity and (D) that the private shares shall not participate
    in any liquidating distribution upon winding up if a business combination is not consummated. Our sponsor has also agreed not to
    transfer, assign or sell any of the private units or underlying securities (except to the same permitted transferees as the insider
    shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider shares must
    agree to, each as described above) until 30 days after the completion of our initial business combination.
Lock-Up
We,
    our sponsor and our officers and directors have agreed that, for a period of 180 days from the date of this prospectus, we and they
    will not, without the prior written consent of Brookline, offer, sell, contract to sell, pledge or otherwise dispose of, directly
    or indirectly, any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for,
    ordinary shares; provided, however, that we may (i) issue and sell the private units, (ii) issue and sell the additional units to
    cover our underwriter's over-allotment option (if any), (iii) register with the SEC pursuant to an agreement to be entered
    into concurrently with the issuance and sale of the securities in this offering, the resale of the insider shares and the private
    units or the warrants and ordinary shares issuable upon exercise of the warrants and (iv) issue securities in connection with an
    initial business combination. However, the foregoing shall not apply to the forfeiture of any insider shares pursuant to their terms
    or any transfer of insider shares to any current or future independent director of the company (as long as such current or future
    independent director is subject to the terms of the letter agreement, filed herewith, at the time of such transfer; and as long as,
    to the extent any Section 16 reporting obligation is triggered as a result of such transfer, any related Section 16 filing includes
    a practical explanation as to the nature of the transfer). Brookline in its sole discretion may release any of the securities subject
    to these lock-up agreements at any time without notice.
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Offering
    proceeds to be held in trust
$60,000,000
    of the net proceeds of this offering (or $69,000,000 if the over-allotment option is exercised in full), or $10.00 per unit sold to
    the public in this offering (regardless of whether or not the over-allotment option is exercised in full or in part) will be
    placed in a trust account at Morgan Stanley in the United States, maintained by Continental Stock Transfer & Trust Company,
    acting as trustee pursuant to an agreement to be signed on the date of this prospectus. Such amount approximately includes
    $600,000, or $690,000 (being $0.10 per unit) if the underwriter's over-allotment option is exercised in full, payable to the
    underwriter as deferred underwriting discounts and commissions only on the completion of an initial business combination, and $
    900,000, or $1,035,000 (being $0.15 per unit) if the underwriter's over-allotment option is exercised in full, less any unit
    redemption amounts by the shareholders in connection with the initial business combination in cash will be released to one or more
    advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company, subject to a maximum fee up to $1,500,000, or
    $1,725,000 (being $0.25 per unit) if the over-allotment option is exercised in full. Pursuant to the investment management
    trust agreement that will govern the investment of such funds, the trustee, upon our written instructions, will direct Morgan
    Stanley to invest the funds as set forth in such written instructions and to custody the funds while invested and until otherwise
    instructed in accordance with the investment management trust agreement. The remaining $502,000 of net proceeds of this offering
    will not be held in the trust account.
Except
                                            as set forth below, the proceeds held in the trust account will not be released until the
                                            earlier of: (1) the completion of our initial business combination within the required time
                                            period and (2) our redemption of 100% of the outstanding public shares if we have not completed
                                            a business combination in the required time period. Therefore, unless and until our initial
                                            business combination is consummated, the proceeds held in the trust account will not be available
                                            for our use for any expenses related to this offering or expenses which we may incur related
                                            to the investigation and selection of a target business and the negotiation of an agreement
                                            in connection with our initial business combination.
Notwithstanding
    the foregoing, there will be released to us from the trust account any interest earned on the funds in the trust account that we
    need to pay our income or other tax obligations. With 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 (estimated to initially be $502,000); provided, however,
    that in order to meet our working capital needs following the consummation of this offering if the funds not held in the trust account
    are insufficient, our initial shareholders, officers and directors or their affiliates may, but are not obligated to, loan us funds,
    from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
    by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or,
    at the lender's discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into
    private units at a price of $10.00 per unit. If we do not complete a business combination, the loans would be repaid out of funds
    not held in the trust account, and only to the extent available.
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Limited
    payments to insiders
Prior
    to the consummation of a business combination, there will be no fees, reimbursements or other cash payments paid to our initial shareholders,
    officers, directors or their affiliates prior to, or for any services they render in order to effectuate, the consummation of a business
    combination (regardless of the type of transaction that it is) other than:
●
repayment
    at the closing of this offering of an aggregate of approximately $75,000 of loans made by DT Cloud Capital Corp.;
●
payment
    to an affiliate of our sponsor of $10,000 per month, for up to 12 months (or up to 21 months, as applicable), for office space, utilities
    and secretarial and administrative support;
●
repayment
    at the closing of this offering of loans which may be made by our insiders, officers, directors or any of its or their affiliates
    to finance transaction costs in connection with an initial business combination through a portion of the working capital held outside
    the trust account if the initial business combination does not close, the terms of which have not been determined; and
●
reimbursement
    of out-of-pocket expenses incurred by them in connection with certain activities on our behalf, such as identifying and investigating
    possible business targets and business combinations.
There
    is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed
    the available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial
    business combination. Our audit committee will review and approve all reimbursements and payments made to any initial shareholder
    or member of our management team, or their respective affiliates, and any reimbursements and payments made to members of our audit
    committee will be reviewed and approved by our board of directors, with any interested director abstaining from such review and approval.
Conditions
    to completing our initial business combination
Our
                                            initial business combination must occur with one or more target businesses that together
                                            have an aggregate fair market value of at least 80% of the value of the trust account (excluding
                                            any deferred underwriter's fees and taxes payable on the income earned on the
                                            trust account) at the time of the agreement to enter into the initial business combination.
                                            If we are no longer listed on NASDAQ, we will not be required to satisfy the 80% test.
If
    our board is not able to independently determine the fair market value of the target business or businesses, we may obtain an opinion
    from an independent investment banking or accounting firm as to the fair market value of the target business. We will complete our
    initial business combination only if the post-transaction company in which our public shareholders own shares will own or acquire
    50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient
    for it not to be required to register as an investment company under the Investment Company Act. Even if the post-transaction company
    owns 50% or more of the voting securities of the target, our shareholders prior to the business combination may collectively own
    a minority interest in the post business combination company, depending on valuations ascribed to the target and us in the business
    combination transaction. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired
    by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be valued for
    purposes of the 80% test, provided that in the event that the business combination involves more than one target business, the 80%
    test will be based on the aggregate value of all of the target businesses.
Potential
    revisions to agreements
with insiders
We
    could seek to amend certain agreements made by our management team disclosed in this prospectus without the approval of shareholders,
    although we have no intention to do so. For example, restrictions on our executives relating to the voting of securities owned by
    them, the agreement of our management team to remain with us until the closing of a business combination, the obligation of our management
    team to not propose certain changes to our organizational documents or the obligation of the management team and its affiliates to
    not receive any compensation in connection with a business combination could be modified without obtaining shareholder approval.
    Although shareholders would not be given the opportunity to redeem their shares in connection with such changes, in no event would
    we be able to modify the redemption or liquidation rights of our shareholders without permitting our shareholders the right to redeem
    their shares in connection with any such change. We will not agree to any such changes unless we believed that such changes were
    in the best interests of our shareholders (for example, if such a modification were necessary to complete a business combination).
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 public shareholders may seek to convert their public shares, regardless
    of whether they vote for or against the proposed business combination, into their pro rata share of the aggregate amount then on
    deposit in the trust account (net of taxes payable) or (2) provide our public shareholders with the opportunity to sell their public
    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. Notwithstanding the foregoing, our initial shareholders have agreed, pursuant to written letter agreements with
    us, not to convert any public shares held by them into their pro rata share of the aggregate amount then on deposit in the trust
    account. If we determine to engage in a tender offer, such tender offer will be structured so that each public shareholder may tender
    any or all of his, her or its public shares rather than some pro rata portion of his, her or its shares. If enough shareholders tender
    their shares so that we are unable to satisfy any applicable closing condition set forth in the definitive agreement related to our
    initial business combination, or we are unable to maintain net tangible assets of at least $5,000,001, we will not consummate such
    initial business combination. 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 based on a variety of factors such as the
    timing of the transaction, or whether the terms of the transaction would otherwise require us to seek shareholder approval. If we
    so choose and we are legally permitted to do so, we will have the flexibility to avoid a shareholder vote and allow our shareholders
    to sell their shares pursuant to Rule 13e-4 and Regulation 14E of the Securities Exchange Act of 1934, as amended, or the
    Exchange Act, which regulate issuer tender offers. 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. We will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 upon
    such consummation and, solely if we seek shareholder approval, a majority of the issued and outstanding ordinary shares voted are
    voted in favor of the business combination.
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We
                                            have determined not to consummate any business combination unless we have net tangible assets
                                            of at least $5,000,001 upon such consummation in order to avoid being subject to Rule 419
                                            promulgated under the Securities Act. The $5,000,001 net tangible asset value would be determined
                                            once a target business is located and we can assess all of the assets and liabilities of
                                            the combined company.
However,
    if we seek to consummate a 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 business combination,
    the net tangible asset requirement may limit our ability to consummate such a business combination and may force us to seek third
    party financing which may not be available on terms acceptable to us or at all. As a result, we may not be able to consummate such
    business combination and we may not be able to locate another suitable target within the applicable time period, if at all.
Our
    initial shareholders, officers and directors, have agreed (i) to vote their insider shares, private shares and any public shares
    purchased in or after this offering in favor of any proposed business combination and (ii) not to convert any shares (including the
    insider shares) in connection with a shareholder vote to approve, or (iii) sell their shares to us in any tender offer in connection
    with, a proposed initial business combination. As a result, if we sought shareholder approval of a proposed transaction we could
    need as little as 256,951 of our public shares (or approximately 4.22% of our public shares) to be voted in favor of the transaction
    in order to have such transaction approved (assuming that only a quorum was present at the meeting, that the over-allotment option
    is not exercised, and that the insiders do not purchase any units in this offering or units or shares in the after-market). None
    of our officers, directors, initial shareholders or their affiliates has indicated any intention to purchase units in this offering
    or any units or ordinary shares in the open market or in private transactions (other than the private units). However, if a significant
    number of shareholders vote, or indicate an intention to vote, against a proposed business combination, our officers, directors,
    initial shareholders or their affiliates could make such purchases in the open market or in private transactions in order to influence
    the vote. There is no limit on the number of shares that may be purchased by the insiders. Any purchases would be made in compliance
    with federal securities laws, including the fact that all material information will be made public prior to such purchase, and no
    purchases would be made if such purchases would violate Section 9(a)(2) of, or Rule 10b-5 promulgated under, the Exchange Act, which
    are rules designed to stop potential manipulation of a company's stock.
Redemption
    rights
In
    connection with a business combination, public shareholders will have the right to convert their shares into an amount equal to (1)
    the number of public shares being converted by such public holder divided by the total number of public shares multiplied by (2)
    the amount then in the trust account (initially $10.00 per share), which includes the deferred underwriting discounts and commissions
    plus a pro rata portion of any interest earned on the funds held in the trust account less any amounts necessary to pay our taxes.
    At any meeting called to approve an initial business combination, public shareholders may elect to convert their shares regardless
    of whether or not they vote to approve the business combination.
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Whether
                                            we elect to effectuate our initial business combination via shareholder vote or tender offer,
                                            we may require public shareholders wishing to exercise redemption rights, whether they are
                                            a record holder or hold their shares in "street name," to either tender the certificates
                                            they are seeking to convert to our transfer agent or to deliver the shares they are seeking
                                            to convert to the transfer agent electronically using Depository Trust Company's DWAC
                                            (Deposit/Withdrawal At Custodian) System, at the holder's option, at any time at or
                                            prior to the vote on the business combination. There is a nominal cost associated with this
                                            tendering process and the act of certificating the shares or delivering them through the
                                            DWAC System. The transfer agent will typically charge the tendering broker $45 and it would
                                            be up to the broker whether or not to pass this cost on to the converting holder. The foregoing
                                            is different from the procedures used by traditional blank check companies. In order to perfect
                                            redemption rights in connection with their business combinations, many traditional blank
                                            check companies would distribute proxy materials for the shareholders' vote on an initial
                                            business combination, and a holder could simply vote against a proposed business combination
                                            and check a box on the proxy card indicating such holder was seeking to exercise its redemption
                                            rights. After the business combination was approved, the company would contact such shareholder
                                            to arrange for it to deliver its certificate to verify ownership. As a result, the shareholder
                                            then had an "option window" after the consummation of the business combination
                                            during which it could monitor the price of the company's stock in the market. If the
                                            price rose above the conversion price, it could sell its shares in the open market before
                                            actually delivering his shares to the company for cancellation. As a result, the redemption
                                            rights, to which shareholders were aware they needed to commit before the shareholder meeting,
                                            would become an "option" right surviving past the consummation of the business
                                            combination until the converting holder delivered its certificate. The requirement for physical
                                            or electronic delivery prior to the closing of the shareholder meeting ensures that a holder's
                                            election to convert is irrevocable once the business combination is completed.
Pursuant
    to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days' notice
    for each general meeting. As a result, if we require public shareholders who wish to convert their ordinary shares into the right
    to receive a
pro rata
portion of the funds in the trust account to comply with the foregoing delivery requirements, holders
    may not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able
    to exercise their redemption rights and may be forced to retain our securities when they otherwise would not want to.
If
    we require public shareholders who wish to convert their ordinary shares to comply with specific delivery requirements for conversion
    described above and such proposed business combination is not consummated, we will promptly return such certificates to the tendering
    public shareholders.
Please
    see the risk factors titled "In connection with any shareholder meeting called to approve a proposed initial business combination,
    we may require shareholders who wish to convert their public shares to comply with specific requirements for conversion that may
    make it more difficult for them to exercise their redemption rights prior to the deadline for exercising their rights" and
    "If we require public shareholders who wish to convert their public shares to comply with the delivery requirements for conversion,
    such converting shareholders may be unable to sell their securities when they wish to in the event that the proposed business combination
    is not approved."
Once
    the shares are converted by the holder, and effectively redeemed by us under Cayman Islands law, the transfer agent will then update
    our register of members to reflect all conversions.
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Redemption
    of Public Shares and Liquidation if no business combination
As
                                            described above, if we fail to consummate a business combination within 12 months (or up
                                            to 21 months, if we extend the time to complete a business combination as described in this
                                            prospectus) from the date that the registration statement is declared effective, our amended
                                            and restated memorandum and articles of association provides that we will: (i) cease all
                                            operations except for the purpose of winding up; (ii) as promptly as reasonably possible,
                                            but not more than ten business days thereafter, redeem the public shares, at a per-share
                                            price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
                                            including interest earned on the funds held in the trust account and not previously released
                                            to us to pay our income taxes, divided by the number of the 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 our
                                            remaining shareholders and our board of directors, liquidate and dissolve, subject in the
                                            case of clauses (ii) and (iii), to our obligations under Cayman Islands law to provide for
                                            claims of creditors and the requirements of other applicable law. However, if we anticipate
                                            that we may not be able to consummate our initial business combination within 12 months,
                                            our sponsor may, but is not obligated to, extend the period of time to consummate a business
                                            combination up to nine times by an additional one month each time (for a total of up to 21
                                            months to complete a business combination). Pursuant to the terms of our amended and restated
                                            memorandum and articles of association and the trust agreement to be entered into between
                                            us and Continental Stock Transfer & Trust Company, LLC on the date of this prospectus,
                                            in order to extend the time available for us to consummate our initial business combination,
                                            our sponsor, upon five days advance notice prior to the applicable deadline, must deposit
                                            into the trust account for each one-month extension $198,000, or $227,700 if the underwriter's
                                            over-allotment option is exercised in full ($0.033 per share in either case), on or prior
                                            to the date of the applicable deadline.
The
    insiders or their affiliates or designees will receive a non-interest-bearing, unsecured promissory note equal to the amount
    of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds
    available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination,
    or, at the lender's discretion, converted upon consummation of our business combination into additional private units at a
    price of $10.00 per unit. In the event that we receive notice from our insiders five days prior to the applicable deadline of their
    intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable
    deadline.
If
    we are forced to liquidate, we anticipate that we would distribute to our public shareholders the amount in the trust account calculated
    as of the date that is two days prior to the distribution date (including any accrued interest).
Prior
    to such distribution, we would be required to assess all claims that may be potentially brought against us by our creditors for amounts
    they are actually owed and make provision for such amounts, as creditors take priority over our public shareholders with respect
    to amounts that are owed to them. We cannot assure you that we will properly assess all claims that may be potentially brought against
    us. As such, our shareholders could potentially be liable for any claims of creditors to the extent of distributions received by
    them as a voidable transaction in the event we enter an insolvent liquidation. Furthermore, while we will seek to have all
    vendors and service providers (which would include any third parties we engaged to assist us in any way in connection with our search
    for a target business) and prospective target businesses execute agreements with us waiving any right, title, interest or claim of
    any kind they may have in or to any monies held in the trust account, there is no guarantee that they will execute such agreements.
    Nor is there any guarantee that, even if such entities execute such agreements with us, they will not seek recourse against the trust
    account or that a court would conclude that such agreements are legally enforceable.
The
    holders of the insider shares and private units will not participate in any liquidation distribution with respect to such securities.
We
    will pay the costs of liquidating the trust account from our remaining assets outside of the trust account. If such funds are insufficient,
    our sponsor has contractually agreed to advance us the funds necessary to complete such liquidation (currently anticipated to be
    no more than approximately $300,000) and has contractually agreed not to seek repayment for such expenses.
The
    underwriter has agreed to waive its rights to the deferred underwriting discounts held in the trust account in the
    event we do not consummate a business combination within 12 months from the date that the registration statement is declared effective
    (or up to 21 months, as applicable) and in such event, such amounts will be included with the funds held in the trust account that
    will be available to fund the redemption of our public shares.
Indemnity
Our
    sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products
    sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar
    agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.00 per
    public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the trust
    account, if less than $10.00 per share due to reductions in the value of the trust assets, less taxes payable, provided that such
    liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and all rights
    to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under our indemnity
    of the underwriter of this offering against certain liabilities, including liabilities under the Securities Act. However, we have
    not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor has
    sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our company.
    Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors will
    indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
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Risk
Factors Summary
We
are a blank check company that has conducted no operations and has generated no revenues. Until we complete our initial business combination,
we will have no operations and will generate no operating revenues. In making your decision on whether to invest in our securities, you
should take into account not only the background of our management team, but also the special risks we face as a blank check company,
as well as the fact that this offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act and, therefore,
you will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional information
concerning how Rule 419 blank check offerings differ from this offering, please see "Proposed Business — Comparison to offerings
of blank check companies subject to Rule 419." You should carefully consider these, and the other risks set forth in the section
entitled "Risk Factors" beginning on page 25 of this prospectus.
Our
business is subject to a number of risks, including risks that may prevent us from achieving our business objectives or may materially
and adversely affect our business, financial condition, results of operations, cash flows and prospects that you should consider before
making a decision to invest in our ordinary shares. These risks are discussed more fully in "Risk Factors" beginning on page
25. These risks include, but are not limited to, the following:
Risks
Associated with Our Business
●
We
    are a newly formed blank check company with no operating history and no revenues, and, accordingly, you will not have any basis on
    which to evaluate our ability to achieve our business objective.
●
If
    we are unable to consummate a business combination, our public shareholders may be forced to wait more than 12 months (or up to 21
    months if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.
●
Unlike
    other blank check companies, we may extend the time to complete a business combination by up to nine months without a shareholder
    vote or your ability to redeem your shares.
●
The
    requirement that we complete an initial business combination within a specific period of time may give potential target businesses
    leverage over us in negotiating our initial business combination and may limit the amount of time we have to conduct due diligence
    on potential business combination targets as we approach our dissolution deadline, which could undermine our ability to consummate
    our initial business combination on terms that would produce value for our shareholders.
●
You
    will not be entitled to protections normally afforded to investors of blank check companies.
●
We
    may issue additional ordinary or preferred shares or debt securities to complete a business combination, which would reduce the equity
    interest of our shareholders and likely cause a change in control of our ownership.
●
We
    may be unable to obtain additional financing, if required, to complete a business combination or to fund the operations and growth
    of the target business, which could compel us to restructure or abandon a particular business combination.
●
If
    third parties bring claims against us, the proceeds held in trust could be reduced and the per-share redemption price received by
    shareholders may be less than $10.00.
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●
Holders
    of warrants or rights will not have redemption rights if we are unable to complete an initial business combination within the required
    time period.
●
We
    have no obligation to net cash settle the warrants or rights.
●
If
    we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the redeemable warrants,
    public holders will only be able to exercise such redeemable warrants on a "cashless basis" which would result in a fewer
    number of shares being issued to the holder had such holder exercised the redeemable warrants on a cash basis.
●
Since
    we have not yet selected a particular industry or target business with which to complete a business combination, we are unable to
    currently ascertain the merits or risks of the industry or business in which we may ultimately operate.
●
The
    requirement that the target business or businesses that we acquire must collectively have a fair market value equal to at least 80%
    of the balance of the funds in the trust account (less any deferred underwriting commissions and taxes payable on interest earned
    and less any interest earned thereon that is released to us) at the time of the execution of a definitive agreement for our initial
    business combination may limit the type and number of companies with which we may complete such a business combination.
●
Our
    ability to successfully effect a business combination and to be successful thereafter will be totally dependent upon the efforts
    of our key personnel, some of whom may join us following a business combination. While we intend to closely scrutinize any individuals
    we engage after a business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
●
Our
    officers and directors may not have significant experience or knowledge regarding the jurisdiction or industry of the target business
    we may seek to acquire.
●
Our
    key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination.
    These agreements may provide for them to receive compensation following a business combination and as a result, may cause them to
    have conflicts of interest in determining whether a particular business combination is the most advantageous.
●
Our
    officers and directors will allocate their time to other businesses thereby potentially limiting the amount of time they devote to
    our affairs. This conflict of interest could have a negative impact on our ability to consummate our initial business combination.
●
Our
    officers and directors have pre-existing fiduciary and contractual obligations and accordingly, may have conflicts of interest in
    determining to which entity a particular business opportunity should be presented.
●
Our
    officers' and directors' personal and financial interests may influence their motivation in determining whether a particular
    target business is appropriate for a business combination.
●
Past
    performance by our management team and our sponsor may not be indicative of future performance of an investment in us.
●
NASDAQ
    may delist our securities from trading on its exchange which could limit investors' ability to make transactions in our securities
    and subject us to additional trading restrictions.
●
We
    may only be able to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent
    on a single business which may have a limited number of products or services.
●
We
    may be unable to consummate a business combination if a target business requires that we have cash in excess of the minimum amount
    we are required to have at closing and public shareholders may have to remain shareholders of our company and wait until our liquidation
    to receive a pro rata share of the trust account or attempt to sell their shares in the open market.
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●
We
    may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.
●
We
    may acquire a target business that is affiliated with our officers, directors, initial shareholders or their affiliates.
●
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.
●
Because
    we are incorporated under the laws of the Cayman Islands, our principal office is located in London and most of our executive officers
    and directors are located outside the United States, you may face difficulties in protecting your interests, and your ability to
    protect your rights through the U.S. Federal or state courts may be limited.
●
If
    our management following a business combination is unfamiliar with United States securities laws, they may have to expend time and
    resources becoming familiar with such laws which could lead to various regulatory issues.
●
Our
    search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially
    adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets.
●
Because
    we have not selected a particular business or specific geographic location or any specific target businesses with which to pursue
    our initial business combination, you will be unable to ascertain the merits or risks of any particular target business' operations.
●
Although
    we 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.
●
Management's
    flexibility in identifying and selecting a prospective acquisition candidate, along with our management's financial interest
    in consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best
    interest of our shareholders.
Risks
Associated with Acquiring and Operating a Business Outside of the United States
●
We
    may effect a business combination with a company located outside of the United States and if we do, we would be subject to a variety
    of additional risks that may negatively impact our business operations and financial results.
●
If
    social unrest, acts of terrorism, regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments
    occur in a country in which we may operate after we effect our initial business combination, it may result in a negative impact on
    our business.
●
Many
    countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to
    corruption and inexperience, which may adversely impact our results of operations and financial condition.
●
If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.
●
If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.
●
If
    we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
    govern all of our material agreements and we may not be able to enforce our legal rights.
●
If
    relations between the United States and foreign governments deteriorate, it could cause potential target businesses or their goods
    and services to become less attractive.
●
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 and legal policies, developments and conditions in the country in which we operate.
●
Currency
    policies may cause a target business' ability to succeed in the international markets to be diminished.
●
Many
    of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
    the growth of the economy and inflation that could lead to a significant decrease in our profitability following our initial business
    combination.
●
Many
    industries in Asia are subject to government regulations that limit or prohibit foreign investments in such industries, which may
    limit the potential number of acquisition candidates.
●
If
    a country in Asia enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our
    initial business combination could be severely impaired.
●
Corporate
    governance standards in Asia may not be as strict or developed as in the United States and such weakness may hide issues and operational
    practices that are detrimental to a target business.
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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 are presented.
Actual
As
    Adjusted
(Audited)
(Unaudited)
Balance
    Sheet Data:
Working
    capital deficit
(1)
$
89,813
$
59,024,187
Total
    assets
(2)
$
112,000
$
60,524,187
Total
    liabilities
(3)
$
89,813
$
1,500,000
Value
    of ordinary shares subject to possible conversion/tender
(4)
$
-
$
60,000,000
Shareholders'
    (deficit) equity
(5)
$
22,187
$
(975,813
)
(1)
The
    "as adjusted" calculation includes $60,000,000 cash held in trust from the proceeds of this offering and the sale of
    the private placement units, plus $502,000 in cash held outside the trust account, plus $975,813 of shareholders' deficit at
    August 12, 2022, less $1,500,000 of deferred underwriting commissions.
(2)
The
    "as adjusted" calculation equals $60,000,000 cash held in trust from the proceeds of this offering and the sale of the
    private placement units, plus $502,000 in cash held outside the trust account, plus $22,187 of shareholders' equity
    at August 12, 2022.
(3)
The
    "as adjusted" calculation includes $1,500,000 of deferred underwriting commissions.
(4)
The
    "as adjusted" value of ordinary shares which may be redeemed for cash equals the "as adjusted" total assets
    of $60,524,187 less the "as adjusted" total liabilities of $1,500,000 less the "as adjusted" shareholders'
    deficit of $975,813. The amount represents proceeds to be held in the trust account upon the consummation of this offering.
    The ordinary shares offered to the public contain redemption rights that make them redeemable by our public shareholders. Accordingly,
    they are classified within temporary equity in accordance with the guidance provided in ASC 480-10-S99-3A and will be subsequently
    accredited at redemption value.
(5)
Excludes
    6,000,000 ordinary shares which may be redeemed in connection with our initial business combination and assuming no exercise of the
    over-allotment option. The actual number of shares that may be redeemed may exceed this amount. The "as adjusted" calculation
    equals the "as adjusted" total assets, less the "as adjusted" total liabilities, less the value of ordinary
    shares that may be redeemed in connection with our initial business combination.
If
no business combination is completed within 12 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
then on deposit in the trust account, including interest (which interest shall be net of taxes payable) will be used to fund the redemption
of our public shares. Our sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed
to waive their rights to liquidating distributions from the trust account with respect to their insider shares and private shares if
we fail to complete our initial business combination within such 9-month (or up to 21-month) time period.
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RISK
FACTORS
An
investment in our securities involves a high degree of risk. You should consider carefully the material risks described below, which
we believe represent the material risks related to the offering, together with the other information contained in this prospectus, before
making a decision to invest in our units. This prospectus also contains forward-looking statements that involve risks and uncertainties.
Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors,
including the risks described below.
Risks
Associated with Our Business
We
are a newly formed blank check company with no operating history and no revenues, and, accordingly, you will not have any basis on which
to evaluate our ability to achieve our business objective.
We
are a newly formed blank check company with no operating results to date. Therefore, our ability to commence operations is dependent
upon obtaining financing through the public offering of our securities. Since we do not have an operating history, you will have no basis
upon which to evaluate our ability to achieve our business objective, which is to acquire an operating business. We have not conducted
any discussions and we have no plans, arrangements or understandings with any prospective acquisition candidates. We will not generate
any revenues until, at the earliest, after the consummation of a business combination.
Our
independent registered public accounting firm's report contains an explanatory paragraph that expresses substantial doubt about
our ability to continue as a "going concern."
As
of August 12, 2022, we had $0 on cash and a working capital deficit of $89,813. Further, we have incurred and expect to continue
to incur significant costs in pursuit of our 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." Our plans to raise capital and to consummate our initial business combination may not be successful.
The report of our independent registered public accountants on our financial statements includes an explanatory paragraph stating that
our ability to continue as a going concern is dependent on the consummation of this offering. The financial statements do not include
any adjustments that might result from our inability to consummate this offering or our ability to continue as a going concern. Moreover,
there is no assurance that we will consummate our initial business combination. These factors raise substantial doubt about our ability
to continue as a going concern.
If
we are unable to consummate a business combination, our public shareholders may be forced to wait more than 12 months (or up to 21 months
if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.
We
will have 12 months from the consummation of this offering in which to complete a business combination (or up to 21 months if we have
extended the period of time as described in this prospectus). We have no obligation to return funds to investors prior to such date unless
we consummate a business combination prior thereto and only then in cases where investors have sought to convert their shares. Only after
the expiration of this full time period will public shareholders be entitled to liquidation distributions if we are unable to complete
a business combination. Accordingly, investors' funds may be unavailable to them until after such date and to liquidate your investment,
you may be forced to sell your securities potentially at a loss.
Unlike
other blank check companies, we may extend the time to complete a business combination by up to nine months without a shareholder
vote or your ability to redeem your shares.
We
will have until 12 months from the closing of this offering to consummate an initial business combination. However, unlike other similarly
structured blank check companies, if we anticipate that we may not be able to consummate our initial business combination within 12 months,
we may extend the period of time to consummate a business combination up to nine times, each by an additional one month (for a
total of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated certificate of incorporation
and the trust agreement to be entered into between us and Continental Stock Transfer & Trust Company on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination, our sponsor or its affiliates or designees,
upon ten days advance notice prior to the applicable deadline, must deposit into the trust account $198,000, or up to $227,700 if the
underwriter's over-allotment option is exercised in full ($0.033 per share in either case) on or prior to the date of the
applicable deadline, for each one month extension (or up to an aggregate of $1,782,000 (or $2,049,300 if the underwriter's
over-allotment option is exercised in full). Public shareholders will not be offered the opportunity to vote on or redeem their shares
in connection with any such extension.
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The
requirement that we complete an initial business combination within a specific period of time may give potential target businesses leverage
over us in negotiating our initial business combination and may limit the amount of time we have to conduct due diligence on potential
business combination targets as we approach our dissolution deadline, which could undermine our ability to consummate our initial business
combination on terms that would produce value for our shareholders.
We
have 12 months from the consummation of this offering to complete an initial business combination (or up to 21 months if we have extended
the period of time as described in this prospectus). Any potential target business with which we enter into negotiations concerning a
business combination will be aware of this requirement. Consequently, such target business may obtain leverage over us in negotiating
a business combination, knowing that if we do not complete a business combination with that particular target business, we may be unable
to complete a business combination with any other target business. This risk will increase as we get closer to the time limits referenced
above. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination on terms that
we would have rejected upon a more comprehensive investigation.
Our
ability to consummate an attractive business combination may be impacted by the market for initial public offerings.
If
the market for initial public offerings is limited, we believe there will be more attractive target businesses open to consummating an
initial business combination with us as a means to achieve publicly held status. Alternatively, if the market for initial public offerings
is robust, we believe that there will be fewer attractive target businesses amenable to consummating an initial business combination
with us to become a public reporting company. Accordingly, during periods with strong public offering markets, it may be more difficult
for us to complete an initial business combination.
As
the number of special purpose acquisition companies increases, there may be more competition to find an attractive target for an initial
business combination. This could increase the costs associated with completing our initial business combination and may result in our
inability to find a suitable target for our initial business combination.
In
recent years, the number of special purpose acquisition companies that have been formed has increased substantially. Many companies have
entered into business combinations with special purpose acquisition companies, and there are still many special purpose acquisition companies
seeking targets for their initial business combination, as well as many additional special purpose acquisition companies currently in
registration. As a result, at times, fewer attractive targets may be available, and it may require more time, effort and resources to
identify a suitable target for an initial business combination.
In
addition, because there are more special purpose acquisition companies seeking to enter into an initial business combination with available
targets, the competition for available targets with attractive fundamentals or business models may increase, which could cause target
companies to demand improved financial terms. Attractive deals could also become scarcer for other reasons, such as economic or industry
sector downturns, geopolitical tensions or increases in the cost of additional capital needed to close business combinations or operate
targets post-business combination. This could increase the cost of, delay or otherwise complicate or frustrate our ability to find a
suitable target for and/or complete our initial business combination.
You
will not be entitled to protections normally afforded to investors of blank check companies.
Since
the net proceeds of this offering are intended to be used to complete a business combination with a target business that has not been
identified, we may be deemed to be a "blank check" company under the United States securities laws. However, since we will
have net tangible assets in excess of $5,000,000 upon the successful consummation of this offering and will file a Current Report on
Form 8-K, including an audited balance sheet demonstrating this fact, we are exempt from rules promulgated by the SEC to protect investors
of blank check companies such as Rule 419. Accordingly, investors will not be afforded the benefits or protections of those rules which
would, for example, completely restrict the transferability of our securities, restrict the use of interest earned on the funds held
in the trust account and require us to complete a business combination within 21 months from the closing of the offering. Because we
are not subject to Rule 419, our units will be immediately tradable, we will be entitled to withdraw amounts from the funds held in the
trust account prior to the completion of a business combination and we may have more time to complete an initial business combination.
For a more detailed comparison of this offering to offerings that comply with Rule 419, please see "Proposed Business — Comparison
to offerings of blank check companies subject to Rule 419."
We
may issue additional ordinary or preferred shares or debt securities to complete a business combination, which would reduce the equity
interest of our shareholders and likely cause a change in control of our ownership.
Our
amended and restated memorandum and articles of association currently authorize the issuance of 500,000,000 shares of a single class
each with par value of $0.0001. Although we have no commitment as of the date of this offering, we may issue a substantial number of
additional ordinary shares or preferred shares or debt securities, or a combination of thereof, to complete a business combination. The
issuance of additional ordinary shares or preferred shares:
●
may
    significantly reduce the equity interest of investors in this offering;
●
may
    subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
    shares;
●
may
    cause a change in control if a substantial number of 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 stock ownership or voting rights of a person
    seeking to obtain control of us; and
●
may
    adversely affect prevailing market prices for our ordinary shares.
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Similarly,
if we issue debt securities, it could result in:
●
default
    and foreclosure on our assets if our operating revenues after a business combination are insufficient to repay our debt obligations;
●
acceleration
    of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
    that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;
●
our
immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
●
our
    inability to obtain necessary additional financing if the debt security contains covenants restricting our ability to obtain such
    financing while the debt security is outstanding.
●
our
    inability to pay dividends on our 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 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;
●
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 unable to obtain additional financing, if required, to complete a business combination or to fund the operations and growth of
the target business, which could compel us to restructure or abandon a particular business combination.
Since
we have not yet identified any prospective target business, we cannot ascertain the capital requirements for any particular transaction.
If the net proceeds of this offering prove to be insufficient, either because of the size of the business combination, the depletion
of the available net proceeds in search of a target business, or the obligation to convert into cash (or purchase in any tender offer)
a significant number of shares from dissenting shareholders, we will be required to seek additional financing. Such financing may not
be available on acceptable terms, if at all. To the extent that additional financing proves to be unavailable when needed to consummate
a particular business combination, we would be compelled to either restructure the transaction or abandon that particular business combination
and seek an alternative target business candidate. In addition, if we consummate a business combination, we may require additional financing
to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse effect
on the continued development or growth of the target business. None of our officers, directors or shareholders is required to provide
any financing to us in connection with or after a business combination.
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If
third parties bring claims against us, the proceeds held in trust could be reduced and the per-share redemption price received by shareholders
may be less than $10.00.
Our
placing of funds in trust may not protect those funds from third party claims against us. Although we will seek to have all vendors and
service providers we engage and prospective target businesses we negotiate with execute agreements with us waiving any right, title,
interest or claim of any kind in or to any monies held in the trust account for the benefit of our public shareholders, they may not
execute such agreements. Furthermore, even if such entities execute such agreements with us, they may seek recourse against the monies
held in the trust account. A court may not uphold the validity of such agreements. Accordingly, the proceeds held in trust could be subject
to claims which could take priority over those of our public shareholders. If we liquidate the trust account before the completion of
a business combination, our sponsor has agreed that it will be liable to ensure that the proceeds in the trust account are not reduced
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 and which have not executed a waiver agreement. However, it may not be able to meet such obligation. Therefore,
the per-share redemption price from the trust account in such a situation may be less than $10.00, plus interest, due to such claims.
Additionally,
if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, or if we otherwise
enter compulsory or court supervised liquidation, 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.
To the extent any bankruptcy claims deplete the trust account, we may not be able to return to our public shareholders at least $10.00
per share.
Our
shareholders may be held liable for claims by third parties against us to the extent of distributions received by them.
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 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 and to imprisonment
for five years in the Cayman Islands.
If
we deviate from the acquisition criteria or guidelines set forth in this prospectus, investors in this offering may have rescission rights
or may bring an action for damages against us or we could be subject to civil or criminal actions taken by governmental authorities.
If
we were to elect to deviate from the acquisition criteria or guidelines set forth in this prospectus, each person who purchased units
in this offering and still held such securities upon learning of the facts relating to the deviation may seek rescission of the purchase
of the units he or she acquired in the offering (under which a successful claimant has the right to receive the total amount paid for
his or her securities pursuant to an allegedly deficient prospectus, plus interest and less any income earned on the securities, in exchange
for surrender of the securities) or bring an action for damages against us (compensation for loss on an investment caused by alleged
material misrepresentations or omissions in the sale of a security). In such event, we could also be subject to civil or criminal actions
taken by governmental authorities. For instance, the SEC can seek injunctions under Section 20(b) of the Securities Act if it believes
a violation under the Securities Act has occurred or is imminent. The SEC can also seek civil penalties under Sections 20(d) and 24 if
a party has violated the Securities Act or an injunctive action taken by the SEC or if a party willfully, in a registration statement
filed under the Securities Act, makes any untrue statement of a material fact or omits to state any material fact required to be stated
therein or necessary to make the statements therein not misleading. Furthermore, Section 20 allows the SEC to refer matters to the attorney
general to bring criminal penalties against an issuer.
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Holders
of warrants or rights will not have redemption rights if we are unable to complete an initial business combination within the required
time period.
If
we are unable to complete an initial business combination within the required time period and we redeem the funds held in the trust account,
the warrants or rights will expire and holders will not receive any of such proceeds with respect to the warrants or rights.
We
have no obligation to net cash settle the warrants or rights.
In
no event will we have any obligation to net cash settle the warrants or rights. Accordingly, the warrants or rights may expire worthless.
If
we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the redeemable warrants,
public holders will only be able to exercise such redeemable warrants on a "cashless basis" which would result in a fewer
number of shares being issued to the holder had such holder exercised the redeemable warrants on a cash basis.
Except
as set forth below, if we do not maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of
the warrants at the time that holders wish to exercise such warrants, they will only be able to exercise them on a "cashless basis,"
provided that an exemption from registration is available. As a result, the number of ordinary shares that a holder will receive upon
exercise of its warrants will be fewer than it would have been had such holder exercised its warrant on a cash basis. Further, if an
exemption from registration is not available, holders would not be able to exercise their warrants on a cashless basis and would only
be able to exercise their warrants on a cash basis if a current and effective prospectus relating to the ordinary shares issuable upon
exercise of the warrants is available. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these
conditions and to maintain a current and effective prospectus relating to the ordinary shares issuable upon exercise of the warrants
until the expiration of the warrants. However, we cannot assure you that we will be able to do so. If we are unable to do so, the potential
"upside" of the holder's investment in our company may be reduced or the warrants may expire worthless. Notwithstanding
the foregoing, the private warrants may be exercisable for unregistered ordinary shares for cash even if the prospectus relating to the
ordinary shares issuable upon exercise of the warrants is not current and effective.
If
a public holder fails to receive notice of our offer to redeem our ordinary 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 public holder fails to receive our tender offer or proxy materials, as applicable,
such public holder may not become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents,
as applicable, that we will furnish to holders of our ordinary 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 ordinary shares. For example, we may require our
public holders seeking to exercise their redemption rights, whether they are record holders or hold their shares in "street name,"
to either deliver their stock certificates to our transfer agent prior to the date set forth in the tender offer documents mailed to
such holders, or prior to the vote on the proposal to approve the initial business combination in the event we distribute proxy materials,
or to deliver their shares to the transfer agent electronically. In the event that a public holder fails to comply with these or any
other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not be redeemed.
An
investor will only be able to exercise warrants if the issuance of ordinary shares upon such exercise has been registered or qualified
or is deemed exempt under the securities laws of the state of residence of the holder of the warrants.
No
warrants will be exercisable on a cash basis and we will not be obligated to issue ordinary shares unless the ordinary shares issuable
upon such exercise have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the
holder of the warrants. At the time that the warrants become exercisable, we expect to continue to be listed on a national securities
exchange, which would provide an exemption from registration in every state. However, we cannot assure you of this fact. If the ordinary
shares issuable upon exercise of the warrants are not qualified or exempt from qualification in the jurisdictions in which the holders
of the warrants reside, the warrants may be deprived of any value, the market for the warrants may be limited and they may expire worthless
if they cannot be sold.
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We
may amend the terms of the warrants in a way that may be adverse to holders with the approval by the holders of a majority of the then
outstanding warrants.
Our
warrants will be issued in registered form under a warrant agreement between Continental Stock Transfer & Trust Company, as warrant
agent, and us. The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure
any ambiguity or correct any defective provision. The warrant agreement requires the approval by the holders of a majority of the then
outstanding warrants (including the private warrants) in order to make any change that adversely affects the interests of the registered
holders.
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
in order to make any change that adversely affects the interests of the registered holders.
Our
warrant agreement and rights 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 or rights, which could limit the ability of warrant holders and rights holders to obtain a favorable judicial forum for
disputes with our company.
Our
warrant agreement and rights 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 or rights 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 and rights 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 and rights shall
be deemed to have notice of and to have consented to the forum provisions in our warrant agreement and rights agreement. If any action,
the subject matter of which is within the scope the forum provisions of the warrant agreement and rights 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 or rights, 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 or rights
holder in any such enforcement action by service upon such warrant or rights holder's counsel in the foreign action as agent for
such warrant or rights holder.
This
choice-of-forum provision may limit a warrant or rights holder's ability to bring a claim in a judicial forum that it finds favorable
for disputes with our company, including by increasing the cost of such lawsuits to a warrant or rights holder, which may discourage
such lawsuits. Alternatively, if a court were to find this provision of our warrant agreement and rights 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.
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Since
we have not yet selected a particular industry or target business with which to complete a business combination, we are unable to currently
ascertain the merits or risks of the industry or business in which we may ultimately operate.
While
we intend to focus our search for target businesses on specific locations and industries as described in this prospectus, we are not
limited to those locations and may consummate a business combination with a company in any location or industry we choose. 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 company in its development
stage, 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.
The
requirement that the target business or businesses that we acquire must collectively have a fair market value equal to at least 80% of
the balance of the funds in the trust account (less any deferred underwriting commissions and taxes payable on interest earned and less
any interest earned thereon that is released to us) at the time of the execution of a definitive agreement for our initial business combination
may limit the type and number of companies with which we may complete such a business combination.
Pursuant
to the NASDAQ listing rules, 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 any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account and less any interest earned thereon that is released to us for our taxes) at the time of the
execution of a definitive agreement for our initial business combination. This restriction may limit the type and number of companies
with which we may complete a business combination. If we are unable to locate a target business or businesses that satisfy this fair
market value test, we may be forced to liquidate and you will only be entitled to receive your
pro rata
portion of the funds in
the trust account.
If
NASDAQ delists our securities from trading on its exchange after this offering, we would not be required to satisfy the fair market value
requirement described above 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.
Our
ability to successfully effect a business combination and to be successful thereafter will be totally dependent upon the efforts of our
key personnel, some of whom may join us following a business combination. While we intend to closely scrutinize any individuals we engage
after a business combination, we cannot assure you that our assessment of these individuals will prove to be correct.
Our
ability to successfully effect a business combination is dependent upon the efforts of our key personnel. We believe that our success
depends on the continued service of our key personnel, at least until we have consummated our initial business combination. We cannot
assure you that any of our key personnel will remain with us for the immediate or foreseeable future. In addition, none of our officers
are required to commit any specified amount of time to our affairs and, accordingly, they will have conflicts of interest in allocating
management time among various business activities, including identifying potential business combinations and monitoring the related due
diligence. We do not have employment agreements with, or key-man insurance on the life of, any of our officers. The unexpected loss of
the services of our key personnel could have a detrimental effect on us.
The
role of our key personnel 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 a business combination, it is likely that some or all of
the management of the target business will remain in place or be hired after consummation of the business combination. While we intend
to closely scrutinize any individuals we engage after a business combination, we cannot assure you that our assessment of these individuals
will prove to be correct.
These
individuals may be unfamiliar with the requirements of operating a public company which could cause us to have to expend time and resources
helping them become familiar with such requirements. This could be expensive and time-consuming and could lead to various regulatory
issues which may adversely affect our operations.
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Our
officers and directors may not have significant experience or knowledge regarding the jurisdiction or industry of the target business
we may seek to acquire.
We
may consummate a business combination with a target business in any geographic location or industry we choose. We cannot assure you that
our officers and directors will have enough experience or have sufficient knowledge relating to the jurisdiction of the target or its
industry to make an informed decision regarding a business combination. If we become aware of a potential business combination outside
of the geographic location or industry where our officers and directors have the most experience, our management may retain consultants
and advisors with experience in such industries to assist in the evaluation of such business combination and in our determination of
whether or not to proceed with such a business combination. However, our management is not required to engage consultants or advisors
in any situation. If they do not engage any consultants or advisors to assist them in the evaluation of a particular target business
or business combination, our management may not properly analyze the risks attendant with such target business or business combination.
Even if our management does engage consultants or advisors to assist in the evaluation of a particular target business or business combination,
we cannot assure you that such consultants or advisors will properly analyze the risks attendant with such target business or business
combination. As a result, we may enter into a business combination that is not in our shareholders' best interests.
Our
key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business combination.
These agreements may provide for them to receive compensation following a business combination and as a result, may cause them to have
conflicts of interest in determining whether a particular business combination is the most advantageous.
Our
key personnel will be able to remain with the company after the consummation of a business combination only if they are able to negotiate
employment or consulting agreements or other arrangements in connection with the business combination. Such negotiations would take place
simultaneously with the negotiation of the business combination and could provide for such individuals to receive compensation in the
form of cash payments and/or our securities for services they would render to the company after the consummation of the business combination.
The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target business.
Our
officers and directors will allocate their time to other businesses thereby potentially limiting the amount of time they devote to our
affairs. This conflict of interest could have a negative impact on our ability to consummate our initial business combination.
Our
officers and directors are not required to commit their full time to our affairs, which could create a conflict of interest when allocating
their time between our operations and their other commitments. We presently expect each of our employees to devote such amount of time
as they reasonably believe is necessary to our business (which could range from only a few hours a week while we are trying to locate
a potential target business to a majority of their time as we move into serious negotiations with a target business for a business combination).
We do not intend to have any full-time employees prior to the consummation of our initial business combination. All of our officers and
directors are engaged in several other business endeavors and are not obligated to devote any specific number of hours to our affairs.
If our officers' and directors' other business affairs require them to devote more substantial amounts of time to such affairs,
it could limit their ability to devote time to our affairs and could have a negative impact on our ability to consummate our initial
business combination. We cannot assure you these conflicts will be resolved in our favor.
Our
officers and directors have pre-existing fiduciary and contractual obligations and accordingly, may have conflicts of interest in determining
to which entity a particular business opportunity should be presented.
Our
officers and directors have pre-existing fiduciary and contractual obligations to other companies, including other companies that are
engaged in business activities similar to those intended to be conducted by us. Accordingly, they may participate in transactions and
have obligations that may be in conflict or competition with our consummation of our initial business combination.
As
a result, a potential target business may be presented by our management team to another entity prior to its presentation to us and we
may not be afforded the opportunity to engage in a transaction with such target business. For a more detailed description of the pre-existing
fiduciary and contractual obligations of our management team, and the potential conflicts of interest that such obligations may present,
see the section titled "Management — Conflicts of Interest."
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Our
officers' and directors' personal and financial interests may influence their motivation in determining whether a particular
target business is appropriate for a business combination.
Our
officers and directors have waived their right to convert (or sell to us in any tender offer) their insider shares or any other ordinary
shares acquired in this offering or thereafter (although none of these insiders have indicated any intention to purchase units in this
offering or thereafter), or to receive distributions with respect to their insider shares upon our liquidation if we are unable to consummate
our initial business combination. Our sponsor has also waived its right to convert (or sell to us in any tender offer) its private shares
or any other ordinary shares acquired in this offering or thereafter (although it has not indicated any intention to purchase units in
this offering or thereafter), or to receive distributions with respect to their private shares upon our liquidation if we are unable
to consummate our initial business combination. Accordingly, these securities will be worthless if we do not consummate our initial business
combination. In addition, our officers and directors may loan funds to us after this offering and may be owed reimbursement for expenses
incurred in connection with certain activities on our behalf which would only be repaid if we complete an initial business combination.
The personal and financial interests of our directors and officers may influence their motivation in timely identifying and selecting
a target business and completing a business combination. Consequently, our directors' and officers' discretion in identifying
and selecting a suitable target business may result in a conflict of interest when determining whether the terms, conditions and timing
of a particular business combination are appropriate and in our shareholders' best interest. If this were the case, it would be
a breach of their fiduciary duties to us as a matter of Cayman Islands law and we might have a claim against such individuals. However,
we might not ultimately be successful in any claim we may make against them for such reason.
Past
performance by our management team and our sponsor may not be indicative of future performance of an investment in us.
Information
regarding performance by, or businesses associated with our management team and our sponsor and its affiliates is presented for informational
purposes only. Past performance by our management team and our sponsor 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 our sponsor's respective performance as indicative of our future
performance of an investment in us or the returns we will, or are likely to, generate going forward. Furthermore, an investment in us
is not an investment in our sponsor or its affiliates.
NASDAQ
may delist our securities from trading on its exchange which could limit investors' ability to make transactions in our securities
and subject us to additional trading restrictions.
We
anticipate that our securities will be listed on the NASDAQ Global Market, a national securities exchange, upon consummation of this
offering. Although, after giving effect to this offering, we expect to meet on a pro forma basis the minimum initial listing standards
of NASDAQ, which generally only requires 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 continue
to be listed on NASDAQ in the future or prior to an initial business combination. Additionally, in connection with our initial business
combination, it is likely that NASDAQ will require us to file a new initial listing application and meet its initial listing requirements
as opposed to its more lenient continued listing requirements. We cannot assure you that we will be able to meet those initial listing
requirements at that time.
If
NASDAQ delists our securities from trading on its exchange, we could face significant material adverse consequences, including:
●
a
    limited availability of market quotations for our securities;
●
reduced
    liquidity with respect to our securities;
●
a
    determination that our ordinary shares are "penny stock" which will require brokers trading in our ordinary shares to
    adhere to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for our
    ordinary shares;
●
a
    limited amount of news and analyst coverage for our company; and
●
a
    decreased ability to issue additional securities or obtain additional financing in the future.
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We
may only be able to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent
on a single business which may have a limited number of products or services.
We
may only be able to complete one business combination with the proceeds of this offering. By consummating a business combination with
only a single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further,
we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike other
entities which may have the resources to complete several business combinations in different industries or different areas of a single
industry. Accordingly, the prospects for our success may be:
●
solely
    dependent upon the performance of a single business, or
●
dependent
    upon the development or market acceptance of a single or limited number of products, processes or services.
This
lack of diversification may subject us to numerous economic, competitive and regulatory developments, any or all of which may have a
substantial adverse impact upon the particular industry in which we may operate subsequent to a business combination.
Alternatively,
if we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need for each
of such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other business combinations,
which may make it more difficult for us, and delay our ability, to complete the business combination. With multiple business combinations,
we could also face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence
investigations (if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations
and services or products of the acquired companies in a single operating business. If we are unable to adequately address these risks,
it could negatively impact our profitability and results of operations.
The
ability of our public shareholders to exercise their redemption rights or sell their public shares to us in a tender offer may not allow
us to effectuate the most desirable business combination or optimize our capital structure.
If
our business combination requires us to use substantially all of our cash to pay the purchase price, because we will not know how many
public shareholders may exercise redemption rights or seek to sell their public shares to us in a tender offer, we may either need to
reserve part of the trust account for possible payment upon such conversion, or we may need to arrange third party financing to help
fund our business transaction. In the event that the business combination involves the issuance of our shares as consideration, we may
be required to issue a higher percentage of our shares to make up for a shortfall in funds. Raising additional funds to cover any shortfall
may involve dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate
the most attractive business combination available to us.
We
may be unable to consummate a business combination if a target business requires that we have cash in excess of the minimum amount we
are required to have at closing and public shareholders may have to remain shareholders of our company and wait until our liquidation
to receive a pro rata share of the trust account or attempt to sell their shares in the open market.
A
potential target may make it a closing condition to our business combination that we have a certain amount of cash in excess of the $5,000,001
of net tangible assets we are required to have pursuant to our organizational documents available at the time of closing. If the number
of our shareholders electing to exercise their redemption rights or sell their shares to us in a tender offer has the effect of reducing
the amount of money available to us to consummate a business combination below such minimum amount required by the target business and
we are not able to locate an alternative source of funding, we will not be able to consummate such business combination and we may not
be able to locate another suitable target within the applicable time period, if at all. In that case, public shareholders may have to
remain shareholders of our company and wait the full 12 months (or up to 21 months if we have extended the period of time as described
in this prospectus) in order to be able to receive a
pro rata
portion of the trust account, or attempt to sell their shares in
the open market prior to such time, in which case they may receive less than a
pro rata
share of the trust account for their shares
and suffer an entire loss on your investment.
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Our
public shareholders may not be afforded an opportunity to vote on our proposed business combination, which means we may consummate our
initial business combination even though a majority of our public shareholders do not support such a combination.
We
intend to hold a shareholder vote before we consummate our initial business combination. However, if a shareholder vote is not required,
for business or legal reasons, we may conduct conversions via a tender offer and not offer our shareholders the opportunity to vote on
a proposed business combination. Accordingly, we may consummate our initial business combination even if holders of a majority of our
public shares do not approve of the business combination.
In
connection with any meeting held to approve an initial business combination, we will offer each public shareholder the option to vote
in favor of a proposed business combination and still seek conversion of his, her or its public shares, which may make it more likely
that we will consummate a business combination.
In
connection with any meeting held to approve an initial business combination, we will offer each public shareholder the right to have
his, her or its public shares converted to cash (subject to the limitations described elsewhere in this prospectus) regardless of whether
such shareholder votes for or against such proposed business combination. Furthermore, we will consummate our initial business combination
only if we have net tangible assets of at least $5,000,001 upon such consummation and a majority of the issued and outstanding shares
voted are voted in favor of the business combination. Accordingly, public shareholders owning shares sold in this offering may exercise
their redemption rights and we could still consummate a proposed business combination so long as a majority of shares voted at the meeting
are voted in favor of the proposed business combination. This is different than other similarly structured blank check companies where
shareholders are offered the right to convert their shares only when they vote against a proposed business combination. This is also
different than other similarly structured blank check companies where there is a specific number of shares sold in the offering which
must not exercise redemption rights for the company to complete a business combination. The lack of such a threshold and the ability
to seek conversion while voting in favor of a proposed business combination may make it more likely that we will consummate our initial
business combination.
In
connection with any shareholder meeting called to approve a proposed initial business combination, we may require shareholders who wish
to convert their public shares to comply with specific requirements for conversion that may make it more difficult for them to exercise
their redemption rights prior to the deadline for exercising their rights.
In
connection with any shareholder meeting called to approve a proposed initial business combination, each public shareholder will have
the right, regardless of whether it is voting for or against such proposed business combination, to demand that we convert its public
shares into a share of the trust account. Such conversion will be effectuated under Cayman Islands law and our amended and restated memorandum
and articles of association as a redemption of the shares, with the redemption price to be paid being the applicable
pro rata
portion
of the monies held in the trust account. We may require public shareholders who wish to convert their public shares in connection with
a proposed business combination to either tender their certificates (if any) to our transfer agent or to deliver their shares to the
transfer agent electronically using the Depository Trust Company's ("DTC") DWAC (Deposit/Withdrawal At Custodian) System,
at the holder's option, at any time at or prior to the vote taken at the shareholder meeting relating to such business combination.
In order to obtain a physical share certificate, a shareholder's broker and/or clearing broker, DTC and our transfer agent will
need to act to facilitate this request. It is our understanding that shareholders should generally allot at least two weeks to obtain
physical certificates from the transfer agent. However, because we do not have any control over this process or over the brokers or DTC,
it may take significantly longer than two weeks to obtain a physical share certificate. It is also our understanding that it takes a
short time to deliver shares through the DWAC System. However, this too may not be the case. Accordingly, if it takes longer than we
anticipate for shareholders to deliver their shares, shareholders who wish to convert may be unable to meet the deadline for exercising
their redemption rights and thus may be unable to convert their shares.
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Investors
may not have sufficient time to comply with the delivery requirements for conversion.
Pursuant
to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days' notice
for each general meeting. As a result, if we require public shareholders who wish to convert their public shares into the right to receive
a
pro rata
portion of the funds in the trust account to comply with specific delivery requirements for conversion, holders may
not have sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise
their redemption rights and may be forced to retain our securities when they otherwise would not want to.
If
we require public shareholders who wish to convert their public shares to comply with the delivery requirements for conversion, such
converting shareholders may be unable to sell their securities when they wish to in the event that the proposed business combination
is not approved.
If
we require public shareholders who wish to convert their public shares to comply with specific delivery requirements for conversion described
above and such proposed business combination is not consummated, we will promptly return such certificates to the tendering public shareholders.
Accordingly, investors who attempted to convert their shares in such a circumstance will be unable to sell their securities after the
failed acquisition until we have returned their securities to them. The market price for our shares may decline during this time and
you may not be able to sell your securities when you wish to, even while other shareholders that did not seek conversion may be able
to sell their securities.
Because
of our limited resources and structure, other companies may have a competitive advantage and we may not be able to consummate an attractive
business combination.
We
expect to encounter intense competition from entities other than blank check companies having a business objective similar to ours, including
venture capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these entities are well established
and have extensive experience in identifying and effecting business combinations directly or through affiliates. Many of these competitors
possess greater technical, human and other resources than we do, and our financial resources will be relatively limited when contrasted
with those of many of these competitors. While we believe that there are numerous potential target businesses that we could acquire with
the net proceeds of this offering, our ability to compete in acquiring certain sizable target businesses will be limited by our available
financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target businesses.
Furthermore, seeking shareholder approval of a business combination may delay or prevent the consummation of a transaction, a risk a
target business may not be willing to accept. Additionally, our outstanding warrants and rights, and the future dilution they potentially
represent, may not be viewed favorably by certain target businesses. Any of the foregoing may place us at a competitive disadvantage
in successfully negotiating a business combination.
Our
initial shareholders control a substantial interest in us and thus may influence certain actions requiring a shareholder vote, potentially
in a manner that you do not support.
Upon
consummation of our offering and the private placement, our initial shareholders will collectively own approximately 21.7% of
our issued and outstanding ordinary shares (assuming they do not purchase any units in this offering and no over-allotment option is
exercised). Accordingly, they may exert a substantial influence on actions requiring a shareholder vote, potentially in a manner that
you do not support, including amendments to our memorandum and articles of association. None of our officers, directors, initial shareholders
or their affiliates has indicated any intention to purchase units in this offering or any units or ordinary shares from persons in the
open market or in private transactions (other than the private units). However, if our initial shareholders purchase any units in this
offering or if our officers, directors, initial shareholders or their affiliates determine in the future to make such purchases in the
open market or in private transactions, to the extent permitted by law, in order to assist us in consummating our initial business combination,
this would increase their control. Factors that would be considered in making such additional purchases would include consideration of
the current trading price of our ordinary shares. In connection with any vote for a proposed business combination, all of our initial
shareholders, as well as all of our officers and directors, have agreed to vote the ordinary shares owned by them immediately before
this offering as well as any ordinary shares acquired in this offering or in the aftermarket in favor of such proposed business combination.
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There
is no requirement under the Companies Act for us to hold annual or general meetings to elect directors. Accordingly, shareholders would
not have the right to such a meeting or election of directors, unless the holders of not less than 10% of the voting rights of our company
request such a meeting. As a result, it is unlikely that there will be an annual general meeting to elect new directors prior to the
consummation of a business combination, in which case all of the current directors will continue in office until at least the consummation
of the business combination. Accordingly, you may not be able to exercise your voting rights for up to 21 months. Accordingly, our initial
shareholders will continue to exert control at least until the consummation of a business combination.
Our
initial shareholders paid an aggregate of $25,000, or approximately $0.01 per share, for the insider shares and, accordingly, you will
experience immediate and substantial dilution from the purchase of our ordinary shares.
The
difference between the public offering price per share and the pro forma net tangible book value per share after this offering constitutes
the dilution to the investors in this offering. Our initial shareholders acquired their insider shares at a nominal price, significantly
contributing to this dilution. Upon consummation of this offering, you and the other new investors will incur an immediate and substantial
dilution of approximately 104.91% or $9.99 per share (the difference between the public offering price per share and the pro forma net
tangible book value per share of $0.47 per share. This is because investors in this offering will be contributing approximately 96.93%
of the total amount paid to us for our outstanding securities after this offering but will only own approximately 77.91% of our outstanding
securities. Accordingly, the per-share purchase price you will be paying substantially exceeds our per share net tangible book value.
Our
outstanding warrants and rights or the conversion of the promissory notes upon consummation of our business combination into private
units may have an adverse effect on the market price of our ordinary shares and make it more difficult to effect a business combination.
We
will be issuing warrants and rights that will result in the issuance of up to 6,300,000 ordinary shares as part of the units offered
by this prospectus and private warrants and rights that will result in the issuance of an additional 196,770 ordinary shares. Further,
in order to meet our working capital needs following the consummation of this offering until completion of an initial business combination
or to extend the period of time to consummate a business combination, our initial shareholders, officers and directors or their affiliates
may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The promissory note would either be paid upon consummation of our initial
business combination, without interest, or, at the lender's discretion, up to $300,000 of the promissory note may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. As such, each promissory notes will result
in the issuance of 30,000 private units that will result in the issuance of up to an additional 61,500 ordinary shares. The potential
for the issuance of a substantial number of additional shares upon exercise of the warrants or conversion of the rights could make us
a less attractive acquisition vehicle in the eyes of a target business. Such securities, when converted, will increase the number of
issued and outstanding ordinary shares and reduce the value of the shares issued to complete the business combination. Accordingly, our
warrants or rights may make it more difficult to effectuate a business combination or increase the cost of acquiring the target business.
Additionally, the sale, or even the possibility of sale, of the shares underlying the warrants or rights could have an adverse effect
on the market price for our securities or on our ability to obtain future financing. If to the extent these warrants are exercised and
these rights are converted, you may experience dilution to your holdings.
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If
our shareholders exercise their registration rights with respect to their securities, it may have an adverse effect on the market price
of our ordinary shares and the existence of these rights may make it more difficult to effect a business combination.
Our
initial shareholders are entitled to make a demand that we register the resale of their insider shares (1,725,000 ordinary shares, including
up to an aggregate of 225,000 ordinary shares subject to forfeiture by our sponsor to the extent that the underwriter's
over-allotment option is not exercised in full or in part) at any time commencing three months prior to the date on which their shares
may be released from escrow. Additionally, the purchasers of the private units and our initial shareholders, officers and directors are
entitled to demand that we register the resale of the 187,400 ordinary shares (or 200,000 ordinary shares if the overallotment is exercised
in full) underlying the private units, 187,400 ordinary shares (or 200,000 ordinary shares if the overallotment is exercised in full)
underlying the private warrants, 9,370 (or 10,000 ordinary shares if the overallotment is exercised in full) ordinary shares underlying
the private rights and any securities our initial shareholders, officers, directors or their affiliates may be issued in payment of working
capital loans or loans to extend our life made to us at any time after we consummate a business combination. The presence of these additional
securities trading in the public market may have an adverse effect on the market price of our securities. In addition, the existence
of these rights may make it more difficult to effectuate a business combination or increase the cost of acquiring the target business,
as the shareholders of the target business may be discouraged from entering into a business combination with us or will request a higher
price for their securities because of the potential effect the exercise of such rights may have on the trading market for our ordinary
shares.
If
we are deemed to be an investment company, we may be required to institute burdensome compliance requirements and our activities may
be restricted, which may make it difficult for us to complete a business combination.
A
company that, among other things, is or holds itself out as being engaged primarily, or proposes to engage primarily, in the business
of investing, reinvesting, owning, trading or holding certain types of securities would be deemed an investment company under the Investment
Company Act of 1940, or the Investment Company Act. Since we will invest the proceeds held in the trust account only in United
States government treasury bills, notes or bonds having a maturity of 180 days or less or in money market funds meeting the applicable
conditions under Rule 2a-7 promulgated under the Investment Company Act and that invest solely in United States treasuries, we
believe that we will not be considered to be an investment company pursuant to the exemption provided in Rule 3a-1 promulgated under
the Investment Company Act.
If
we are nevertheless deemed to be an investment company under the Investment Company Act, we may be subject to certain restrictions
that may make it more difficult for us to complete a business combination, including:
●
restrictions
    on the nature of our investments; and
●
restrictions
    on the issuance of securities.
In
addition, we may have imposed upon us certain burdensome requirements, including:
●
registration
    as an investment company;
●
adoption
    of a specific form of corporate structure; and
●
reporting,
    record keeping, voting, proxy, compliance policies and procedures and disclosure requirements and other rules and regulations.
Compliance
with these additional regulatory burdens would require additional expense that we have not provided for.
We
may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.
We
are not required to obtain an opinion from an unaffiliated third party that the target business we select has a fair market value in
excess of at least 80% of the balance of the trust account (excluding any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account) unless our board of directors cannot make such determination on its own. We are also not required
to obtain an opinion from an unaffiliated third party indicating that the price we are paying is fair to our shareholders from a financial
point of view unless the target is affiliated with our officers, directors, initial shareholders or their affiliates. If no opinion is
obtained, our shareholders will be relying on the judgment of our board of directors, whose collective experience in business evaluations
for blank check companies like ours is not significant. Furthermore, our directors may have a conflict of interest in analyzing the transaction
due to their personal and financial interests.
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We
may acquire a target business that is affiliated with our officers, directors, initial shareholders or their affiliates.
While
we do not currently intend to pursue an initial business combination with a company that is affiliated with our officers, directors,
initial shareholders or their affiliates, we are not prohibited from pursuing such a transaction, nor are we prohibited from consummating
a business combination where any of our officers, directors, initial shareholders or their affiliates acquire a minority interest in
the target business alongside our acquisition, provided in each case we obtain an opinion from an unaffiliated third party indicating
that the price we are paying is fair to our shareholders from a financial point of view. These affiliations could cause our officers
or directors to have a conflict of interest in analyzing such transactions due to their personal and financial interests.
The
determination of the offering price of our units is more arbitrary than the pricing of securities for an operating company in a particular
industry.
Prior
to this offering there has been no public market for any of our securities. The public offering price of the units and the terms of the
warrants and rights were negotiated between us and the representative of the underwriter. Factors considered in determining the prices
and terms of the units, including the ordinary shares, warrants and rights underlying the units, include:
●
the
    history and prospects of companies whose principal business is the acquisition of other companies;
●
prior
    offerings of those companies;
●
our
    prospects for acquiring an operating business at attractive values;
●
our
    capital structure;
●
the
    per share amount of net proceeds being placed in the trust account;
●
an
    assessment of our management and their experience in identifying operating companies; and
●
general
    conditions of the securities markets at the time of the offering.
However,
although these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities for
an operating company in a particular industry since we have no historical operations or financial results to compare them to.
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 are incorporated under the laws of the Cayman Islands, our principal office is located in London and most of our executive officers
and directors are located outside the United States, you may face difficulties in protecting your interests, and your ability to protect
your rights through the U.S. Federal or state courts may be limited.
We
are an exempted company incorporated under the laws of the Cayman Islands and our principal office is located in London. In addition,
most of our executive officers and directors are located outside of the United States and are nationals or residents of jurisdictions
other than the United States, and most or a substantial portion of their assets are located outside of the United States. Ms. Olivia
Wenxi He, our Chief Executive Officer and chairperson of the board of directors and director, is a United Kingdom passport holder; Mr.
Thomas Trent Stout, our Chief Financial Officer and director, is a United States passport holder; Mr. Michael David Osowski, our independent
director, is a United States passport holder; Mr. Edwin Chun Wai Tam, our independent director, is a United Kingdom passport holder;
and Ms. Longjiao Li, our independent director, is a People's Republic of China passport holder.
As
a result, it may be difficult for investors to effect service of process within the United States upon us or these persons, or to enforce
judgments obtained in U.S. courts against us or them, including judgments predicated upon the civil liability provisions of the securities
laws of the United States or any state in the United States. A judgment of a United States court for civil liabilities predicated upon
the federal securities laws of the United States may not be enforceable in or recognized by the courts of the jurisdictions where our
directors and officers reside, and the judicial recognition process may be time-consuming. It may be difficult for you to enforce judgments
obtained in U.S. courts based on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors.
We
have appointed Cogency Global Inc., 122 East 42
nd
Street, 18
th
Floor New York, NY 10168 as our agent to receive
service of process with respect to any action brought against us in the state or federal courts of the United States in connection with
this offering under the securities laws of the United States.
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Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies Act (as the same
may be supplemented or amended from time to time) 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 Companies Act and 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, and whilst the
decisions of the English courts are of persuasive authority, they 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 statutes or judicial precedent
in some jurisdictions in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared
to the United States, and some states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law.
In addition, while provisions do exist in Cayman Islands law for derivative actions to be brought in certain circumstances, shareholders
in the Cayman Islands companies may not have standing to initiate a shareholder derivative action in a federal court of the United States.
The circumstances in which any such action may be brought, and the procedures and defenses that may be available in respect to any such
action, may result in the rights of shareholders of a Cayman Islands company being more limited than those of shareholders of a company
organized in the United States. Accordingly, shareholders may have fewer alternatives available to them if they believe that corporate
wrongdoing has occurred.
We
have been advised by our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would:
●
recognize
  or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws;
  and
●
entertain
  original actions brought in each respective jurisdiction against us or our directors or officers predicated upon the securities laws
  of the United States or any state in the United States.
There
is no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a foreign judgment, without any re-examination or re-litigation of matters adjudicated
upon, provided such judgment:
(a)
is
  given by a foreign court of competent jurisdiction;
(b)
imposes
  on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;
(c)
is
  final;
(d)
is
  not in respect of taxes, a fine or a penalty;
(e)
was
  not obtained by fraud; and
(f)
is
  not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.
Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.
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.
Because
we must furnish our shareholders with financial statements of the target business prepared in accordance with U.S. GAAP or IFRS as issued
by the IASB or reconciled to U.S. GAAP, we may not be able to complete an initial business combination with some prospective target businesses.
We
will be required to provide historical and pro forma financial statement disclosure relating to our target business to our shareholders.
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 financial reporting standards as issued by the International Accounting
Standards Board, or IFRS, depending on the circumstances, and the historical financial statements may be required to be audited in accordance
with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. The financial statements may also be required
to be prepared in accordance with U.S. GAAP for the Form 8-K announcing the closing of an initial business combination, which would need
to be filed within four business days after closing. These financial statement requirements may limit the pool of potential target businesses
we may acquire.
Compliance
with the Sarbanes-Oxley Act of 2002 will require substantial financial and management resources and may increase the time and costs of
completing an acquisition.
Section
404 of the Sarbanes-Oxley Act of 2002 requires that we evaluate and report on our system of internal controls and may require us to have
such system audited by an independent registered public accounting firm. If we fail to maintain the adequacy of our internal controls,
we could be subject to regulatory scrutiny, civil or criminal penalties and/or shareholder litigation. Any inability to provide reliable
financial reports could harm our business. A target business may also not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. The development of the internal controls of any such entity to achieve compliance with
the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such acquisition. Furthermore, any failure to implement
required new or improved controls, or difficulties encountered in the implementation of adequate controls over our financial processes
and reporting in the future, could harm our operating results or cause us to fail to meet our reporting obligations. Inferior internal
controls could also cause investors to lose confidence in our reported financial information, which could have a negative effect on the
trading price of our securities.
We
are an "emerging growth company" and we cannot be certain if the reduced disclosure requirements applicable to emerging growth
companies will make our securities less attractive to investors.
We
are an "emerging growth company," as defined in the JOBS Act. We will remain an "emerging growth company" for
up to five years. However, if within a three-year period we issued our non-convertible debt exceeds $1.0 billion or revenues exceeds
$1.07 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 are not being required to comply with the auditor attestation requirements of section 404 of the Sarbanes-Oxley
Act, we have reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and we are
exempt from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute
payments not previously approved.
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Further,
Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting
standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do
not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting
standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements
that apply to non-emerging growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such
extended transition period which means that when a standard is issued or revised and it has different application dates for public or
private companies, we, as an emerging growth company, will not adopt the new or revised standard until the time private companies are
required to adopt the new or revised standard. This may make comparison of our financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accountant standards used. We cannot predict if investors will find our shares
less attractive because we may rely on these provisions. If some investors find our shares less attractive as a result, there may be
a less active trading market for our shares and our share price may be more volatile.
An
investment in this offering may involve adverse U.S. federal income tax consequences.
An
investment in this offering may involve adverse U.S. federal income tax consequences. For instance, there is a risk that an investor's
entitlement to receive payments in excess of the investor's initial tax basis in our ordinary shares upon exercise of the investor's
conversion right or upon our liquidation of the trust account will result in constructive income to the investor, which could affect
the timing and character of income recognition and result in U.S. federal income tax liability to the investor without the investor's
receipt of cash from us. Furthermore, because there are no authorities that directly address instruments similar to the units we are
issuing in this offering, the allocation an investor makes with respect to the purchase price of the unit between the ordinary shares,
warrants, and rights included in the units could be challenged by the U.S. Internal Revenue Service, or the IRS, or the courts.
See the section titled "Taxation -- United States Federal Income Taxation" for a summary of the material U.S. federal
income tax consequences of an investment in our securities. Prospective investors are urged to consult their own tax advisors with respect
to these and other tax consequences when purchasing, holding or disposing of our securities.
We
have also not sought a ruling from the IRS as to any U.S. federal income tax consequences described in
this prospectus. The IRS may disagree with the descriptions of U.S. federal income tax consequences described herein, and its determination
may be upheld by a court. Any such determination could subject an investor or our company to adverse U.S. federal income tax consequences
that would be different than those described in this prospectus. Accordingly, each prospective investor is urged to consult a tax advisor
with respect to the specific tax consequences of the acquisition, ownership and disposition of our securities, including the applicability
and effect of state, local, or foreign tax laws, as well as U.S. federal tax laws.
We
may qualify as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S. investors.
In
general, we will be treated as a passive foreign investment company ("PFIC") for any taxable year in which either (1) at
least 75% of our gross income (looking through certain 25% or more-owned corporate subsidiaries) is passive income or (2) at least 50%
of the average value of our assets (looking through certain 25% or more-owned corporate subsidiaries) is attributable to assets that
produce, or are held for the production of, passive income. Passive income generally includes, without limitation, dividends, interest,
rents, royalties, and gains from the disposition of passive assets. 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 (as defined in the Section of this prospectus captioned "Taxation
— United States Federal Income Taxation — General") of our securities, the U.S. Holder may be subject to increased
U.S. federal income tax liability and may be subject to additional reporting requirements. Our actual PFIC status for our current taxable
year may depend on whether we qualify for the PFIC start-up exception (see the section of this prospectus captioned "Taxation —
United States Federal Income Taxation — U.S. Holders — Passive Foreign Investment Company Rules"). Our actual PFIC
status for any taxable year, however, will not be determinable until after the end of such taxable year (or after the end of the start-up
period, if later). Accordingly, there can be no assurance with respect to our status as a PFIC for our current taxable year or any subsequent
taxable year. We urge U.S. Holders to consult their own tax advisors regarding the possible application of the PFIC rules.
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If
our management following a business combination is unfamiliar with United States securities laws, they may have to expend time and resources
becoming familiar with such laws which could lead to various regulatory issues.
Following
a business combination, our management will likely resign from their positions as officers of the company and the management of the target
business at the time of the business combination will remain in place. We cannot assure you that management of the target business will
be familiar with United States securities laws. If new management is unfamiliar with our 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.
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 Act (as revised)
of the Cayman Islands, reincorporate in the jurisdiction in which the target company or business is located. 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 our securities after the reincorporation.
If
restrictions on repatriation of earnings from the target business' home jurisdiction to foreign entities are instituted, our business
following a business combination may be materially negatively affected.
It
is possible that following an initial business combination, the home jurisdiction of the target business may have restrictions on repatriations
of earnings or additional restrictions may be imposed in the future. If they were, it could have a material adverse effect on our operations.
Our
search for a business combination, and any target business with which we ultimately consummate a business combination, may be materially
adversely affected by the recent coronavirus (COVID-19) outbreak and the status of debt and equity markets.
The
outbreak of the COVID-19 coronavirus has resulted in a widespread health crisis that has adversely affected the economies and financial
markets worldwide. We may be unable to complete a business combination if continued concerns relating to COVID-19 restrict travel, limit
the ability to have meetings with potential investors, if the target company's personnel, vendors and service providers are unavailable
to negotiate and consummate a transaction in a timely manner, or if COVID-19 causes a prolonged economic downturn. The extent to which
COVID-19 impacts our search for a business combination will depend on future developments, which are highly uncertain and cannot be predicted,
including new information which may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact,
among others. If the disruptions posed by COVID-19 or other matters of global concern continue for an extensive period of time, our ability
to consummate a business combination, or the operations of a target business with which we ultimately consummate a business combination,
may be materially adversely affected.
In
addition, our ability to consummate a business combination may be dependent on the ability to raise equity and debt financing which may
be impacted by COVID-19 and other events.
We
are currently experiencing a period of economic uncertainty and capital markets disruption, which has been significantly impacted by
geopolitical instability due to the ongoing military conflict between Russia and Ukraine. Our search for a business combination, and
any target business with which we ultimately consummate a business combination, may be materially adversely affected by any negative
impact on the global economy and capital markets resulting from the conflict in Ukraine or any other geopolitical tensions.
U.S.
and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the start of the
military conflict between Russia and Ukraine. On February 24, 2022, a full-scale military invasion of Ukraine by Russian troops was reported.
Although the length and impact of the ongoing military conflict is highly unpredictable, the conflict in Ukraine could lead to market
disruptions, including significant volatility in commodity prices, credit and capital markets, as well as supply chain interruptions.
We are continuing to monitor the situation in Ukraine and globally and assessing its potential impact on our business. Additionally,
Russia's prior annexation of Crimea, recent recognition of two separatist republics in the Donetsk and Luhansk regions of Ukraine
and subsequent military interventions in Ukraine have led to sanctions and other penalties being levied by the United States, European
Union and other countries against Russia, Belarus, the Crimea Region of Ukraine, the so-called Donetsk People's Republic, and the
so-called Luhansk People's Republic, including agreement to remove certain Russian financial institutions from the Society for
Worldwide Interbank Financial Telecommunication ("SWIFT") payment system, expansive ban on imports and exports of products
to and from Russia and ban on exportation of U.S. denominated banknotes to Russia or persons located there. Additional potential sanctions
and penalties have also been proposed and/or threatened. Russian military actions and the resulting sanctions could adversely affect
the global economy and financial markets and lead to instability and lack of liquidity in capital markets, potentially making it more
difficult for us to obtain additional funds. Any of the above-mentioned factors could affect our ability to search for a target and consummate
a business combination. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to
predict, but could be substantial. Any such disruptions may also magnify the impact of other risks described in this prospectus.
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Your
only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your
right to redeem your shares from us for cash.
At
the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of one or more
target businesses. Because our board of directors may consummate our initial business combination without seeking shareholder approval,
public shareholders may not have the right or opportunity to vote on the business combination. 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 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 our initial business combination with a target.
We
may enter into a transaction agreement with a prospective target that requires as a closing condition that we have a minimum net worth
or a certain amount of cash. If too many public shareholders exercise their redemption rights, we may 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 consummation
of the business combination and after payment of underwriter's fees and commission or any greater net tangible asset or
cash requirement which may be contained in the transaction agreement relating to the business combination. Consequently, if accepting
all properly submitted redemption requests would cause our net tangible assets to be less than $5,000,001 upon consummation of the business
combination and after payment of underwriter's fees and commissions or such greater amount necessary to satisfy a closing
condition as described above, we would not proceed with such redemption and the related business combination and may instead search for
an alternate business combination. Prospective targets would be aware of these risks and, thus, may be reluctant to enter into our initial
business combination transaction with us.
The
ability of a large number of our shareholders to exercise redemption rights may not allow us to consummate the most desirable business
combination or optimize our capital structure.
In
connection with the successful consummation of our business combination, we may redeem up to that number of ordinary shares that would
permit us to maintain net tangible assets of $5,000,001. If our business combination requires us to use substantially all of our cash
to pay the purchase price, the redemption threshold may be further limited. Alternatively, we may need to arrange third party financing
to help fund our business combination in case a larger percentage of shareholders exercise their redemption rights than we expect. If
the acquisition involves the issuance of our shares as consideration, we may be required to issue a higher percentage of our shares to
the target or its shareholders to make up for the failure to satisfy a minimum cash requirement. Raising additional funds to cover any
shortfall may involve dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability
to effectuate the most attractive business combination available to us.
If
we seek shareholder approval of our initial business combination, all of our existing shareholders, including all of our officers
and directors, have agreed to vote in favor of such initial business combination, regardless of how our public stockholders vote.
Pursuant
to the letter agreement, our initial stockholders, officers and directors have agreed to vote the insider shares owned by them immediately
before this offering as well as any ordinary shares acquired in this offering or in the aftermarket in favor of our initial business
combination. As a result, in addition to the insider shares owned by our initial stockholders, officers and directors, we would need
only approximately 4.22% of our public shares to be voted in favor of an initial business combination (assuming only the minimum number
of shares representing a quorum are voted, that the initial stockholders do not purchase any units in this offering or units or shares
in the after-market) in order to have our initial business combination approved (assuming the over-allotment option is not exercised).
We expect that our initial stockholders holding insider shares and their respective permitted transferees collectively will own at least
20% of our issued and outstanding ordinary shares immediately following the completion of this offering (excluding the private shares
issued in the private placement and assuming they do not purchase any units in this offering). Accordingly, if we seek shareholder approval
of our initial business combination, the agreement by our initial stockholders, officers and directors to vote in favor of our initial
business combination will increase the likelihood that we will receive the requisite stockholder approval for such initial business combination.
If
we seek shareholder approval of our business combination, our sponsor, directors, officers, advisors and their affiliates may elect to
purchase shares from shareholders, in which case they may influence a vote in favor of a proposed business combination that you do not
support.
If
we seek shareholder approval of our business combination and we do not conduct redemptions in connection with our business combination
pursuant to the tender offer rules, our sponsor, directors, officers, advisors or their affiliates may purchase shares in privately negotiated
transactions either prior to or following the consummation of our initial business combination. Such purchases will not be made if our
sponsor, directors, officers, advisors or their affiliates are in possession of any material non-public information that has not been
disclosed to the selling shareholder. Such a purchase would 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 their affiliates purchase shares in privately negotiated transactions
from public shareholders who have already elected to exercise their redemption rights, such selling shareholders would be required to
revoke their prior elections to redeem their shares. It is intended that, if Rule 10b-18 under the Exchange Act would apply to
purchases by our sponsor, directors, officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18, to the extent it applies, which provides a safe harbor for purchases made under certain conditions, including with respect
to timing, pricing and volume of purchases.
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In
addition, if such purchases are made, the public "float" of our ordinary shares or public warrants and the number of beneficial
holders of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our
securities on a national securities exchange. However, in the event our sponsor, directors, officers, advisors or their affiliates were
to purchase shares or warrants from public stockholders, such purchases would by structured in compliance with the requirements of Rule
14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:
●
our
registration statement/proxy statement filed
    for our business combination transaction would disclose the possibility that our sponsor, directors, officers, advisors
    or their affiliates may purchase shares or warrants from public stockholders outside the redemption process, along with the purpose
    of such purchases;
●
if
    our sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through the our redemption process;
●
our
registration statement/proxy statement filed
    for its business combination transaction would include a representation that any of our securities purchased by our
    sponsor, directors, officers, advisors or their affiliates would not be voted in favor of approving the business combination transaction;
●
our
sponsor, directors, officers, advisors or their
    affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption
    rights, they would waive such rights; and
●
we
would disclose in a Form 8-K, before our
    security holder meeting to approve the business combination transaction, the following material items:
○
the
    amount of our securities purchased outside of the redemption offer by our sponsor, directors, officers, advisors or
    their affiliates, along with the purchase price;
○
the
    purpose of the purchases by our sponsor, directors, officers, advisors or their affiliates;
○
the
    impact, if any, of the purchases by our sponsor, directors, officers, advisors or their affiliates on the likelihood that
    the business combination transaction will be approved;
○
the
    identities of company security holders who sold to our sponsor, directors, officers, advisors or their affiliates (if
    not purchased on the open market) or the nature of the company security holders (
e.g
., 5% security holders) who sold
    to our sponsor, directors, officers, advisors or their affiliates; and
○
the
    number of company securities for which we received redemption requests pursuant to our redemption offer.
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The
purpose of such purchases would be to (1) increase the likelihood of obtaining shareholder approval of the business combination or (2)
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 the business combination, where it appears that such requirement would otherwise not be met. This may result in the consummation
of an initial business combination that may not otherwise have been possible.
In
addition, if such purchases are made, the public "float" of our ordinary shares or public warrants and the number of beneficial
holders of our securities may be reduced, possibly making it difficult to obtain or maintain the quotation, listing or trading of our
securities on a national securities exchange. However, in the event our sponsor, directors, officers, advisors or their affiliates were
to purchase shares or warrants from public stockholders, such purchases would by structured in compliance with the requirements of Rule
14e-5 under the Exchange Act including, in pertinent part, through adherence to the following:
●
the
    Company's registration statement/proxy statement filed for its business combination transaction would disclose the possibility
    that the Company's sponsor, directors, officers, advisors or their affiliates may purchase shares or warrants from public stockholders
    outside the redemption process, along with the purpose of such purchases;
●
if
    the Company's sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through the Company's redemption process;
●
the
    Company's registration statement/proxy statement filed for its business combination transaction would include a representation
    that any of the Company's securities purchased by the Company's sponsor, directors, officers, advisors or their affiliates
    would not be voted in favor of approving the business combination transaction;
●
the
    Company's sponsor, directors, officers, advisors or their affiliates would not possess any redemption rights with respect to
    the Company's securities or, if they do acquire and possess redemption rights, they would waive such rights; and
●
the
    Company would disclose in a Form 8-K, before the Company's security holder meeting to approve the business combination transaction,
    the following material items:
○
the
    amount of the Company's securities purchased outside of the redemption offer by the Company's sponsor, directors, officers,
    advisors or their affiliates, along with the purchase price;
○
the
    purpose of the purchases by the Company's sponsor, directors, officers, advisors or their affiliates;
○
the
    impact, if any, of the purchases by the Company's sponsor, directors, officers, advisors or their affiliates on the likelihood
    that the business combination transaction will be approved;
○
the
    identities of Company security holders who sold to the Company's sponsor, directors, officers, advisors or their affiliates
    (if not purchased on the open market) or the nature of Company security holders (
e.g
., 5% security holders) who sold to the
    Company's sponsor, directors, officers, advisors or their affiliates; and
○
the
    number of Company securities for which the Company has received redemption requests pursuant to its redemption offer.
Your
only opportunity to affect the investment decision regarding a potential business combination may be limited to the exercise of your
right to redeem your shares from us for cash, unless we seek shareholder approval of the initial business combination.
At
the time of your investment in us, you will not be provided with an opportunity to evaluate the specific merits or risks of any target
businesses. Since our board of directors may complete an initial business combination without seeking shareholder approval, public shareholders
may not have the right or opportunity to vote on the initial business combination, unless we seek such shareholder vote. 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.
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, potentially at a loss.
Our
public shareholders shall be entitled to receive funds from the trust account only in the event of a redemption to public shareholders
prior to any winding up in the event we do not consummate our initial business combination or our liquidation, if they redeem their shares
in connection with an initial business combination that we consummate or if we seek to amend our memorandum and articles of association
to affect the substance or timing of our redemption obligation to redeem all public shares if we cannot complete an initial business
combination within 12 months (or up to 21 months if we have extended the period of time as described in this prospectus) of the closing
of this offering. In no other circumstances will a shareholder have any right or interest of any kind to the funds in the trust account.
Holders of warrants and rights will not have any right to the proceeds held in the trust account with respect to the warrants and rights.
Accordingly, to liquidate your investment, you may be forced to sell your public shares, potentially at a loss.
We
may be limited to the funds held outside of the trust account to fund our search for target businesses, to pay our tax obligations and
expenses, and to complete our initial business combination.
Of
the net proceeds of this offering, $502,000   is anticipated to be available to us initially outside the trust account to fund
our working capital requirements and cover expenses. Especially if the over-allotment option is exercised in full, we may not have sufficient
funds available with which to structure, negotiate or close our initial business combination or pay our expenses. In such event, we would
need to borrow funds from our insiders, officers, or directors to operate or may be forced to liquidate. Our insiders, officers and directors
are under no obligation to loan us any funds. If we are unable to obtain the funds necessary, we may be forced to cease searching for
a target business and may be unable to complete our initial business combination.
If
                                            the net proceeds of this offering not being held in the trust account are insufficient to
                                            allow us to operate for at least the next 12 months (or up to 21 months if we have extended
                                            the period of time as described in this prospectus), we may be unable to complete our initial
                                            business combination.
The
funds available to us outside of the trust account may not be sufficient to allow us to operate for at least the next 12 months (or up
to 21 months if we have extended the period of time as described in this prospectus), assuming that our initial business combination
is not consummated during that time. Of the funds available to us, we could use a portion of the funds available to us to pay fees to
consultants to assist us with our search for a target business. We could also use a portion of the funds as a down payment or to fund
a "no-shop" provision (a provision in letters of intent designed to keep target businesses from "shopping" around
for transactions with other companies on terms more favorable to such target businesses) with respect to a particular proposed business
combination, although we do not have any current intention to do so. If we are unable to fund such down payments or "no shop"
provisions, our ability to close a contemplated transaction could be impaired. Furthermore, if we entered into a letter of intent where
we paid for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds (whether as
a result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with respect
to, a target business. If we are unable to complete our initial business combination, our public shareholders may only receive a pro
rata portion of the amount then in the trust account (which may be less than $10.00 per share) (whether or not the underwriter's
over-allotment option is exercised in full) on our redemption.
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Subsequent
to our consummation of our initial business combination, we may be required to take write-downs or write-offs, restructuring and impairment
or other charges.
Even
if we conduct thorough due diligence on a target business with which we combine, this diligence may not surface all material issues that
may be present inside a particular target business, that it would be possible to uncover all material issues through a customary amount
of due diligence, or that factors outside of the target business and outside of our control will not later arise. As a result of these
factors, we may be forced to later write-down or write-off assets, restructure our operations, or incur impairment or other charges that
could result in our reporting losses. Even if our due diligence successfully identifies certain risks, unexpected risks may arise and
previously known risks may materialize in a manner not consistent with our preliminary risk analysis. Even though these charges may be
non-cash items and not have an immediate impact on our liquidity, the fact that we report charges of this nature could contribute to
negative market perceptions about us or our securities. In addition, charges of this nature may cause us to violate net worth or other
covenants to which we may be subject as a result of assuming pre-existing debt held by a target business or by virtue of our obtaining
post-combination debt financing.
Our
directors may decide not to enforce indemnification obligations against 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 $10.00 per share (whether or not the underwriter's over-allotment
option is exercised in full) 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 on our behalf 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 on our behalf, the amount of funds in the trust account available for distribution to our public shareholders
may be reduced below $10.00 per share.
Because
we have not selected a particular business or specific geographic location or any specific target businesses with which to pursue our
initial business combination, you will be unable to ascertain the merits or risks of any particular target business' operations.
While
we may pursue an acquisition opportunity in any business industry or sector, we intend to initially focus on those industries or sectors
that complement our management team's background. Except for the limitations that a target business have a fair market value of
at least 80% of the value of the trust account (excluding any taxes payable) and that we are not permitted to effectuate our initial
business combination with another blank check company or similar company with nominal operations, we will have virtually unrestricted
flexibility in identifying and selecting a prospective acquisition candidate. Because we have not yet identified or approached any specific
target business with respect to our initial business combination, there is no basis to evaluate the possible merits or risks of any particular
target business's operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent we
consummate our initial business combination, we may be affected by numerous risks inherent in the business operations with which we combine.
For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings, we may
be affected by the risks inherent in the business and operations of a financially unstable or a development stage entity. Although our
officers and directors will endeavor to evaluate the risks inherent in a particular target business, we may not properly ascertain or
assess all of the significant risk factors or that we will have adequate time to complete due diligence. Furthermore, some of these risks
may be outside of our control and leave us with no ability to control or reduce the chances that those risks will adversely impact a
target business. In addition, investors will be relying on the business judgment of our board of directors, which will have significant
discretion in choosing the standard used to establish the fair market value of a particular target business. An investment in our shares
may not ultimately prove to be more favorable to investors than a direct investment, if such opportunity were available, in an acquisition
target.
We
                                            may seek investment opportunities outside our management's area of expertise and our
                                            management may not be able to adequately ascertain or assess all significant risks associated
                                            with the target company.
There
is no limitation on the industry or business sector that we may consider when contemplating our initial business combination. We may
therefore be presented with a business combination candidate in an industry unfamiliar to our management team, but determine that such
candidate offers an attractive investment opportunity for our company. In the event we elect to pursue an investment outside of our management's
expertise, our management's experience may not be directly applicable to the target business or their evaluation of its operations.
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Although
we identified general criteria and guidelines that we believe are important in evaluating prospective target businesses, we may enter
into our initial business combination with a target that does not meet such criteria and guidelines, and as a result, the target business
with which we enter into our initial business combination may not have attributes entirely consistent with our general criteria and guidelines.
Although
we have identified specific criteria and guidelines for evaluating prospective target businesses, it is possible that a target business
with which we enter into our initial business combination will not have all of these positive attributes. If we consummate our initial
business combination with a target that does not meet some or all of these guidelines, such combination may not be as successful as a
combination with a business that does meet all of our general criteria and guidelines. In addition, if we announce our initial business
combination with a target that does not meet our general criteria and guidelines, a greater number of 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 law or NASDAQ,
or we decide to obtain shareholder approval for business or other legal 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 only receive $10.00 per share or even less (whether or not
the underwriter's over-allotment option is exercised in full) on our redemption, and our warrants and rights will expire
worthless.
Management's
flexibility in identifying and selecting a prospective acquisition candidate, along with our management's financial interest in
consummating our initial business combination, may lead management to enter into an acquisition agreement that is not in the best interest
of our shareholders.
Subject
to the requirement that our initial business combination must be with one or more target businesses or assets having an aggregate fair
market value of at least 80% of the value of the trust account (excluding any taxes payable) at the time of the agreement to enter into
such initial business combination, we will have virtually unrestricted flexibility in identifying and selecting a prospective acquisition
candidate. Investors will be relying on management's ability to identify business combinations, evaluate their merits, conduct
or monitor diligence and conduct negotiations. Management's flexibility in identifying and selecting a prospective acquisition
candidate, along with management's financial interest in consummating our initial business combination, may lead management to
enter into an acquisition agreement that is not in the best interest of our shareholders, which would be the case if the trading price
of our ordinary shares after giving effect to such business combination was less than the per-share trust liquidation value that our
shareholders would have received if we had dissolved without consummating our initial business combination.
Resources
could be wasted in researching acquisitions that are not consummated.
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 consummate 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 only
receive $10.00 per share or even less (whether or not the underwriter's over-allotment option is exercised in full) on our
redemption, and our warrants and rights will expire worthless.
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We
may attempt to consummate our initial business combination with a private company about which little information is available.
In
pursuing our acquisition strategy, we may seek to effectuate our initial business combination with a privately held company. By definition,
very little public information 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 our initial business combination with a company
that is not as profitable as we suspected, if at all.
We
may not be able to maintain control of a target business after our initial business combination.
We
may structure our initial business combination to acquire less than 100% of the equity interests or assets of a target business, but
we will only consummate such business combination if we will become the majority shareholder of the target (or control the target through
contractual arrangements in limited circumstances for regulatory compliance purposes) or are otherwise not required to register as an
investment company under the Investment Company Act or to the extent permitted by law we may acquire interests in a variable interest
entity, in which we may have less than a majority of the voting rights in such entity, but in which we are the primary beneficiary. Even
though we may own a majority interest in the target, our shareholders prior to the business combination may collectively own a minority
interest in the post-business combination company, depending on valuations ascribed to the target and us in the business combination
transaction. For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the
outstanding capital stock of a target. In this case, we 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 such transaction could own less than a majority
of our outstanding 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 stock than we initially acquired. Accordingly,
this may make it more likely that we will not be able to maintain our control of the target business.
Risks
Associated with Acquiring and Operating a Business Outside of the United States
We
may effect a business combination with a company located outside of the United States and if we do, we would be subject to a variety
of additional risks that may negatively impact our business operations and financial results.
If
we consummate a business combination with a target business located outside of the United States, we would be subject to any special
considerations or risks associated with companies operating in the target business' governing jurisdiction, including any of the
following:
●
rules
    and regulations or currency redemption or corporate withholding taxes on individuals;
●
tariffs
    and trade barriers;
●
regulations
    related to customs and import/export matters;
●
longer
    payment cycles than in the United States;
●
inflation;
●
economic
    policies and market conditions;
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●
unexpected
    changes in regulatory requirements;
●
challenges
    in managing and staffing international operations;
●
tax
    issues, such as tax law changes and variations in tax laws as compared to the United States;
●
currency
    fluctuations;
●
challenges
    in collecting accounts receivable;
●
cultural
    and language differences;
●
protection
    of intellectual property;
●
employment
    regulations; and
●
deterioration
    of political relations with the United States.
We
cannot assure you that we would be able to adequately address these additional risks. If we were unable to do so, our operations might
suffer.
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.
If
social unrest, acts of terrorism, regime changes, changes in laws and regulations, political upheaval, or policy changes or enactments
occur in a country in which we may operate after we effect our initial business combination, it may result in a negative impact on our
business.
Political
events in another country may significantly affect our business, assets or operations. Social unrest, acts of terrorism, regime changes,
changes in laws and regulations, political upheaval, and policy changes or enactments could negatively impact our business in a particular
country.
For
example, the
Cayman Islands, together with several
other non-European Union jurisdictions, have recently introduced legislation aimed at addressing concerns raised by the Council of the
European Union as to offshore structures engaged in certain activities which attract profits without real economic activity. With effect
from January 1, 2019, the International Tax Co-operation (Economic Substance) Act (2021 Revision), or the ITC, came into force in the
Cayman Islands introducing certain economic substance requirements for Cayman Islands tax resident companies which are engaged in certain
"relevant activities." However, it is not anticipated that the company itself will be subject to any such requirements
prior to any business combination and thereafter the company may still remain out of scope of the legislation or else be subject
to more limited substance requirements. Although it is presently anticipated that the ITC will have little material impact on the Company
or its operations, as the legislation is new and remains subject to further clarification and interpretation, it is not currently possible
to ascertain the precise impact of these legislative changes on the company.
Many
countries have difficult and unpredictable legal systems and underdeveloped laws and regulations that are unclear and subject to corruption
and inexperience, which may adversely impact our results of operations and financial condition.
Our
ability to seek and enforce legal protections, including with respect to intellectual property and other property rights, or to defend
ourselves with regard to legal actions taken against us in a given country, may be difficult or impossible, which could adversely impact
our operations, assets or financial condition.
Rules
and regulations in many countries are often ambiguous or open to differing interpretation by responsible individuals and agencies at
the municipal, state, regional and federal levels. The attitudes and actions of such individuals and agencies are often difficult to
predict and inconsistent.
Delay
with respect to the enforcement of particular rules and regulations, including those relating to customs, tax, environmental and labor,
could cause serious disruption to operations abroad and negatively impact our results.
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If
we effect a business combination with a company located outside of the United States, the laws applicable to such company will likely
govern all of our material agreements and we may not be able to enforce our legal rights.
If
we effect a business combination with a company located outside of the United States, the laws of the country in which such company operates
will govern almost all of the material agreements relating to its operations. We cannot assure you that the target business will be able
to enforce any of its material agreements or that remedies will be available in this new jurisdiction. The system of laws and the enforcement
of existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The inability
to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities
or capital. Additionally, if we acquire a company located outside of the United States, it is likely that substantially all of our assets
would be located outside of the United States and some of our officers and directors might reside outside of the United States. As a
result, it may not be possible for investors in the United States to enforce their legal rights, to effect service of process upon our
directors or officers or to enforce judgments of United States courts predicated upon civil liabilities and criminal penalties of our
directors and officers under Federal securities laws.
If
relations between the United States and foreign governments deteriorate, it could cause potential target businesses or their goods and
services to become less attractive.
The
relationship between the United States and foreign governments could be subject to sudden fluctuation and periodic tension. For instance,
the United States may announce its intention to impose quotas on certain imports. Such import quotas may adversely affect political relations
between the two countries and result in retaliatory countermeasures by the foreign government in industries that may affect our ultimate
target business. Changes in political conditions in foreign countries and changes in the state of U.S. relations with such countries
are difficult to predict and could adversely affect our operations or cause potential target businesses or their goods and services to
become less attractive. Because we are not limited to any specific industry, there is no basis for investors in this offering to evaluate
the possible extent of any impact on our ultimate operations if relations are strained between the United States and a foreign country
in which we acquire a target business.
If
any dividend is declared in the future and paid in a foreign currency, you may be taxed on a larger amount in U.S. dollars.
If
you are a U.S. holder of our ordinary shares, you will be taxed on the U.S. dollar value of your dividends, if any, at the time you receive
them, even if you actually receive a smaller amount of U.S. dollars when the payment is in fact converted into U.S. dollars. Specifically,
if a dividend is declared and paid in a foreign currency, the amount of the dividend distribution that you must include in your income
as a U.S. holder will be the U.S. dollar value of the payments made in the foreign currency, determined at the spot rate of the foreign
currency to the U.S. dollar on the date the dividend distribution is includible in your income, regardless of whether the payment is
in fact converted into U.S. dollars. Thus, if the value of the foreign currency decreases before you actually convert the currency into
U.S. dollars, you will be taxed on a larger amount in U.S. dollars than the U.S. dollar amount that you will actually ultimately receive.
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 and legal policies, developments and conditions in the country in which we operate.
If
we initiate a business combination outside of the United States, after our initial business combination, substantially all of our assets
may be located in another foreign country and substantially all of our revenue may be derived from our operations in such country. The
economic, political and social conditions, as well as government policies, of the country in which our operations are located could affect
our business. 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.
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Currency
                                            policies may cause a target business' ability to succeed in the international markets
                                            to be diminished.
In
the event we acquire a non-U.S. target, all revenues and income would likely be received in a foreign currency, the dollar equivalent
of our net assets and distributions, if any, could be adversely affected by reductions in the value of the local currency. The value
of the currencies in our target regions fluctuate and are affected by, among other things, changes in political and economic conditions.
Any change in the relative value of such currency against our reporting currency may affect the attractiveness of any target business
or, following consummation of our initial business combination, our financial condition and results of operations. Additionally, if a
currency appreciates in value against the dollar prior to the consummation of our initial business combination, the cost of a target
business as measured in dollars will increase, which may make it less likely that we are able to consummate such transaction.
Many
of the economies in Asia are experiencing substantial inflationary pressures which may prompt the governments to take action to control
the growth of the economy and inflation that could lead to a significant decrease in our profitability following our initial business
combination.
While
many of the economies in Asia have experienced rapid growth over the last two decades, they currently are experiencing inflationary pressures.
As governments take steps to address the current inflationary pressures, there may be significant changes in the availability of bank
credits, interest rates, limitations on loans, restrictions on currency conversions and foreign investment. There also may be imposition
of price controls. If prices for the products of our ultimate target business rise at a rate that is insufficient to compensate for the
rise in the costs of supplies, it may have an adverse effect on our profitability. If these or other similar restrictions are imposed
by a government to influence the economy, it may lead to a slowing of economic growth. Because we are not limited to any specific industry,
the ultimate industry that we operate in may be affected more severely by such a slowing of economic growth.
Many
industries in Asia are subject to government regulations that limit or prohibit foreign investments in such industries, which may limit
the potential number of acquisition candidates.
Governments
in many Asian countries have imposed regulations that limit foreign investors' equity ownership or prohibit foreign investments
altogether in companies that operate in certain industries. As a result, the number of potential acquisition candidates available to
us may be limited or our ability to grow and sustain the business, which we ultimately acquire will be limited.
If
a country in Asia enacts regulations in industry segments that forbid or restrict foreign investment, our ability to consummate our initial
business combination could be severely impaired.
Many
of the rules and regulations that companies face concerning foreign ownership are not explicitly communicated. If new laws or regulations
forbid or limit foreign investment in industries in which we want to complete our initial business combination, they could severely impair
our candidate pool of potential target businesses. Additionally, if the relevant central and local authorities find us or the target
business with which we ultimately complete our initial business combination to be in violation of any existing or future laws or regulations,
they would have broad discretion in dealing with such a violation, including, without limitation:
●
levying
    fines;
●
revoking
    our business and other licenses;
●
requiring
    that we restructure our ownership or operations; and
●
requiring
    that we discontinue any portion or all of our business.
Any
of the above could have an adverse effect on our company post-business combination and could materially reduce the value of your investment.
Corporate
governance standards in Asia may not be as strict or developed as in the United States and such weakness may hide issues and operational
practices that are detrimental to a target business.
General
corporate governance standards in some countries are weak in that they do not prevent business practices that cause unfavorable related
party transactions, over-leveraging, improper accounting, family company interconnectivity and poor management. Local laws often do not
go far enough to prevent improper business practices. Therefore, shareholders may not be treated impartially and equally as a result
of poor management practices, asset shifting, conglomerate structures that result in preferential treatment to some parts of the overall
company, and cronyism. The lack of transparency and ambiguity in the regulatory process also may result in inadequate credit evaluation
and weakness that may precipitate or encourage financial crisis. In our evaluation of a business combination we will have to evaluate
the corporate governance of a target and the business environment, and in accordance with United States laws for reporting companies
take steps to implement practices that will cause compliance with all applicable rules and accounting practices. Notwithstanding these
intended efforts, there may be endemic practices and local laws that could add risk to an investment we ultimately make and that result
in an adverse effect on our operations and financial results.
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CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
The
statements contained in this prospectus that are not purely historical are forward-looking statements. Our forward-looking statements
include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or
circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe,"
"continue," "could," "estimate," "expect," "intends," "may,"
"might," "plan," "possible," "potential," "predicts," "project,"
"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 identify or complete an initial business combination;
●
limited
    operating history;
●
success
    in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;
●
potential
    ability to obtain additional financing to complete a business combination;
●
pool
    of prospective target businesses;
●
the
    ability of our officers and directors to generate potential investment opportunities;
●
potential
    change in control if we acquire one or more target businesses for shares;
●
our
    public securities' potential liquidity and trading;
●
regulatory
    or operational risks associated with acquiring a target business;
●
use
    of proceeds not held in the trust account;
●
financial
    performance following this offering; or
●
listing
    or delisting of our securities from NASDAQ or the ability to have our securities listed on NASDAQ 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.
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ENFORCEABILITY
OF CIVIL LIABILITIES
We
are a company incorporated under the laws of the Cayman Islands and administered from outside the United States, and a majority of our
assets will be located within the United States after this offering. Our U.S. agent for service of process is Cogency Global Inc. However,
it may be difficult for investors to effect service of process on us or our officers or directors within the United States in a way that
will permit a U.S. court to have jurisdiction over us. The majority of our assets may be located outside the United States post business
combination.
Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the
Companies Act, 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 considered 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 not as clearly established as 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 some
states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. In addition, Cayman Islands companies
may not have standing to initiate a shareholder derivative action in a federal court of the United States.
There
is uncertainty as to whether the Cayman Islands courts would:
●
recognize
    or enforce against us judgments of U.S. courts based on certain civil liability provisions of U.S. securities laws; and
●
entertain
    original actions brought in the Cayman Islands against us or our directors or officers predicated upon the securities laws of the
    United States or any state in the United States.
We
have been advised by Ogier, our Cayman Islands counsel, that there is uncertainty with regard to Cayman Islands law related to whether
a judgment obtained from the U.S. courts under civil liability provisions of U.S. securities laws will be determined by the courts of
the Cayman Islands as penal or punitive in nature. If such determination is made, the courts of the Cayman Islands will not recognize
or enforce the judgment against a Cayman Islands company, such as our company. As the courts of the Cayman Islands have yet to rule on
making such a determination in relation to judgments obtained from U.S. courts under civil liability provisions of U.S. securities laws,
it is uncertain whether such judgments would be enforceable in the Cayman Islands. We have been further advised that although there is
no statutory enforcement in the Cayman Islands of judgments obtained in the United States, a judgment obtained in such jurisdiction will
be recognized and enforced in the courts of the Cayman Islands at common law, without any re-examination of the merits of the underlying
dispute, by an action commenced on the foreign judgment debt in the Grand Court of the Cayman Islands, provided such judgment:
(a)
is
    given by a foreign court of competent jurisdiction;
(b)
imposes
    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;
(c)
is
    final;
(d)
is
    not in respect of taxes, a fine or a penalty;
(e)
was
    not obtained by fraud; and
(f)
is
    not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.
Subject
to the above limitations, in appropriate circumstances, a Cayman Islands court may give effect in the Cayman Islands to other kinds of
final foreign judgments such as declaratory orders, orders for performance of contracts and injunctions.
As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
against the management, members of the board of directors or controlling shareholders than they would as public shareholders of a United
States-incorporated company.
In
addition, our directors and officers are nationals or residents of United States, United Kingdom and People's Republic of China
and most or a substantial portion of their assets are located in the aforementioned locations, and following our initial business combination,
the majority of our assets may be located outside the United States.
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Table of Contents
USE
OF PROCEEDS
We
estimate that the net proceeds of this offering, in addition to the funds we will receive from the sale of the private units (all of
which will be deposited into the trust account), will be as set forth in the following table:
Without
Over-Allotment
Option
Over-Allotment
Option
                                            Exercised
Gross
    proceeds
From
    offering
$
60,000,000
$
69,000,000
From
    private placement
1,874,000
2,000,000
Total
    gross proceeds
$
61,874,000
$
71,000,000
Offering
    expenses
(1)
Non-contingent
    underwriting cash discount (1.4% of gross proceeds from offering, which excludes the deferred underwriting discounts and commissions
    of up to 2.5% of gross proceeds from offering)
$
840,000
(2)
$
966,000
(2)
Initial
    trustee fee
11,300
11,300
Legal
    fees and expenses
170,000
170,000
NASDAQ
    listing fee
5,000
5,000
Printing
    and engraving expenses
5,000
5,000
Accounting
    fees and expenses
65,000
65,000
SEC
    registration fee/ FINRA filing fee
28,700
28,700
D&O
    insurance fee
200,000
2
00,000
Miscellaneous
    expenses
47,000
47,000
Total
    offering expenses (not including deferred underwriting discounts and commissions)
$
532,000
$
532,000
Net
    proceeds of the offering and private placement
Held
    in trust
$
60,000,000
(3)
$
69,000,000
(3)
Not
    held in trust
502,000
502,000
Total
    net proceeds (including deferred underwriting discounts and commissions)
$
60,502,000
$
69,502,000
Use
    of net proceeds not held in trust
(4)(5)
Legal,
    accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation, structuring
    and negotiation of a business combination
$
50,000
9.96
%
Due
    diligence of prospective target businesses by officers, directors and initial shareholders
50,000
9.96
%
Legal
    and accounting fees relating to SEC reporting obligations
50,000
9.96
%
Working
    capital to cover miscellaneous expenses, D&O insurance, general corporate purposes, liquidation obligations and reserves
(6)
352,000
70.12
%
Total
$
502,000
100.00
%
(1)
A
    portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the non-refundable portion of the NASDAQ
    listing fee and a portion of the legal and accounting fees, have been paid from the funds we borrowed from our sponsor, described
    below. These funds will be repaid out of the proceeds of this offering available to us. If we determine not to proceed with the offering,
    such amounts would not be repaid.
(2)
No
    discounts or commissions will be paid with respect to the purchase of the private units.
(3)
The
    funds held in the trust account may, but need not, be used to pay our expenses relating to completing our initial business combination,
    including deferred underwriting discounts and commissions payable to the underwriter and/or advisors in an amount of up to
    2.5% of the total gross proceeds raised in the offering described below.
(4)
The
    amount of proceeds not held in trust will remain constant at $502,000 even if the over-allotment is exercised.
(5)
These
    are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set forth herein. For example,
    we may incur greater legal and accounting expenses than our current estimates in connection with negotiating and structuring our
    initial business combination based upon the level of complexity of that business combination. We do not anticipate any change in
    our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations, to
    the extent they exceed current estimates for any specific category of expenses, would be deducted from our excess working capital.
(6)
Includes
    payment of administrative fee to DT Cloud Capital Corp. ($10,000 per month for up to 12 months), subject to deferral as described
    herein.
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Table of Contents
Our
sponsor has agreed to purchase an aggregate of 187,400 private units at a price of $10.00 per private unit ($1,874,000 in the aggregate)
in a private placement that will occur simultaneously with the closing of this offering. Our sponsor has further agreed that if the over-allotment
option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an additional number of private
units (up to a maximum of 200,000 private units)
pro rata
with the amount of the over-allotment option exercised so that at least
$10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is exercised in
full or in part. These additional private units will be purchased in a private placement that will occur simultaneously with the
purchase of units resulting from the exercise of the over-allotment option. All of the proceeds we receive from these purchases will
be placed in the trust account described below.
$60,000,000,
or $69,000,000 if the over-allotment option is exercised in full, of the net proceeds of this offering and the sale of the private units
will be placed in an account at Morgan Stanley in the United States, maintained by Continental Stock Transfer & Trust Company, New
York, New York, as trustee. Pursuant to the investment management trust agreement that will govern the investment of such funds, the
trustee, upon our written instructions, will direct Morgan Stanley to invest the funds as set forth in such written instructions and
to custody the funds while invested and until otherwise instructed in accordance with the investment management trust agreement. The
funds held in trust will be invested only in United States government treasury bills, bonds or notes having a maturity of 180 days or
less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act and that invest solely in United States government treasuries, so that we are not deemed to be an investment company under the Investment
Company Act. Except with respect to interest earned on the funds held in the trust account that may be released to us to pay our income
or other tax obligations, the proceeds will not be released from the trust account until the earlier of the completion of a business
combination or our liquidation. The proceeds held in the trust account may be used as consideration to pay the sellers of a target business
with which we complete a business combination to the extent not used to pay converting shareholders. Any amounts not paid as consideration
to the sellers of the target business may be used to finance operations of the target business.
The
payment to an affiliate of our sponsor of a monthly fee of $10,000 is for general and administrative services including office space,
utilities and secretarial and administrative support. However, pursuant to the terms of such agreement, we may delay payment of such
monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated
expenses in connection with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable
no later than the date of the consummation of our initial business combination. We believe that the fee charged by an affiliate of our
sponsor is at least as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon. completion
of our initial business combination or the distribution of the trust account to our public shareholders. Other than the $10,000 per month
fee, no compensation of any kind (including finder's, consulting or other similar fees) will be paid to any of our existing officers,
directors, shareholders, or any of their affiliates, prior to, or for any services they render in order to effectuate, the consummation
of the business combination (regardless of the type of transaction that it is). However, such individuals will receive reimbursement
for any out-of-pocket expenses incurred by them in connection with activities on our behalf, such as identifying potential target businesses,
performing business due diligence on suitable target businesses and business combinations as well as traveling to and from the offices,
plants or similar locations of prospective target businesses to examine their operations. Since the role of present management after
a business combination is uncertain, we have no ability to determine what remuneration, if any, will be paid to those persons after a
business combination.
Without
the exercise of
the over-allotment option, the net proceeds from this offering available to us out of trust for our working capital requirements in searching for a business
combination will be approximately $58,500,000. We intend to use the excess working capital available for miscellaneous expenses such
as paying fees to consultants to assist us with our search for a target business and for director and officer liability insurance premiums,
with the balance being held in reserve in the event due diligence, legal, accounting and other expenses of structuring and negotiating
business combinations exceed our estimates, as well as for reimbursement of any out-of-pocket expenses incurred by our initial shareholders,
officers and directors in connection with activities on our behalf as described above. We will also be entitled to have interest earned
on the funds held in the trust account released to us to pay any tax obligations that we may owe.
55
Table of Contents
The
allocation of the net proceeds available to us outside of the trust account, along with the interest earned on the funds held in the
trust account available to us (excluding taxes payable on the interest earned on the trust account), represents our best estimate of
the intended uses of these funds. In the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within
the above-described categories. If our estimate of the costs of undertaking in-depth due diligence and negotiating our initial business
combination is less than the actual amount necessary to do so, or the amount of interest available from the trust account is insufficient
as a result of the current low interest rate environment, we may be required to raise additional capital, the amount, availability and
cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments
from members of our management team, but such members of our management team are not under any obligation to advance funds to, or invest
in, us.
We
will likely use a substantial portion of the net proceeds of this offering, including the funds held in the trust account, to acquire
a target business, to pay holders who wish to convert or sell their shares to us for a portion of the funds held in the trust account
and to pay our expenses relating thereto. If the payment of our liabilities, including the deferred underwriting discounts and commissions
payable to the underwriter in an amount up to 1.0% of the total gross proceeds raised in the offering, were to reduce the amount available
to us in trust necessary to pay all holders who wish to convert or sell their shares to us for a portion of the funds held in the trust
account, we would not be able to consummate such transaction. 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, to
pay holders who wish to convert their shares into a portion of the funds held in the trust account or pay our expenses relating thereto
will be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working capital to finance
the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding
the target business' operations, for strategic acquisitions and for marketing, research and development of existing or new products.
To
the extent we are unable to consummate a business combination, we will pay the costs of liquidating our trust account from our remaining
assets outside of the trust account. If such funds are insufficient, DT Cloud Capital Corp., has agreed to advance us the funds necessary
to complete such liquidation (currently anticipated to be no more than $300,000) and has agreed not to seek repayment of such expenses.
As
of August 12, 2022, DT Cloud Capital Corp., had loaned to us an aggregate of $75,000 to be used to pay formation and a portion of the
expenses of this offering. The loan is payable without interest on the earlier of (i) consummation of initial business combination
or (ii) converted upon consummation of the business combination into additional private units at a price of $10.00 per unit. If we
determine not to proceed with the offering, such amounts would not be repaid.
In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
or their affiliates may, but are not obligated to, loan our company funds as may be required,
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a
promissory note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender's
discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the units and underlying securities upon conversion of such notes,
to the extent the holder wishes to so convert them at the time of the consummation of our initial business combination. If we do not
complete a business combination, the loans would be repaid out of funds not held in the trust account, and only to the extent available.
These notes would be in addition to any notes we issued in exchange for the funds necessary to extend our life.
A
public shareholder will be entitled to receive funds from the trust account (including interest earned on his, her or its portion of
the trust account to the extent not previously released to us to pay our tax obligations) only in the event of (i) the redemption of
our public shares if we are unable to consummate our initial business combination within the required time period or (ii) if that public
shareholder converts such public shares or sells them to us in a tender offer in each case in connection with a business combination
which we consummate or (iii) in connection with an amendment to our amended and restated memorandum and articles of association prior
to the consummation of an initial business combination. In no other circumstances will a public shareholder have any right or interest
of any kind to or in the trust account.
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Table of Contents
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 an
initial business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital
requirements and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent
to a business combination will be within the discretion of our board of directors at such time. It is the present intention of our board
of directors to retain all earnings, if any, for use in our business operations and, accordingly, our board of directors does not anticipate
declaring any dividends in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate
declaring any share capitalizations in the foreseeable future, except if we increase the size of the offering pursuant to Rule 462(b)
under the Securities Act, in which case we will effect a share capitalizations immediately prior to the consummation of the offering
in such amount as to maintain our initial shareholders' ownership at 20.0% of our issued and outstanding ordinary shares
upon the consummation of this offering (excluding ownership of the private units). Further, if we incur any indebtedness, our ability
to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.
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Table of Contents
DILUTION
The
difference between the public offering price per share, assuming no value is attributed to the redeemable warrants included in the units
we are offering by this prospectus and included in the private units, and the pro forma net tangible book value per share after this
offering constitutes the dilution to investors in this offering. Such calculation does not reflect any dilution associated with the sale
and exercise of warrants, including the private warrants. Net tangible book value per share is determined by dividing our net tangible
book value, which is our total tangible assets less total liabilities by the number of issued and outstanding ordinary shares.
At
August 12, 2022, our net tangible book value was a deficit of $89,813 or approximately $0.06 (or $0.05) per share. For the purposes
of the dilution calculation, in order to present the maximum estimated dilution as a result of this offering, we have assumed the issuance
of 0.05 of a share for each right outstanding, as such issuance will occur upon a business combination without the payment of
additional consideration. After giving effect to the sale of 6,000,000 (or 6,900,000 if the underwriter exercises its over-allotment
option in full) ordinary shares included in the units we are offering by this prospectus, the 300,000 ordinary shares issuable upon conversion
of 6,000,000 rights, the sale of the private placement units, including the 9,370 ordinary shares issuable upon conversion of 187,400
private placement rights, and the deduction of underwriting discounts and estimated expenses of this offering, and the sale of the private
units, our pro forma net tangible book value at August 12, 2022 would have been $975,813 (or $1,200,813 if the underwriter exercises
its over-allotment option in full) or $0.47 (or $0.50) per share, representing an immediate increase in net tangible book value of
$0.41 (or $0.45) per share to our insiders and an immediate dilution of 104.91 % (or 105.25%) per share or $9.99 (or $10.02) to new investors
not exercising their redemption rights. For purposes of presentation, our pro forma net tangible book value after this offering is $60,000,000
(or $69,000,000 if the underwriter exercises its over-allotment option in full) less than it otherwise would have been because
if we effect our initial business combination, the redemption rights of the public shareholders (but not our insiders) may result in
the conversion or tender of up to 6,000,000 shares (or 6,900,000 shares if the underwriter exercises its over-allotment option
in full) sold in this offering.
The
following table illustrates the dilution to the new investors on a per-share basis, assuming no value is attributed to the redeemable
warrants, including the private warrants:
No
                                            exercise of
over-allotment
option
Exercise
                                            of
over-allotment
option
                                            in full
Public
    offering price
(1)
$
9.52
$
9.52
Net
    tangible book value before this offering
$
(0.06
)
$
(0.05
)
Increase
    attributable to public shareholders and sale of the private placement units
(2)
$
(0.41
)
$
(0.45
)
Pro
    forma net tangible book value after this offering
$
(0.47
)
$
(0.50
)
Dilution
    to public stockholders
$
9.99
$
10.02
Percentage
    of dilution to public shareholders
104.91
%
105.25
%
(1)
The
    offering price is calculated as the total consideration received of $60,000,000 divided by the total number of shares of 6,300,000
    assuming the issuance of additional shares underlying the rights contained in the units (or $69,000,000 divided by the total
    number of shares of 7,245,000 assuming the issuance of additional shares underlying the rights contained in the units).
(2)
Calculation
    also accounts for decrease attributable to public shares subject to redemption.
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Table of Contents
For
purposes of presentation, we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the underwriter's
over-allotment option) by $60,000,000 because holders of up to 100% of our public shares may redeem their shares for a pro rata share
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to
the commencement of our tender offer or stockholders meeting, including interest earned on the funds held in the trust account and not
previously released to us to pay our taxes), divided by the number of shares of ordinary shares sold in this offering.
The
following table sets forth information with respect to our initial shareholders and the new investors:
Shares
    Purchased
Total
    Consideration
Average
Price
Number
Percentage
Amount
Percentage
Per
    Share
Initial
    shareholders
(1)
1,500,000
18.55
%
$
25,000
0.04
%
$
0.02
Shares
    underlying private units
(2)
196,770
2.43
%
$
1,874,000
3.03
%
$
9.52
Representative
    shares
(4)
90,000
1.11
%
—
—
—
New
    investors
(3)
6,300,000
77.91
%
$
60,000,000
96.93
%
$
9.52
8,086,770
100.00
%
$
61,899,000
100.00
%
(1)
Assumes
    the over-allotment option has not been exercised and an aggregate of 225,000 ordinary shares held by our sponsor have been forfeited
    as a result thereof.
(2)
Assumes
    the issuance of an additional 9,370 ordinary shares underlying the private placement rights.
(3)
Assumes
    the issuance of an additional 300,000 ordinary shares underlying the public rights.
(4)
Includes
    the issuance of an additional 90,000 shares issued to the representative (assuming no exercise of the underwriter's
    over-allotment option).
The
pro forma net tangible book value after the offering is calculated as follows:
Without
Over-allotment
With
Over-allotment
Numerator:
Net
    tangible book deficit before this offering
$
(89,813
)
(89,813
)
Net
    proceeds from this offering and sale of the private placement warrants, net of expenses
60,502,000
69,502,000
Plus:
    Offering costs paid in advance, excluded from tangible book value
112,000
112,000
Less:
    Deferred underwriter's commissions payable
(1,500,000
)
(1,725,000
)
Less:
    Proceeds held in trust subject to redemption
(60,000,000
)
(69,000,000
)
(975,813
)
(1,200,813
)
Denominator:
Shares
    of ordinary shares outstanding prior to this offering
1,725,000
1,725,000
Less:
    Shares of ordinary shares forfeited if over-allotment is not exercised
(225,000
)
—
Shares
    of ordinary shares included in the units offered
6,000,000
6,900,000
Shares
    underlying the rights to be included in the public units
300,000
345,000
Shares
    of ordinary shares issued to private units
187,400
200,000
Shares
    underlying the rights to be included in the private units
9,370
10,000
Representative shares
90,000
103,500
Less:
    Shares subject to redemption
(6,000,000
)
(6,900,000
)
2,086,770
2,383,500
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Table of Contents
CAPITALIZATION
The
following table sets forth our capitalization at August 12, 2022 and as adjusted to give effect to the sale of our units and the private
units and the application of the estimated net proceeds derived from the sale of such securities:
As
    at August 12, 2022
Actual
As
    Adjusted
(Audited)
(Unaudited)
Promissory
    Note – related party
(1)
$
75,000
—
Deferred
    underwriting discounts and commissions payable
—
1,500,000
Ordinary
    shares, $0.0001 par value; 0 and 6,000,000 shares are subject to possible redemption, actual and as adjusted, respectively
(2)
—
60,000,000
Ordinary
    shares, $0.0001 par value, 500,000,000 shares authorized, 1,725,000 shares issued and outstanding as of August 12, 2022; 1,777,400
(3)
shares issued and outstanding (excluding 6,000,000 shares subject to possible conversion/tender), as adjusted
173
178
Additional
    paid-in capital
24,827
—
Accumulated
    deficit
(2,813
)
(975,991
)
Total
    shareholders' equity (deficit)
22,187
(975,813
)
Total
    capitalization
$
97,187
60,524,187
(1)
As
    of August 12, 2022, DT Cloud Capital Corp. had loaned to us an aggregate of $75,000 to be used to pay formation and a portion of
    the expenses of this offering. The loan is payable without interest on the date on which we consummate our initial public offering.
(2)
Represents
    net proceeds allocated to the public shares less the allocated transaction costs related to this offering. The ordinary shares offered
    to the public contains redemption rights that make them redeemable by our public shareholders. Accordingly, they are classified within
    temporary equity in accordance with the guidance provided in ASC 480-10-S99-3A and will be accredited at redemption value immediately.
(3)
Actual
    share amount is prior to any forfeiture of insider shares by our sponsor and as adjusted amount assumes no exercise of the underwriter's
    over-allotment option and, consequently, forfeiture of an aggregate of 225,000 insider shares by our sponsor. The as adjusted
    amount also includes 187,400 ordinary shares underlying the private units to be issued in the private placement and 90,000 ordinary
    shares to be issued to the representative.
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Table of Contents
MANAGEMENT'S
DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
We
are a blank check company incorporated in the Cayman Islands on July 7, 2022 as an exempted company with limited liability (meaning our
public shareholders have no liability, as shareholders of the Company, for the liabilities of the Company over and above the amount paid
for their shares) to serve as a vehicle to effect a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization
or similar business combination with one or more target businesses. Our efforts to identify a prospective target business will not be
limited to a particular industry or geographic location. We intend to utilize cash derived from the proceeds of this offering, our securities,
debt or a combination of cash, securities and debt, in effecting a business combination. The issuance of additional ordinary shares or
preferred shares:
●
may
    significantly reduce the equity interest of our shareholders;
●
may
    subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
    shares;
●
will
    likely cause a change in 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 most likely will also 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 securities.
Similarly,
if we issue debt securities, it could result in:
●
default
    and foreclosure on our assets if our operating revenues after a business combination are insufficient to pay our debt obligations;
●
acceleration
    of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security
    contains covenants that required the maintenance of certain financial ratios or reserves and we breach any such covenant without
    a waiver or renegotiation of that covenant;
●
our
    immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;
●
our
    inability to obtain additional financing, if necessary, if the debt security contains covenants restricting our ability to obtain
    additional financing while such security is outstanding;
●
our
    inability to pay dividends on our 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 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.
Liquidity
and Capital Resources
As
indicated in the accompanying financial statements, at August 12, 2022, we had $nil in cash and a working capital equity of $89,813.
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 as discussed above. Our plans to raise capital or to consummate our initial business
combination may not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern.
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Table of Contents
Our
liquidity needs have been satisfied to date through receipt of $25,000 from the sale of the insider shares and a loan from our sponsor,
in an aggregate amount of $75,000 that is more fully described below. We estimate that the net proceeds from (1) the sale of the units
in this offering, after deducting offering expenses of approximately $532,000 and underwriting discounts and commissions of $840,000
(or $966,000 if the over-allotment option is exercised in full) (not including the deferred underwriting discounts and commissions) and
(2) the sale of the private units for a purchase price of up to $1,874,000 (or $2,000,000 if the over-allotment option is exercised in
full), will be $60,502,000 (or $69,502,000 if the over-allotment option is exercised in full) (including the deferred underwriting discounts
and commissions). Of this amount, $60,000,000 (or $69,000,000 if the over-allotment option is exercised in full) will be held in the
trust account. The remaining $502,000 (whether or not the over-allotment option is exercised in full) will not be held in the trust account.
We
intend to use substantially all of the net proceeds of this offering, including the funds held in the trust account, to acquire a target
business or businesses and to pay our expenses relating thereto, including deferred underwriting discounts and commissions payable to
the underwriter and/or advisors (which are FINRA members) in an amount up to 2.5% of the total gross proceeds raised in
the offering upon consummation of our initial business combination. To the extent that our share capital is used in whole or in part
as consideration to effect our initial business combination, the remaining proceeds held in the trust account as well as any other net
proceeds not expended will be used as working capital to finance the operations of the target business. Such working capital funds could
be used in a variety of ways including continuing or expanding the target business' operations, for strategic acquisitions and
for marketing, research and development of existing or new products. Such funds could also be used to repay any operating expenses or
finders' fees which we had incurred prior to the completion of our initial business combination if the funds available to us outside
of the trust account were insufficient to cover such expenses.
Over
the next 12 months (or up to 21 months if we have extended the period of time as described in this prospectus) (assuming a business combination
is not consummated prior thereto), we will be using the funds held outside of the trust account for identifying and evaluating prospective
acquisition candidates, performing business due diligence on prospective target businesses, traveling to and from the offices, plants
or similar locations of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses,
selecting the target business to acquire and structuring, negotiating and consummating the business combination. Out of the funds available
outside the trust account, we anticipate that we will incur approximately:
●
$50,000
    of expenses for the search for target businesses and for the legal, accounting and other third-party expenses attendant to the due
    diligence investigations, structuring and negotiating of a business combination;
●
$50,000
    of expenses for the due diligence and investigation of a target business by our officers, directors and initial shareholders;
●
$50,000
    of expenses in legal and accounting fees relating to our SEC reporting obligations;
●
$232,000
    for general working capital that will be used for director and officer liability insurance premiums and miscellaneous expenses, including
    general corporate purposes, liquidation obligations and reserves; and
●
$120,000
    for payment of office space, administrative and supporting fee.
If
our estimates of the costs of undertaking in-depth due diligence and negotiating our initial business combination is less than the actual
amount necessary to do so, or the amount of interest available to us from the trust account is less than we expect as a result of the
current interest rate environment, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become obligated
to redeem a significant number of our public shares upon consummation of our initial business combination, in which case we may issue
additional securities or incur debt in connection with such business combination. Subject to compliance with applicable securities laws,
we would only consummate such financing simultaneously with the consummation of our initial business combination. Following our initial
business combination, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our obligations.
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Related
Party Transactions
In
August 2022, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an aggregate purchase price
of $25,000, or approximately $0.01 per share.
The
1,725,000 insider shares held by our initial shareholders including an aggregate of up to 225,000 shares subject to forfeiture by our
sponsor to the extent that the underwriter's over-allotment is not exercised in full or in part, so that the initial shareholders
will collectively own 20.0% of our issued and outstanding shares after this offering (assuming the initial shareholders
do not purchase any public units in the this offering and excluding ordinary shares contained with the private units).
The sponsor paid an aggregate purchase price of $25,000 for the issuance of 1,725,000 of our ordinary shares.
As
of August 12, 2022, DT Cloud Capital Corp. loaned to us an aggregate amount of $75,000, on a non-interest-bearing basis for payment of
offering expenses on our behalf. The loans will be repaid out of the proceeds of this offering not being placed in the trust account.
Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). Our sponsor has also agreed that if the over-allotment option is exercised by the underwriter, it will purchase
from us at a price of $10.00 per private unit an additional number of private units (up to a maximum of 200,000 private units)
pro
rata
with the amount of the over-allotment option exercised so that at least $10.00 per share sold to the public in this offering
is held in trust regardless of whether the over-allotment option is exercised in full or in part. These additional private units
will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the
over-allotment option.
If
needed to finance transaction costs in connection with searching for a target business or consummating an intended initial business combination,
our initial shareholders, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. In
the event that the initial business combination does not close, we may use a portion of the working capital held outside the trust account
to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Such loans would be evidenced
by promissory notes. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the
lender's discretion, up to $300,000 of the notes may be converted upon consummation of our business combination into private units
at a price of $10.00 per unit. We believe the purchase price of these units will approximate the fair value of such units when issued.
However, if it is determined, at the time of issuance, that the fair value of such units exceeds the purchase price, we would record
compensation expense for the excess of the fair value of the units on the day of issuance over the purchase price in accordance with
Accounting Standards Codification ("ASC") 718 — Compensation — Stock Compensation.
We
will have until 12 months from the closing of this
offering to complete a business combination. However, if we anticipate that we may not be able to consummate a business
combination within 12 months, we may, but are not obligated to, extend the period of time to consummate a business
combination month by month (for a total of up to 21 months to complete a business combination. In order to extend the time
available for us to consummate a business combination, the initial shareholders or their affiliates or designees must deposit
into the trust account $198,000, or $227,700 if the underwriter's over-allotment option is exercised in full
($0.033 per share in either case), on or prior to the applicable deadline.
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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,
2024 . As of the date of this prospectus, we have not completed an assessment, nor have our auditors tested our systems, of internal
controls. We expect to assess the internal controls of our target business or businesses prior to the completion of our initial business
combination and, if necessary, to implement and test additional controls as we may determine are necessary in order to state that we
maintain an effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding the adequacy of internal controls. Target businesses we may consider for our initial business combination may have internal
controls that need improvement in areas such as:
●
staffing
    for financial, accounting and external reporting areas, including segregation of duties;
●
reconciliation
    of accounts;
●
proper
    recording of expenses and liabilities in the period to which they relate;
●
evidence
    of internal review and approval of accounting transactions;
●
documentation
    of processes, assumptions and conclusions underlying significant estimates; and
●
documentation
    of accounting policies and procedures.
Because
it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary
for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant expense
in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal and disclosure
controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing
reporting.
Once
our management's report on internal controls is complete, we will retain our independent auditors to audit and render an opinion
on such report when, or if, required by Section 404. The independent auditors may identify additional issues concerning a target business's
internal controls while performing their audit of internal control over financial reporting.
Quantitative
and Qualitative Disclosures about Market Risk
The
net proceeds of this offering, including amounts in the trust account, will be invested in United States government treasury bills, bonds
or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated
under the Investment Company Act and that invest solely in U.S. treasuries. Due to the short-term nature of these investments,
we believe there will be no associated material exposure to interest rate risk.
Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results
As
of the date of this prospectus, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K
and did not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as
we have conducted no operations to date.
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 such, our financial
statements may not be comparable to companies that comply with public company effective dates.
Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.
Subject to certain conditions set forth in the JOBS Act, if, as an "emerging growth company", we choose to rely on such
exemptions we may not be required to, among other things, (i) provide an independent registered public accounting firm's
attestation report on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the
compensation disclosure that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and
Consumer Protection Act, (iii) comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation
or a supplement to the auditor's report providing additional information about the audit and the financial statements (auditor
discussion and analysis), and (iv) disclose certain executive compensation related items such as the correlation between executive
compensation and performance and comparisons of the CEO's compensation to median employee compensation. These exemptions will
apply for a period of five years following the completion of this offering or until we are no longer an "emerging growth
company," whichever is earlier.
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PROPOSED
BUSINESS
We
are a newly incorporated blank check company formed in the Cayman Islands as an exempted company with limited liability. 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 Act (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 (i) on or in respect of our shares, debentures or other obligations or (ii) 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. Our shareholders have no additional liability for the company's
liabilities over and above the amount paid for their shares. We were 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,
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 location. Currently, we
do not have any specific business combination under consideration or contemplation, and we have not, nor has anyone on our behalf, contacted
any prospective target business or had any discussions, formal or otherwise, with respect to such a transaction. 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. Additionally, we have not
engaged or retained any agent or other representative to identify or locate any suitable acquisition candidate, to conduct any research
or take any measures, directly or indirectly, to locate or contact a target business. We are confident that we will be able to find a
target business that will meet expectations. We intend to capitalize on the strengths and experiences of our management team to select,
acquire and form a business combination that has a competitive advantage in their core business and is positioned to bring in high returns
and long-term sustainable growth.
Competitive
Strengths
Our
management team is led by Ms. Olivia Wenxi He, who has over a decade of combined deal-making and investment experience. Our mission
is to unlock value for our shareholders by identifying an acquisition target in any sectors with growth potential. Given the diversified
experience of our management team, we believe we have significant resources to identify, diligence, and structure transactions that would
benefit all shareholders. We could also get deal sources from our sponsor, or affiliates of our sponsor. Our competitive strengths include
the following:
Deep
Experience of Operating Partners
We
believe that our ability to leverage the experience of the management team, which comprise executives of different companies across multiple
sectors and industries, will provide us a distinct advantage in being able to source, evaluate and consummate an attractive transaction.
Proprietary
Sourcing Channels and Leading Industry Relationships
We
believe the capabilities and connections associated with our management team, in combination with our sponsor and our strategic and operating
partners, will provide us with a differentiated pipeline of acquisition opportunities. We expect these sourcing capabilities will be
further bolstered by our reputation and deep industry relationships.
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Track
Record of Investment Experience
We
believe that our management's track record of identifying and sourcing transactions positions us well to appropriately evaluate
potential business combinations and select one that will be well received by the public markets.
Execution
and Structuring Capability.
Our
combined expertise and reputation will allow us to source and complete transactions possessing structural attributes that create an attractive
investment thesis. These types of transactions are typically complex and require creativity, industry knowledge and expertise, rigorous
due diligence, and extensive negotiations and documentation. We believe that by focusing our investment activities on these types of
transactions, we are able to generate investment opportunities that have attractive risk/reward profiles based on their valuations and
structural characteristics.
Acquisition
Strategy and Investment Criteria
Our
acquisition strategy is to:
●
leverage
    our management team's operational expertise, successful deal experience, and extensive knowledge in a broad sector horizon
    to effectively and efficiently seek acquisition opportunities and may pursue targets in, any industry or geography.
●
leverage
    the unique combination of proven deal execution capabilities, extensive relationship networks and professional investment track record
    of our sponsor and management team's extensive experience with listed companies, capital market transactions and investing
    in companies across a wide range of sectors.
●
focus
    our search for a target company that has compelling economics, potential for high recurring revenue, a defensible market position,
    and successful management teams that are seeking access to the public capital markets.
●
generate
    attractive returns and create value for our shareholders by applying a disciplined strategy of identifying attractive investment
    opportunities that could benefit from the addition of capital, management expertise and strategic insights.
●
identify
    an opportunity where our management team's expertise could effect a positive transformation of the existing business to improve
    the overall value propositions while maximizing shareholder value.
●
identify
    companies that are under-performing their potential due to a temporary period of dislocation in the markets.
●
source
    initial business combination opportunities through the extensive networks of our management team, sponsor and their affiliates, including
    seasoned executives and operators, private equity investors, lenders, attorneys and family offices, that we believe will provide
    our management team with a robust flow of acquisition opportunities.
Our
management team has decades of combined experience setting and implementing strategies to grow revenues and improve profitability, including:
helping to develop growth initiatives; developing capital allocation strategies; reducing expenses to increase earnings or to redeploy
capital into more beneficial initiatives; pursuing add-on acquisitions and divestitures; engaging in capital markets and other
financing or restructuring activities; evaluating, changing or enhancing management when appropriate; and crafting other initiatives.
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To
execute our business strategy, we intend to:
●
utilize
    our management team's extensive network of company owners, management teams, financial intermediaries and others to identify
    appropriate candidates for a possible business combination;
●
conduct
    rigorous research and analysis of various industries and companies to identify promising potential targets;
●
conduct
    a rigorous and thorough due diligence review of one or more targets, including an analysis of overall industry and competitive conditions
    and of company specific information, meetings with incumbent management and employees, document reviews, interviews of customers
    and suppliers, inspections of facilities, competitor analysis and reviews of operational, financial and business and other information,
    among others, in the evaluation process to ensure a high-quality potential target;
●
utilize
    our established deal execution experiences to better understand the competing priorities among stakeholders and creatively structure
    transaction terms to reach a transaction agreement beneficial to all parties;
●
identify
    under-exploited expansion opportunities overlooked by other companies where complexity or urgency mask hidden value and complete
    a business combination at an attractive price in terms of intrinsic value and future potential;
●
implement
    a business plan that we believe will accelerate growth and provide the company with flexibility both financially and operationally;
    and
●
seek
    further strategic opportunities in the form of acquisitions, divestitures or other transactions in order to enhance shareholder
    value.
Consistent
with our business strategy, we have identified the following general criteria and guidelines that we believe are important in evaluating
prospective target businesses. We intend to use these criteria and guidelines in evaluating acquisition opportunities, but we may decide
to enter into our initial business combination with a target business that does not meet these criteria and guidelines:
●
Established
    Businesses:
We will seek to acquire one or more businesses or assets that have a history of, or potential for, strong, stable
    cash flow generation, with predictable and recurring revenue streams.
●
Generates
    Stable Free Cash Flow:
We will seek to acquire a business that has historically generated, or has the near-term potential
    to generate, strong and sustainable free cash flow.
●
Growth
    opportunities through capital investment
: We intend to seek candidates who will benefit from additional capital investment through
    a business combination.
●
Strong
    management teams with a proven track record
: We intend to seek candidates who have strong management teams with a proven track
    record of driving revenue growth, enhancing profitability and generating strong free cash flow. We will seek to partner with potential
    target's management team and expect that the operating and financial abilities of our management and board will help potential
    target companies to unlock opportunities for future growth and enhanced profitability.
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●
Benefit
    from Being a Public Company
: We intend to pursue a business combination with a company that we believe will benefit from being
    publicly traded and can effectively utilize the broader access to capital and public profile that are associated with being a publicly
    traded company.
●
Would
    Benefit Uniquely from our Capabilities
: We will seek to acquire a business where the collective capabilities of our management
    and sponsor can be leveraged to tangibly improve the operations and market position of the target.
●
Risk-Adjusted
    Return
: We intend to acquire one or more companies that we believe can offer attractive risk-adjusted return on investments for
    our shareholders.
Our
Competitive Advantages
Status
as a Publicly Listed Company
We
believe our structure will make us an attractive business combination partner to prospective target businesses. As a publicly listed
company, we will offer a target business an alternative to the traditional initial public offering. We believe that target businesses
will favor this alternative, which we believe is less expensive, while offering greater certainty of execution than a traditional
initial public offering. During an initial public offering, there are typically expenses incurred in marketing, which would be costlier
than a business combination with us. Furthermore, once a proposed business combination is approved by our shareholders (if applicable)
and the transaction is consummated, the target business will have effectively become public, whereas an initial public offering is always
subject to the underwriter's ability to complete the offering, as well as general market conditions that could prevent the
offering from occurring. Once public, we believe the target business would have greater access to capital and additional means of creating
management incentives that are better aligned with shareholders' interests than it would as a private company. It can offer further
benefits by augmenting a company's profile among potential new customers and vendors and aid in attracting talented management.
Strong
Financial Position and Flexibility
With
the funds held in our trust account, we offer a target business a variety of options such as creating a liquidity event for its owners,
providing capital for the potential growth and expansion of its operations or strengthening its balance sheet by reducing its debt ratio.
Because we are able to complete our initial business combination using our cash, debt or equity securities, or a combination of the foregoing,
we have the flexibility to use the most efficient combination that will allow us to tailor the consideration to be paid to the target
business to fit its needs and desires. However, we have not taken any steps to secure third party financing and there can be no assurance
it will be available to us.
Effecting
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 share
capital, debt or a combination of these in effecting a business combination. Although substantially all of the net proceeds of this offering
and the private placement of private units are intended to be applied generally toward effecting a business combination as described
in this prospectus, the proceeds are not otherwise being designated for any more specific purposes. 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 U.S. Federal
and state securities laws. In the alternative, we may seek to consummate a business combination with a company that may be 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.
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We
Have Not Identified a Target Business
To
date, we have not selected any target business on which to concentrate our search for a business combination. None of our officers, directors,
initial shareholders and other affiliates has engaged in 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, nor have we,
nor any of our agents or affiliates, been approached by any candidates (or representatives of any candidates) with respect to a possible
business combination with our company.
Subject
to the limitations that a target business have a fair market value of at least 80% of the balance in the trust account (excluding any
deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination, as described below in more detail, we will have virtually unrestricted
flexibility in identifying and selecting a prospective acquisition candidate. We have not established any other specific attributes or
criteria (financial or otherwise) for prospective target businesses. 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. To the extent
we effect a business combination with a company or an entity in its early stage of development or growth, including entities without
established records of sales or earnings, we may be affected by numerous risks inherent in the business and operations of early stage
or potential emerging growth companies. 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
We
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 which will not commence until after the completion of this offering. 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, as well as their respective affiliates, may also bring to our attention
target business candidates that they become aware of through their business contacts as a result of formal or informal inquiries or discussions
they may have, as well as attending trade shows or conventions. While we do not presently anticipate engaging the services of professional
firms or other individuals that specialize in business acquisitions on any formal basis, we may engage these firms or other individuals
in the future, in which event we may pay a finder's fee, consulting fee or other compensation to be determined in an arm's
length negotiation based on the terms of the transaction. In no event, however, will any of our existing officers, directors, special
advisors or initial shareholders, or any entity with which they are affiliated, 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 a business combination (regardless
of the type of transaction). If we decide to enter into a business combination with a target business that is affiliated with our officers,
directors or initial shareholders, we will do so only if we have obtained an opinion from an independent investment banking firm that
the business combination is fair to our unaffiliated shareholders from a financial point of view. However, as of the date of this prospectus,
there is no affiliated entity that we consider a business combination target.
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Selection
of a Target Business and Structuring of a Business Combination
Subject
to the limitations that a target business have a fair market value of at least 80% of the balance in the trust account (excluding any
deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the execution
of a definitive agreement for our initial business combination, as described below in more detail, our management will have virtually
unrestricted flexibility in identifying and selecting a prospective target business. We have not established any other specific attributes
or criteria (financial or otherwise) for prospective target businesses.
We
believe such factors will be important in evaluating prospective target businesses, regardless of the location or industry in which such
target business operates. However, this list is not intended to be exhaustive. Furthermore, we may decide to enter into a business combination
with a target business that does not meet these criteria and guidelines.
Any
evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above factors as
well as other considerations deemed relevant by our management in effecting a business combination consistent with our business objective.
In evaluating a prospective target business, we will conduct an extensive due diligence review which will encompass, among other things,
meetings with incumbent management and inspection of facilities, as well as review of financial and other information which is made available
to us. This due diligence review will be conducted either by our management or by unaffiliated third parties we may engage, although
we have no current intention to engage any such third parties.
The
time and costs required to select and evaluate a target business and to structure and complete the business combination cannot presently
be ascertained with any degree of certainty. Any costs incurred with respect to the identification and evaluation of a prospective target
business with which a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital available
to otherwise complete a business combination.
Fair
Market Value of Target Business
Pursuant
to NASDAQ listing rules, 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 any deferred underwriting discounts and commissions and taxes payable
on the income earned on the trust account) at the time of the execution of a definitive agreement for our initial business combination,
although we may acquire a target business whose fair market value significantly exceeds 80% of the trust account balance. 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 a 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 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, only the portion of such business or businesses
that is owned or acquired is what will be valued for purposes of the 80% of net assets test, assuming that we obtain and maintain a listing
for our securities on NASDAQ. In order to consummate such an acquisition, we may issue a significant amount of our debt or equity securities
to the sellers of such businesses and/or seek to raise additional funds through a private offering of debt or equity securities. Since
we have no specific business combination under consideration, we have not entered into any such fund-raising arrangement and have no
current intention of doing so. The fair market value of the target business 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). 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
on the type of target business we are seeking to acquire, with respect to the satisfaction of such criteria. We will not be required
to obtain an opinion from an independent investment banking firm, or another independent entity that commonly renders valuation opinions
on the type of target business we are seeking to acquire, as to the fair market value if our board of directors independently determines
that the target business complies with the 80% threshold.
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We
will not be required to comply with the 80% fair market value requirement if we are delisted from NASDAQ. If NASDAQ delists our securities
from trading on its exchange after this offering, we would not be required to satisfy the fair market value requirement described above
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.
Lack
of Business Diversification
Our
business combination must be with a target business or businesses that collectively satisfy the minimum valuation standard at the time
of such acquisition, as discussed above, although this process may entail the simultaneous acquisitions of several operating businesses
at the same time. Therefore, at least initially, the prospects for our success may be entirely dependent upon the future performance
of a single business. Unlike other entities which may have the resources to complete several business combinations of entities operating
in multiple industries or multiple areas of a single industry, it is probable that we will not have the resources to diversify our operations
or benefit from the possible spreading of risks or offsetting of losses. By consummating a business combination with only a single entity,
our lack of diversification may:
●
subject
    us to numerous economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact upon
    the particular industry in which we may operate subsequent to a business combination, and
●
result
    in our dependency upon the performance of a single operating business or the development or market acceptance of a single or limited
    number of products, processes or services.
If
we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need for each of
such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other acquisitions, which may
make it more difficult for us, and delay our ability, to complete the business combination. With multiple acquisitions, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations
(if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or
products of the acquired companies in a single operating business.
Limited
Ability to Evaluate the Target Business' Management
Although
we intend to scrutinize the management of a prospective target business when evaluating the desirability of effecting a business combination,
we cannot assure you that our assessment of the target business' management will prove to be correct. In addition, we cannot assure
you that the future management will have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the
future role of our officers and directors, if any, in the target business following a business combination cannot presently be stated
with any certainty. While it is possible that some of our key personnel will remain associated in senior management or advisory positions
with us following a business combination, it is unlikely that they will devote their full-time efforts to our affairs subsequent to a
business combination. Moreover, they would only be able to remain with the company after the consummation of a business combination if
they are able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take
place simultaneously with the negotiation of the business combination and could provide for them to receive compensation in the form
of cash payments and/or our securities for services they would render to the company after the consummation of the business combination.
While the personal and financial interests of our key personnel may influence their motivation in identifying and selecting a target
business, their ability to remain with the company after the consummation of a business combination will not be the determining factor
in our decision as to whether or not we will proceed with any potential business combination. Additionally, our officers and directors
may not have significant experience or knowledge relating to the operations of the particular target business.
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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 public shareholders may seek to convert their public shares, regardless of whether they vote
for or against the proposed business combination, into their
pro rata
share of the aggregate amount then on deposit in the trust
account (net of taxes payable) or (2) provide our public shareholders with the opportunity to sell their public 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. Notwithstanding
the foregoing, our initial shareholders have agreed, pursuant to written letter agreements with us, not to convert any public shares
held by them into their
pro rata
share of the aggregate amount then on deposit in the trust account. If we determine to engage
in a tender offer, such tender offer will be structured so that each shareholder may tender any or all of his, her or its public 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 based on a variety
of factors such as the timing of the transaction, or whether the terms of the transaction would otherwise require us to seek shareholder
approval. If we so choose and we are legally permitted to do so, we have the flexibility to avoid a shareholder vote and allow our shareholders
to sell their shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange Act which regulate issuer tender offers. 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. We will consummate our initial business combination only
if we have net tangible assets of at least $5,000,001 upon such consummation and, solely if we seek shareholder approval, a majority
of the issued and outstanding ordinary shares voted are voted in favor of the business combination.
We
chose our net tangible asset threshold of $5,000,001 to ensure that we would avoid being subject to Rule 419 promulgated under the Securities
Act. However, if we seek to consummate an initial business combination with a target business that imposes any type of working capital
closing condition or requires us to have a minimum amount of funds available from the trust account upon consummation of such initial
business combination, our net tangible asset threshold may limit our ability to consummate such initial business combination (as we may
be required to have a lesser number of shares converted or sold to us) and may force us to seek third party financing which may not be
available on terms acceptable to us or at all. As a result, we may not be able to consummate such initial business combination and we
may not be able to locate another suitable target within the applicable time period, if at all. Public shareholders may therefore have
to wait 12 months from the closing of this offering (or up to 21 months if we have extended the period of time as described in this prospectus)
in order to be able to receive a
pro rata
share of the trust account.
Our
initial shareholders and our 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. As a result,
if we sought shareholder approval of a proposed transaction we could need as little as 256,951 of our public shares (or approximately
4.22% of our public shares) to be voted in favor of the transaction in order to have such transaction approved (assuming that only a
quorum was present at the meeting, that the over-allotment option is not exercised, and that the insiders do not purchase any units in
this offering or units or shares in the after-market).
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None
of our officers, directors, initial shareholders or their affiliates has indicated any intention to purchase units or ordinary shares
in this offering or from persons in the open market or in private transactions (other than the private units). 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, our officers, directors, initial shareholders or their affiliates could make such purchases in the
open market or in private transactions in order to influence the vote. Notwithstanding the foregoing, our officers, directors, initial
shareholders and their affiliates will not make purchases of ordinary shares if the purchases would violate Section 9(a)(2) or Rule 10b-5
promulgated under the Exchange Act, which are rules designed to stop potential manipulation of a company's share. In addition,
our officers, directors, initial shareholders and their affiliates would structure such purchases to be in compliance with the requirements
of Rule 14e-5 under the Exchange Act, including, in pertinent part, through adherence to the following:
●
our
registration statement/proxy statement filed
    for our business combination transaction would disclose the possibility that our sponsor, directors, officers, advisors
    or their affiliates may purchase shares or warrants from public stockholders outside the redemption process, along with the purpose
    of such purchases;
●
if
    our sponsor, directors, officers, advisors or their affiliates were to purchase shares or warrants from public stockholders,
    they would do so at a price no higher than the price offered through our redemption process;
●
our
registration
    statement/proxy statement filed for our business combination transaction would include a representation that any of our
    securities purchased by the our sponsor, directors, officers, advisors or their affiliates would not be voted in favor of
    approving the business combination transaction;
●
our
sponsor, directors, officers, advisors or their
    affiliates would not possess any redemption rights with respect to our securities or, if they do acquire and possess redemption
    rights, they would waive such rights; and
●
we would disclose in
    a Form 8-K, before our security holder meeting to approve the business combination transaction, the following material items:
○
the
    amount of our securities purchased outside of the redemption offer by our sponsor, directors, officers, advisors or
    their affiliates, along with the purchase price;
○
the
    purpose of the purchases by our sponsor, directors, officers, advisors or their affiliates;
○
the
    impact, if any, of the purchases by our sponsor, directors, officers, advisors or their affiliates on the likelihood that
    the business combination transaction will be approved;
○
the
    identities of company security holders who sold to our sponsor, directors, officers, advisors or their affiliates (if
    not purchased on the open market) or the nature of company security holders (
e.g
., 5% security holders) who sold to
    our sponsor, directors, officers, advisors or their affiliates; and
○
the
    number of company securities for which we received redemption requests pursuant to its redemption offer.
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Ability
to Extend Time to Complete Business Combination
If
we anticipate that we may not be able to consummate our initial business combination within 12 months, we may, but are not obligated
to, extend the period of time to consummate a business combination nine times by an additional one month each time (for a total
of up to 21 months to complete a business combination). Public shareholders will not be offered the opportunity to vote on or redeem
their shares in connection with any such extension. Pursuant to the terms of our amended and restated 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 to extend the time available for us to consummate our initial business combination, our insiders or their affiliates or designees,
upon five days advance notice prior to the applicable deadline, must deposit into the trust account for each one month extension $198,000,
or $227,700 if the underwriter's over-allotment option is exercised in full ($0.033 per share in either case), on or prior
to the date of the applicable deadline. The insiders will receive a non-interest-bearing, unsecured promissory note equal to the
amount of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds
available outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination,
or, at the lender's discretion, converted upon consummation of our business combination into additional private units at a price
of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such notes, to the extent the
holder wishes to so convert such notes at the time of the consummation of our initial business combination. In the event that we receive
notice from our insiders five days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press
release announcing such intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release
the day after the applicable deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates
or designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination. To the
extent that some, but not all, of our insiders, decide to extend the period of time to consummate our initial business combination, such
insiders (or their affiliates or designees) may deposit the entire amount required. Any notes issued pursuant to these loans would be
in addition to any notes issued pursuant to working capital loans made to us.
Conversion/Tender
Rights
At
any meeting called to approve an initial business combination, public shareholders may seek to convert their public shares, regardless
of whether they vote for or against the proposed business combination, into their
pro rata
share of the aggregate amount then
on deposit in the trust account, less any taxes then due but not yet paid. Notwithstanding the foregoing, our initial shareholders have
agreed, pursuant to written letter agreements with us, not to convert any public shares held by them into their
pro rata
share
of the aggregate amount then on deposit in the trust account. The redemption rights will be effected under our amended and restated memorandum
and articles of association and Cayman Islands law as redemptions. If we hold a meeting to approve an initial business combination, a
holder will always have the ability to vote against a proposed business combination and not seek conversion of its shares.
Alternatively,
if we engage in a tender offer, each public shareholder will be provided the opportunity to sell his public shares to us in such tender
offer. The tender offer rules require us to hold the tender offer open for at least 20 business days. Accordingly, this is the minimum
amount of time we would need to provide holders to determine whether they want to sell their public shares to us in the tender offer
or remain an investor in our company.
Our
initial shareholders, officers and directors will not have redemption 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.
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We
may also require public shareholders, whether they are a record holder or hold their shares in "street name," to either tender
their certificates (if any) to our transfer agent or to deliver their shares to the transfer agent electronically using Depository Trust
Company's DWAC (Deposit/Withdrawal At Custodian) System, at the holder's option, at any time at or prior to the vote on the
business combination. Once the shares are converted by the holder, and effectively redeemed by us under Cayman Islands law, the share
registrar in the Cayman Islands will then update our register of members to reflect all conversions. The proxy
solicitation materials that we will furnish to shareholders in connection with the vote for any proposed business combination will indicate
whether we are requiring shareholders to satisfy such delivery requirements. Accordingly, a shareholder would have from the time our
proxy statement is mailed through the vote on the business combination to deliver his shares if he wishes to seek to exercise his redemption
rights. Under our amended and restated memorandum and articles of association, we are required to provide at least 10 days' advance
notice of any shareholder meeting, which would be the minimum amount of time a shareholder would have to determine whether to exercise
redemption rights. As a result, if we require public shareholders who wish to convert their ordinary shares into the right to receive
a
pro rata
portion of the funds in the trust account to comply with the foregoing delivery requirements, holders may not have
sufficient time to receive the notice and deliver their shares for conversion. Accordingly, investors may not be able to exercise their
redemption rights and may be forced to retain our securities when they otherwise would not want to.
There
is a nominal cost associated with this tendering process and the act of certificating the shares or delivering them through the DWAC
System. The transfer agent will typically charge the tendering broker $45 and it would be up to the broker whether or not to pass this
cost on to the converting holder. However, this fee would be incurred regardless of whether or not we require holders seeking to exercise
redemption rights. The need to deliver shares is a requirement of exercising redemption rights regardless of the timing of when such
delivery must be effectuated. However, in the event we require shareholders seeking to exercise redemption rights to deliver their shares
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
request to convert or tender such shares once made, may be withdrawn at any time up to the vote on the proposed business combination
or expiration of the tender offer. Furthermore, if a holder of a public share delivered its certificate in connection with an
election of their conversion or tender and subsequently decides prior to the vote on the business combination or the expiration of the
tender offer not to elect to exercise such rights, it may simply request that the transfer agent return the certificate (physically
or electronically).
If
the initial business combination is not approved or completed for any reason, then our public shareholders who elected to exercise their
conversion or tender 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 of Trust Account if No Business Combination
If
we do not complete a business combination within 12 months (or up to 21 months, if we extend the time to complete a business combination
as described in this prospectus) from the date that the registration statement is declared effective, our amended and restated memorandum
and articles of association provides that we will: (i) cease all operations except for the purpose of winding up; (ii) as promptly as
reasonably possible, but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, divided by the number of the 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 our remaining shareholders
and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii), to our obligations under Cayman Islands
law to provide for claims of creditors and the requirements of other applicable law. However, if we anticipate that we may not be able
to consummate our initial business combination within 12 months, our sponsor may, but is not obligated to cause our Company to extend
the period of time to consummate a business combination nine times by an additional one month each time (for a total of up to 21 months
to complete a business combination). Pursuant to the terms of our amended and restated memorandum and articles of association and the
trust agreement to be entered into between us and Continental Stock Transfer & Trust Company, LLC on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination, our sponsor, upon five days advance notice
prior to the applicable deadline, must deposit into the trust account for each one-month extension $198,000, or $227,700 if the underwriter's
over-allotment option is exercised in full ($0.033 per share in either case), on or prior to the date of the applicable deadline.
The insiders or their affiliates or designees will receive a non-interest-bearing, unsecured promissory note equal to the amount
of any such deposit that will not be repaid in the event that we are unable to close a business combination unless there are funds available
outside the trust account to do so. Such notes would either be paid upon consummation of our initial business combination, or, at the
lender's discretion, converted upon consummation of our business combination into additional private units at a price of $10.00
per unit. In the event that we receive notice from our insiders five days prior to the applicable deadline of their intent to effect
an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition,
we intend to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited.
Our insiders and their affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our
initial business combination. To the extent that some, but not all, of our insiders, decide to extend the period of time to consummate
our initial business combination, such insiders (or their affiliates or designees) may deposit the entire amount required. If we are
unable to consummate our initial business combination within such time period, we will, as promptly as possible but not more than ten
business days thereafter, redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account,
including a pro rata portion of any interest earned on the funds held in the trust account and not necessary to pay our taxes, then seek
to liquidate and dissolve. However, we may not be able to distribute such amounts as a result of claims of creditors which may take priority
over the claims of our public shareholders. In the event of our liquidation and subsequent dissolution, the public rights will expire
and will be worthless.
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The
amount in the trust account will be treated as funds distributable under the Companies Act provided that immediately following the date
on which the proposed distribution is proposed to be made, we are able to pay our debts as they fall due in the ordinary course of business.
If we are forced to liquidate the trust account, we anticipate that we would distribute to our public shareholders the amount in the
trust account calculated as of the date that is two (2) days prior to the distribution date (including any accrued interest net of taxes
payable). Prior to such distribution, we would be required to assess all claims that may be potentially brought against us by our creditors
for amounts they are actually owed and make provision for such amounts, as creditors take priority over our public shareholders with
respect to amounts that are owed to them. We cannot assure you that we will properly assess all claims that may be potentially brought
against us. As such, our shareholders could potentially be liable for any claims of creditors to the extent of distributions received
by them as an unlawful payment in the event we enter an insolvent liquidation. Furthermore, while we will seek to have all vendors and
service providers (which would include any third parties we engaged to assist us in any way in connection with our search for a target
business) and prospective target businesses execute agreements with us waiving any right, title, interest or claim of any kind they may
have in or to any monies held in the trust account, there is no guarantee that they will execute such agreements. Nor is there any guarantee
that, even if such entities execute such agreements with us, they will not seek recourse against the trust account or that a court would
conclude that such agreements are legally enforceable.
Each
of our initial shareholders and our officers and directors have agreed to waive their respective rights to participate in any
liquidation of our trust account or other assets with respect to the insider shares and private units and to vote their insider shares,
private shares in favor of any dissolution and plan of distribution which we submit to a vote of shareholders. There will be no distribution
from the trust account with respect to our warrants and rights, which will expire worthless.
If
we are unable to complete an initial business combination and expend all of the net proceeds of this offering, other than the proceeds
deposited in the trust account, and without taking into account interest, if any, earned on the trust account, the initial per-share
redemption price from the trust account would be $10.00.
The
proceeds deposited in the trust account could, however, become subject to the claims of our creditors which would be prior to the claims
of our public shareholders. Although we will seek to have all vendors, including lenders for money borrowed, prospective target businesses
or other entities we engage 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 a claim against our assets, including the funds held in the trust account.
If any third party refused to execute an agreement waiving such claims to the monies held in the trust account, we would perform an analysis
of the alternatives available to us if we chose not to engage such third party and evaluate if such engagement would be in the best interest
of our shareholders if such third party refused to waive such claims. Examples of possible instances where we may engage a third party
that refused to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed
by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where management
is unable to find a provider of required services willing to provide the waiver. In any event, our management would perform an analysis
of the alternatives available to it and would only enter into an agreement with a third party that did not execute a waiver if management
believed that such third party's engagement would be significantly more beneficial to us than any alternative. 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.
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DT
Cloud Capital Corp., has agreed that, if we liquidate the trust account prior to the consummation of a business combination, it will
be liable to pay debts and obligations to target businesses or vendors or other entities that are owed money by us for services rendered
or contracted for or products sold to us in excess of the net proceeds of this offering not held in the trust account, but only to the
extent necessary to ensure that such debts or obligations do not reduce the amounts in the trust account and only if such parties have
not executed a waiver agreement. However, we cannot assure you that it will be able to satisfy those obligations if it is required to
do so. Accordingly, the actual per-share redemption price could be less than $10.00 due to claims of creditors. Additionally, if we are
forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds held in the
trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject to the claims of
third parties with priority over the claims of our shareholders. To the extent any bankruptcy claims deplete the trust account, we cannot
assure you we will be able to return to our public shareholders at least $10.00 per share.
Competition
In
identifying, evaluating and selecting a target business, we may encounter intense competition from other entities having a business objective
similar to ours. Many of these entities are well established and have extensive experience identifying and effecting business combinations
directly or through affiliates. Many of these competitors possess greater technical, human and other resources than us and our financial
resources will be relatively limited when contrasted with those of many of these competitors. While we believe there may be numerous
potential target businesses that we could acquire with the net proceeds of this offering, our ability to compete in acquiring certain
sizable target businesses may be limited by our available financial resources.
The
following also may not be viewed favorably by certain target businesses:
●
our
    obligation to seek shareholder approval of a business combination or obtain the necessary financial information to be sent to shareholders
    in connection with such business combination may delay or prevent the completion of a transaction;
●
our
    obligation to redeem public shares held by our public shareholders may reduce the resources available to us for a business combination;
●
NASDAQ
    may require us to file a new listing application and meet its initial listing requirements to maintain the listing of our securities
    following a business combination;
●
our
    outstanding warrants and rights and the potential future dilution they represent;
●
our
    obligation to pay the deferred underwriting discounts and commissions to the underwriter upon consummation of our initial
    business combination;
●
our
    obligation to either repay or issue units upon conversion of up to $300,000 of working capital loans that may be made to us by our
    initial shareholders, officers, directors or their affiliates;
●
our
    obligation to register the resale of the insider shares, as well as the private units (and underlying securities) and any securities
    issued to our initial shareholders, officers, directors or their affiliates upon conversion of working capital loans; and
●
the
    impact on the target business' assets as a result of unknown liabilities under the securities laws or otherwise depending on
    developments involving us prior to the consummation of a business combination.
Any
of these factors may place us at a competitive disadvantage in successfully negotiating a business combination. Our management
believes, however, that our status as a public entity and potential access to the United States public equity markets may give us a
competitive advantage over privately held entities having a similar business objective as ours in acquiring a target business
with significant growth potential on favorable terms.
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If
we succeed in effecting a business combination, there will be, in all likelihood, intense competition from competitors of the target
business. We cannot assure you that, subsequent to a business combination, we will have the resources or ability to compete effectively.
Facilities
We
maintain our principal executive office at 30 Orange Street, London, United Kingdom, WC2H 7HF.
Employees
We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend to
devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will vary based
on whether a target business has been selected for the business combination and the stage of the business combination process the company
is in. Accordingly, once management locates a suitable target business to acquire, they will spend more time investigating such target
business and negotiating and processing the business combination (and consequently spend more time to our affairs) than they would prior
to locating a suitable target business. We presently expect our executive officers to devote such amount of time as they reasonably believe
is necessary to our business (which could range from only a few hours a week while we are trying to locate a potential target business
to a majority of their time as we move into serious negotiations with a target business for a business combination). We do not intend
to have any full-time employees prior to the consummation of a business combination.
Periodic
Reporting and Audited Financial Statements
We
will register our units, ordinary shares, warrants, and rights under the Exchange Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual
report will contain financial statements audited and reported on by our independent registered public accountants.
We
will provide shareholders with audited financial statements of the prospective target business as part of any proxy solicitation sent
to shareholders to assist them in assessing the target business. In all likelihood, the financial information included in the proxy solicitation
materials will need to be prepared in accordance with U.S. GAAP or IFRS, depending on the circumstances, and the historical financial
statements may be required to be audited in accordance with the standards of the PCAOB. The financial statements may also be required
to be prepared in accordance with U.S. GAAP for the Form 8-K announcing the closing of an initial business combination, which would need
to be filed within four business days thereafter. We cannot assure you that any particular target business identified by us as a potential
acquisition candidate will have the necessary financial information. To the extent that this requirement cannot be met, we may not be
able to acquire the proposed target business.
We
will be required to comply with the internal control requirements of the Sarbanes-Oxley Act beginning for the fiscal year ending December
31, 2024 . A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal
controls. The development of the internal controls of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase
the time and costs necessary to complete any such acquisition.
We
are an emerging growth company as defined in in Section 2(a) of the Securities Act, as modified by the JOBS Act. As such, we are eligible
to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not
"emerging growth companies" including, but not limited to, not being required to comply with the independent registered public
accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote
on executive compensation and 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. We will remain such for up to five years. However, we issue our non-convertible debt within a three-year period
or our total revenues exceed $1.07 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 for complying with new or revised accounting standards.
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Legal
Proceedings
There
is no material litigation, arbitration or governmental proceeding currently pending against us or any of our officers or directors in
their capacity as such, and we and our officers and directors have not been subject to any such proceeding in the 12 months preceding
the date of this prospectus.
Comparison
to Offerings of Blank Check Companies Subject to Rule 419
The
following table compares and contrasts the terms of our offering and the terms of an offering of blank check companies under Rule 419
promulgated by the SEC assuming that the gross proceeds, underwriting discounts and underwriting expenses for the Rule 419 offering are
the same as this offering and that the underwriter will not exercise its over-allotment option. None of the terms of a Rule 419
offering will apply to this offering because we will be listed on a national securities exchange, we will have net tangible assets in
excess of $5,000,001 upon the successful consummation of this offering and will file a Current Report on Form 8-K, including an audited
balance sheet demonstrating this fact.
Terms
    of the Offering
Terms
    Under a Rule 419 Offering
Escrow
    of offering proceeds
$60,000,000
    (or $69,000,000 if the underwriter's over-allotment option is exercised in full) of the net offering proceeds and proceeds
    from the sale of the private units will be deposited into a trust account in the United States, maintained by Continental Stock Transfer
    & Trust Company, acting as trustee.
$53,244,000
    of the offering proceeds would be required to be deposited into either an escrow account with an insured depositary institution or
    in a separate bank account established by a broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial
    interests in the account.
Investment
    of net proceeds
The
    $60,000,000 (or $69,000,000 if the underwriter's over-allotment option is exercised in full) of the net offering proceeds
    and proceeds from the sale of the private units held in trust will only be invested in United States government treasury bills, bonds
    or notes with a maturity of 180 days or less or in money market funds meeting the applicable conditions under Rule 2a-7 promulgated
    under the Investment Company Act and that invest solely in United States government treasury securities.
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.
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Terms
    of the Offering
Terms
    Under a Rule 419 Offering
Limitation
    on fair value or net assets of target business
The
    initial target business that we acquire must have a fair market value equal to at least 80% of the balance in our trust account (excluding
    any deferred underwriting discounts and commissions and taxes payable on the income earned on the trust account) at the time of the
    execution of a definitive agreement for our initial business combination. We will not be required to comply with the 80% fair market
    value requirement if we are delisted from NASDAQ.
We
    would be restricted from acquiring a target business unless the fair value of such business or net assets to be acquired represent
    at least 80% of the maximum offering proceeds.
Trading
    of securities issued
The
    units may commence trading on or promptly after the date of this prospectus. The ordinary shares, warrants and rights comprising
    the units will begin to trade separately on the 52
nd
day after the date of this prospectus unless the underwriter informs
    us of its decision to allow earlier separate trading (based upon its assessment of the relative strengths of the securities markets
    and small capitalization and blank check companies in general, and the trading pattern of, and demand for, our securities in particular),
    provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited balance sheet reflecting our receipt
    of the proceeds of this offering.
No
    trading of the units or the underlying securities 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 completion of a business combination and, accordingly, will be exercised only after the trust
    account has been terminated and distributed.
The
    warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection
    with the exercise would be deposited in the escrow or trust account.
Election
    to remain an investor
We
    will either (1) give our shareholders the opportunity to vote on the business combination or (2) provide our public shareholders
    with the opportunity to sell their public shares to us in a tender offer for cash equal to their
pro rata
share of the aggregate
    amount then on deposit in the trust account less taxes payable. If we hold a meeting to approve a proposed business combination,
    we will send each shareholder a proxy statement containing information required by the SEC. Under our amended and memorandum and
    articles of association, we must
provide
    at least 10 days advance notice of any meeting of shareholders. Accordingly, this is the minimum amount of time we would need to
    provide holders to determine whether to exercise their rights to convert their shares into cash at such a meeting or to remain an
    investor in our company. Alternatively, if we do not hold a meeting and instead conduct a tender offer, we will conduct such tender
    offer in accordance with the tender offer rules of the SEC and file tender offer documents with the SEC which will contain substantially
    the same financial and other information about the initial business combination as we would have included in a proxy statement. The
    tender offer rules require us to hold the tender offer open for at least 20 business days. Accordingly, this is the minimum amount
    of time we would need to provide holders to determine whether they want to sell their shares to us in the tender offer or remain
    an investor in our company.
A
    prospectus containing information required by the SEC would be sent to each investor. Each investor would be given the opportunity
    to notify the company, in writing, within a period of no less than 20 business days and no more than 45 business days from the effective
    date of the post-effective amendment, to decide whether he or she elects to remain a shareholder of the company or require the return
    of his or her investment. If the company has not received the notification by the end of the 45
th
business day, funds
    and interest or
dividends,
    if any, held in the trust or escrow account would automatically be returned to the shareholder. Unless a sufficient number of investors
    elect to remain investors, all of the deposited funds in the escrow account must be returned to all investors and none of the securities
    will be issued.
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Business
    combination deadline
Pursuant
    to our amended and restated memorandum and articles of association, if we do not complete an initial business combination within
    12 months from the date that the registration statement is declared effective (or up to 21 months as described elsewhere herein),
    we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably possible but not more than
    ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash, equal to the aggregate amount
    then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously released
    to us to pay our income taxes, divided by the number of the 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 our remaining shareholders and our
    board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) 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 consummated within 21 months after the effective date of the initial registration statement, funds held
    in the trust or escrow account would be returned to investors.
Interest
    earned on the funds in the trust account
There
    can be released to us, from time to time any interest earned on the funds in the trust account that we may need to pay our tax obligations.
    The remaining interest earned on the funds in the trust account will not be released until the earlier of the completion of a business
    combination and our entry into liquidation upon failure to effect a business combination within the allotted time.
All
    interest earned on the funds in the trust account will be held in trust for the benefit of public shareholders until the earlier
    of the completion of a business combination and our liquidation upon failure to effect a business combination within the allotted
    time.
Release
    of funds
Except
    for interest earned on the funds held in the trust account that may be released to us to pay our tax obligations, the proceeds held
    in the trust account will not be released until the earlier of the completion of a business combination (in which case, the proceeds
    released to us will be net of the funds used to pay converting or tendering shareholders, as the trustee will directly send the appropriate
    portion of the amount held in trust to the converting or tendering shareholders at the time of the business combination) and the
    liquidation of our trust account upon failure to effect a business combination within the allotted time.
The
    proceeds held in the escrow account would not be released until the earlier of the completion of a business combination or the failure
    to effect a business combination within the allotted time.
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MANAGEMENT
Directors
and Executive Officers
Our
current directors and executive officers, their ages and positions are as follows:
Name
Age
Position
Olivia
    Wenxi He
43
Chairperson
    of the Board of Directors, and Chief Executive Officer
Thomas
    Trent Stout
44
Chief
    Financial Officer and Director
Michael
    David Osowski
51
Independent
    Director
Edwin
    Chun Wai Tam
41
Independent
    Director
Longjiao
    Li
34
Independent
    Director
Below
is a summary of the business experience of each our executive officers and directors:
Olivia
Wenxi He.
Ms. He is our Chief Executive Officer and Chairperson of the Board of Directors. Ms. He has over 15 years of
experience in the investment banking industry. Since June 2021, Ms. He serves as the chief financial officer of Metal Sky Star Acquisition
Corporation (NASDAQ: MSSA), a special purpose acquisition company. Since February 2019, Ms. He serves as chief investment officer
at KX Power Limited, an asset management company based in London, specializing in the development and management of renewable energy
and power generation assets. Prior to joining KX Power Limited, she served as the managing director and global head of Commodity
Exchange Traded Products at Bank of America Merrill Lynch in London. She was responsible for initiating and executing strategic solutions
and issuance, trading physical and synthetic commodity products, and managing portfolio assets in energy, metals and agriculture, with
a wide variety of commodity, currency and interest-rate risk. Prior to that, Ms. He traded and structured commodity derivative products
at Citigroup, fixed income security products with a focus on structured credit and rates at UBS and RBC Capital Markets. Ms. He holds
master's degrees in both Mathematical Finance and Engineering from University of Toronto, and a bachelor's degree in Engineering
from Tongji University. We believe that Ms. He is qualified to serve on our board of directors based on her solid experience in the investment
banking industry.
Thomas
Trent Stout.
Mr. Stout is our Chief Financial Officer and Director. Since July 2020, Mr. Stout has been the senior managing director
and the head of blockchain of Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply,
information, and demand management. Since July 2020, Mr. Stout has been a partner, president and a senior advisory team member of KX
Power Limited, an asset management company based in London. From January 2017 to June 2020, Mr. Stout served as a founder and principal
of PowerLink Partners, LLC, an investment vehicle and consulting firm focused on the energy industry. From April 2012 to December 2016,
Mr. Stout served as a managing director and a head of global commodity index & products of Bank of America Corporation (NYSE: BAC)
in Houston and London, a multinational investment bank and financial services holding company. He obtained a master's degree in
Business Administration from the University of Chicago, and a bachelor's degree in Business Administration
from Texas Christian University. in 2004 and 2000, respectively. We believe that Mr. Stout is qualified to serve on our board of directors
based on his solid experience in the investment banking industry.
Michael
David Osowski.
Mr. Osowski is our Independent Director. Since January 2022, Mr. Osowski has been serving in a strategic business
development role with Priority Power Management, LLC, an energy management and consulting services firm focused on energy supply, information,
and demand management. From May 2015 to January 2022, Mr. Osowski served as the president and the chief executive officer
of Trident Operating Company, LLC, a company which operates various companies in multiple industries including energy, food services,
and sporting events. From 2009 to 2015 Mr. Osowski was the founder and chief executive officer of Oasis Power, an electricity
company serving the both residential and commercial customers. From 2002 to 2009 Mr. Osowski was a senior executive at Spark Energy,
one of the largest independent deregulated electricity providers in the United States. From 1999 to 2002, Mr. Osowski was an executive
at Green Mountain Energy, the first company to offer renewable energy to deregulated electricity customers. Mr. Osowski has been serving
as a board member of Texas Hydrogen Alliance, the Warrior Health Foundation, and Houston Constable Precinct One since 2022, 2020 and
2021, respectively. Mr. Osowski obtained a bachelor's degree in Communication from Ohio University in 1993. We believe that
Mr. Osowski is qualified to serve on our board of directors based on his solid experience in holding various management positions.
Edwin
Chun Wai Tam.
Mr. Tam is our Independent Director. Mr. Tam has approximately 19 years of experience in accounting, auditing,
corporate governance and treasury management. Since August 2018, Mr. Tam has been practicing as the Senior Partner of Noble Partners
CPA Company, a certified public accountants firm in Hong Kong. Mr. Tam has been serving as the authorized representative and company
secretary of Feiyang International Holdings Group Limited (HKEx: 01901) since January 2019, Vision International Holdings Limited, (HKEx:
08107) since May 2019, and TL Natural Gas Holdings Limited (HKEx: 08536) since May 2019. Mr. Tam was the authorized representative and
company secretary of Michong Metaverse (China) Holdings Group Limited (formerly known as Nomad Technologies Holdings Limited) (HKEx:
08645) from August 2018 to December 2020, and Shenglong Splendecor International Limited (HKEx: 08481) from July 2018 to June 2020. From
May 2010 to July 2018, Mr. Tam served as the vice president and group financial controller of Greenheart Group Limited (HKEx: 00094.HK),
a company which engages in log harvesting, lumber processing, marketing and sales of logs and lumber products. Mr. Tam obtained a bachelor's
degree in Accounting from the Manchester Metropolitan University in the United Kingdom in 2003. Mr. Tam is a practicing fellow
member of the Hong Kong Institute of Certified Public Accountants and fellow of the Association of Chartered Certified Accountants in
England since 2017, and 2011, respectively. We believe that Mr. Tam is qualified to serve on our board of directors based on his solid
experience in accounting, auditing, corporate governance and treasury management.
Longjiao
Li.
Ms. Li is our Independent Director. Since July 2017, Ms. Li has been serving as the co-founder of Shenzhen Qianhai Hairun
Huaxin Investment Company Limited, an investment consulting and investment banking company. From October 2014 to September 2016, Ms.
Li served as the research and development director at Xuezi Biotechnology (Shenzhen) Co., Ltd., a company which engages in manufacture
and sale of cosmetics. Ms. Li obtained a bachelor's degree in Bioengineering from the Shaanxi University of Science and
Technology in 2010. We believe that Ms. Li is qualified to serve on our board of directors based on her solid  investment
experience.
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Executive
Officer and Director Compensation
None
of our officers or directors have received any cash compensation for services rendered to us. Commencing on the date that our securities
are first listed on NASDAQ through the earlier of consummation of our initial business combination and our liquidation, we will
pay to an affiliate of our sponsor $10,000 per month for office space, utilities, secretarial and administrative support services provided
to members of our management team. In addition, 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. There is no limit on the amount of these out-of-pocket expenses and there
will be no review of the reasonableness of the expenses by anyone other than our board of directors and audit committee, which includes
persons who may seek reimbursement, or a court of competent jurisdiction if such reimbursement is challenged.
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 fees from the combined company. All these fees 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 executive officers will
be determined by a compensation committee constituted solely of independent directors.
We
do not intend to take any action to ensure that members of our management team maintain their positions with us after the consummation
of our initial business combination, although it is possible that some or all of our executive officers and directors may negotiate employment
or consulting arrangements to remain with us after the initial business combination. The existence or terms of any such employment or
consulting arrangements to retain their positions with us may influence our management's motivation in identifying or selecting
a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business
combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any
agreements with our executive officers and directors that provide for benefits upon termination of employment.
Director
Independence
NASDAQ
requires that a majority of our board must be composed of "independent directors." Currently Mr. Michael David Osowski,
Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li would each be considered an "independent director" under the NASDAQ listing
rules, which is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual
having a relationship, which, in the opinion of the company's board of directors would interfere with the director's exercise
of independent judgment in carrying out the responsibilities of a director. Our Independent Directors will have regularly scheduled meetings
at which only independent directors are present.
We
will only enter into a business combination if it is approved by a majority of our independent directors. Additionally, we will
only enter into transactions with our officers and directors and their respective affiliates that are on terms no less favorable to us
than could be obtained from independent parties. Any related-party transactions must also be approved by our audit committee and a majority
of disinterested independent directors.
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Audit
Committee
Under
the NASDAQ listing standards and applicable SEC rules, we are required to have three members of the audit committee all of whom must
be independent. Effective as of the date of this prospectus, we have established an audit committee of the board of directors, which
will consist of Mr. Michael David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under
NASDAQ's listing standards. Mr. Edwin Chun Wai Tam is the Chairperson of the audit committee. The audit committee's duties,
which are specified in our Audit Committee Charter, include, but are not limited to:
●
reviewing
    and discussing with management and the independent auditor the annual audited financial statements, and recommending to the board
    whether the audited financial statements should be included in our Form 10-K;
●
discussing
    with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation
    of our financial statements;
●
discussing
    with management major risk assessment and risk management policies;
●
monitoring
    the independence of the independent auditor;
●
verifying
    the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the audit partner responsible
    for reviewing the audit as required by law;
●
reviewing
    and approving all related-party transactions;
●
inquiring
    and discussing with management our compliance with applicable laws and regulations;
●
pre-approving
    all audit services and permitted non-audit services to be performed by our independent auditor, including the fees and terms of the
    services to be performed;
●
appointing
    or replacing the independent auditor;
●
determining
    the compensation and oversight of the work of the independent auditor (including resolution of disagreements between management and
    the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit report or related work;
●
establishing
    procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal accounting controls
    or reports which raise material issues regarding our financial statements or accounting policies; and
●
approving
    reimbursement of expenses incurred by our management team in identifying potential target businesses.
Financial
Experts on Audit Committee
The
audit committee will at all times be composed exclusively of independent directors who are "financially literate"
as defined under NASDAQ listing standards. NASDAQ listing standards define "financially literate" as being able to read and
understand fundamental financial statements, including a company's balance sheet, income statement and cash flow statement.
In
addition, we must certify to NASDAQ that the committee has, and will continue to have, at least one member who has past employment experience
in finance or accounting, requisite professional certification in accounting, or other comparable experience or background that results
in the individual's financial sophistication. The board of directors has determined that Mr. Edwin Chun Wai Tam is qualified as
an "audit committee financial expert," as defined under rules and regulations of the SEC.
Corporate
Governance and Nominating Committee
Effective
as of the date of this prospectus, we have established a corporate governance and nominating committee of the board of directors, which
will consist of Mr. Michael David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under
NASDAQ's listing standards. Ms. Longjiao Li is the Chairperson of the corporate governance and nominating committee. The corporate
governance and nominating committee is responsible for overseeing the selection of persons to be nominated to serve on our board of directors.
The corporate governance and nominating committee considers persons identified by its members, management, shareholders, investment bankers
and others.
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Guidelines
for Selecting Director Nominees
The
guidelines for selecting nominees, which are specified in the Corporate Governance and Nominating Committee Charter, generally provide
that persons to be nominated:
●
should
    have demonstrated notable or significant achievements in business, education or public service;
●
should
    possess the requisite intelligence, education and experience to make a significant contribution to the board of directors and bring
    a range of skills, diverse perspectives and backgrounds to its deliberations; and
●
should
    have the highest ethical standards, a strong sense of professionalism and intense dedication to serving the interests of the shareholders.
The
corporate governance and nominating committee will consider a number of qualifications relating to management and leadership
experience, background and integrity and professionalism in evaluating a person's candidacy for membership on the board of
directors. The corporate governance and nominating committee may require certain skills or attributes, such as financial or
accounting experience, to meet specific board needs that arise from time to time and will also consider the overall experience and
makeup of its members to obtain a broad and diverse mix of board members. The 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 meeting of shareholders (or, if applicable, a special meeting of shareholders). Our shareholders that
wish to nominate a director for election to the board of directors should follow the procedures set forth in our memorandum
and articles of association. The corporate governance and nominating committee does not distinguish among nominees recommended by
shareholders and other persons.
Compensation
Committee
Effective
as of the date of this prospectus, we will establish a compensation committee of the board of directors, which will consist of Mr. Michael
David Osowski, Mr. Edwin Chun Wai Tam, and Ms. Longjiao Li, each of whom is an independent director under NASDAQ's listing standards.
Mr. Michael David Osowski is the Chairperson of the compensation committee. The compensation committee's duties, which are specified
in our Compensation Committee Charter, include, but are not limited to:
●
reviewing
    and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer's compensation,
    evaluating our Chief Executive Officer's performance in light of such goals and objectives and determining and approving the
    remuneration (if any) of our Chief Executive Officer based on such evaluation;
●
reviewing
    and approving the compensation of all of our other executive officers;
●
reviewing
    our executive compensation policies and plans;
●
implementing
    and administering our incentive compensation equity-based remuneration plans;
●
assisting
    management in complying with our proxy statement and annual report disclosure requirements;
●
approving
    all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers
    and employees;
●
if
    required, producing a report on executive compensation to be included in our annual proxy statement; and
●
reviewing,
    evaluating and recommending changes, if appropriate, to the remuneration for directors.
Notwithstanding
the foregoing, as indicated above, no compensation of any kind, including finders, consulting or other similar fees, will be paid to
any of our existing shareholders, including our directors or any of their respective affiliates, prior to, or for any services they render
in order to effectuate, the consummation of a business combination. Accordingly, it is likely that prior to the consummation of an initial
business combination, the compensation committee will only be responsible for the review and recommendation of any compensation arrangements
to be entered into in connection with such initial business combination.
Code
of Ethics
Upon
consummation of this offering, we will adopt a code of ethics that applies to all of our executive officers, directors and employees.
The code of ethics codifies the business and ethical principles that govern all aspects of our business.
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Conflicts
of Interest
Potential
investors should be aware of the following potential conflicts of interest:
●
None
    of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have conflicts of interest
    in allocating their time among various business activities.
●
In
    the course of their other business activities, our officers and directors may become aware of investment and business opportunities
    which may be appropriate for presentation to our company as well as the other entities with which they are affiliated. Our management
    has pre-existing fiduciary duties and contractual obligations and may have conflicts of interest in determining to which entity a
    particular business opportunity should be presented.
●
Our
    officers and directors may in the future become affiliated with entities, including other blank check companies, engaged in business
    activities similar to those intended to be conducted by our company.
●
The
    insider shares owned by our officers and directors will be released from escrow only if a business combination is successfully completed
    and subject to certain other limitations. Additionally, our officers and directors will not receive distributions from the trust
    account with respect to any of their insider shares if we do not complete a business combination. Furthermore, our initial shareholders
    have agreed that the private units will not be sold or transferred by them until after we have completed our initial business combination.
    In addition, our officers and directors may loan funds to us after this offering and may be owed reimbursement for expenses incurred
    in connection with certain activities on our behalf which would only be repaid if we complete an initial business combination. For
    the foregoing reasons, the personal and financial interests of our directors and executive officers may influence their motivation
    in identifying and selecting a target business, completing a business combination in a timely manner and securing the release of
    their shares.
Under
Cayman Islands law, directors owe the following fiduciary duties:
●
duty
    to act in good faith in what the director believes to be in the best interests of the company as a whole;
●
duty
    to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;
●
directors
    should 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 to act with skill, care and diligence.
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.
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As
set out above, directors have a duty not to put themselves in a position of conflict and this includes a duty not to engage in self-dealing,
or to otherwise benefit as a result of their position. However, in some instances what would otherwise be a breach of this duty can be
forgiven and/or authorized in advance by the shareholders provided that there is full disclosure by the directors. This can be done by
way of permission granted in the amended and restated memorandum and articles of association or alternatively by shareholder approval
at general meetings.
Accordingly,
as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting business
opportunities meeting the above-listed criteria to multiple entities. In addition, conflicts of interest may arise when our board evaluates
a particular business opportunity with respect to the above-listed criteria. We cannot assure you that any of the above-mentioned conflicts
will be resolved in our favor. Furthermore, most of our officers and directors have pre-existing fiduciary obligations to other businesses
of which they are officers or directors. To the extent they identify business opportunities which may be suitable for the entities to
which they owe pre-existing fiduciary obligations, our officers and directors will honor those fiduciary obligations. Accordingly, it
is possible they may not present opportunities to us that otherwise may be attractive to us unless the entities to which they owe pre-existing
fiduciary obligations and any successors to such entities have declined to accept such opportunities.
In
order to minimize potential conflicts of interest which may arise from multiple corporate affiliations, each of our officers and directors
has contractually agreed, pursuant to a written agreement with us, until the earliest of a business combination, our liquidation or such
time as he ceases to be an officer or director, to present to our company for our consideration, prior to presentation to any other entity,
any suitable business opportunity which may reasonably be required to be presented to us, subject to any pre-existing fiduciary or contractual
obligations he might have.
The
following table summarizes the other relevant pre-existing fiduciary or contractual obligations of our officers and directors:
Name
    of Individual
Name
    of Affiliated Company
Affiliation
Ms.
    Olivia Wenxi He
KX
    Power Limited
Chief
    Investment Officer
Metal Sky Star Acquisition Corporation
Chief Financial Officer
Mr.
    Thomas Trent Stout
Priority
    Power Management, LLC
Senior
    Managing Director and the Head of Blockchain
KX
    Power Limited
Partner,
                                            President and Senior Advisory Team Member
Mr. Michael David Osowski
Priority Power Management, LLC
Strategic Business Development
Mr.
    Edwin Chun Wai Tam
Noble
    Partners CPA Company
Senior
                                            Partner
Feiyang
    International Holdings Group Limited (HKEx: 01901)
Authorized
    Representative and Company Secretary
Vision
    International Holdings Limited, (HKEx: 08107)
Authorized
    Representative and Company Secretary
TL
    Natural Gas Holdings Limited (HKEx: 08536)
Authorized
    Representative and Company Secretary
Ms.
    Longjiao Li
Shenzhen
    Qianhai Hairun Huaxin Investment Company Limited
Co-founder
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In
connection with the vote required for any business combination, all of our existing shareholders, including all of our officers and directors,
have agreed to vote their respective insider shares and private shares in favor of any proposed business combination. In addition, they
have agreed to waive their respective rights to participate in any liquidation distribution with respect to those ordinary shares acquired
by them prior to this offering. If they purchase ordinary shares in this offering or in the open market, however, they would be entitled
to participate in any liquidation distribution in respect of such shares but have agreed not to convert such shares (or sell their shares
in any tender offer) in connection with the consummation of our initial business combination or an amendment to our amended and restated
memorandum and articles of association relating to pre-business combination activity.
All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed
by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions will require prior approval
by our audit committee and a majority of our uninterested "independent" directors, or the members of our board who do not
have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent legal counsel. We
will not enter into any such transaction unless our audit committee and a majority of our disinterested "independent" directors
determine that the terms of such transaction are no less favorable to us than those that would be available to us with respect to such
a transaction from unaffiliated third parties.
To
further minimize conflicts of interest, we have agreed not to consummate our initial business combination with an entity that is affiliated
with any of our officers, directors or initial shareholders, unless we have obtained (i) an opinion from an independent investment banking
firm that the business combination is fair to our unaffiliated shareholders from a financial point of view and (ii) the approval of a
majority of our disinterested and independent directors (if we have any at that time). Furthermore, in no event will any of our
initial shareholders, officers, directors, special advisors or their respective affiliates be paid any finder's fee, consulting
fee or other similar compensation prior to, or for any services they render in order to effectuate, the consummation of our initial business
combination.
Limitation
on Liability and Indemnification of Officers and Directors
Our
memorandum and articles of association provide that, subject to certain limitations, the company shall indemnify its directors and officers
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred in
connection with legal, administrative or investigative proceedings. Such indemnity only applies if the person acted honestly and in good
faith with a view to what the person believes is in the best interests of the company and, in the case of criminal proceedings, the person
had no reasonable cause to believe that their conduct was unlawful. The decision of the directors as to whether the person acted honestly
and in good faith and with a view to the best interests of the company and as to whether the person had no reasonable cause to believe
that his conduct was unlawful and is, in the absence of fraud, sufficient for the purposes of the memorandum and articles of association,
unless a question of law is involved. The termination of any proceedings by any judgment, order, settlement, conviction or the entering
of a nolle prosequi does not, by itself, create a presumption that the person did not act honestly and in good faith and with a view
to the best interests of the company or that the person had reasonable cause to believe that his conduct was unlawful.
We
will enter into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification
provided for in our memorandum and articles of association. Our memorandum and articles of association also will permit us to purchase
and maintain insurance on behalf of any officer or director who at the request of the Company is or was serving as a director or officer
of, or in any other capacity is or was acting for, another company or a partnership, joint venture, trust or other enterprise, against
any liability asserted against the person and incurred by the person in that capacity, whether or not the company has or would have had
the power to indemnify the person against the liability as provided in the memorandum and articles of association. We will purchase a
policy of directors' and officers' liability insurance that insures our officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.
These
provisions may discourage shareholders from bringing a lawsuit against our directors for breach of their fiduciary duty. These provisions
also may have the effect of reducing the likelihood of derivative litigation against officers and directors, even though such an action,
if successful, might otherwise benefit us and our shareholders. Furthermore, a shareholder's investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.
We
believe that these provisions, the 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, 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 theretofore unenforceable.
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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 ordinary shares included in the units offered by this prospectus (assuming none of the individuals
listed purchase units in this offering), by:
●
each
    person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;
●
each
    of our officers and directors; and
●
all
    of our officers and directors as a group.
Unless
otherwise indicated, we believe that all persons named in the table have sole voting and investment power with respect to all ordinary
shares beneficially owned by them. The following table does not reflect record of beneficial ownership of any ordinary shares issuable
upon exercise of the warrants or conversion of rights as the rights are not convertible within sixty days of the date of this prospectus
and the warrants are not exercisable within 60 days of the date of this prospectus and the rights are not convertible within sixty days
of the date of this prospectus.
Prior
    to Offering
After
    Offering
(2)
Name and
    Address of Beneficial Owner
(1)
Amount
and Nature
of Beneficial
Ownership
Approximate
Percentage of
Outstanding
Ordinary
Shares
Amount
    and
Nature of
Beneficial
Ownership
Approximate
Percentage of
Outstanding
Ordinary
Shares
DT Cloud Capital Corp.
(3)
1,725,000
100.00
%
1,687,400
21.70
%
Olivia
    Wenxi He
(4)
-
-
-
-
Thomas
    Trent Stout
(4)
-
-
-
-
Michael
    David Osowski
(4)
-
-
-
-
Edwin
    Chun Wai Tam
(4)
-
-
-
-
Longjiao
    Li
(4)
-
-
-
-
All directors and executive officers (five individuals)
    as a group
-
-
-
-
Infinity-Star Holdings Limited
(5)
-
-
-
-
Xin Jin
(5)
-
-
-
-
All initial shareholders as a group
1,725,000
100.00
%
1,687,400
21.70
%
*
Less than 1%.
(1)
Unless
    otherwise indicated, the business address of each of the individuals is c/o DT Cloud Acquisition Corporation, 30 Orange Street, London,
    United Kingdom, WC2H 7HF.
(2)
Assumes
    no exercise of the over-allotment option and includes 187,400 ordinary shares in the private placement, therefore, an aggregate of
    225,000 ordinary shares held by our sponsor are forfeited.
(3)
Represents
    shares held by DT Cloud Capital Corp., our sponsor. Each of our officers and directors is a shareholder of our sponsor. The address
    for our sponsor is Ritter House, Wickhams Cay II, PO Box 3170, Road Town, Tortola VG1110, British Virgin Islands.
(4)
Such
    individual does not beneficially own any of our ordinary shares. However, such individual has a pecuniary interest in our ordinary
    shares through his/her ownership of shares of our sponsor.
(5)
Represents the 11% and 80% of the outstanding shares
    of our sponsor held by Infinity-Star Holdings Limited and Mr. Xin Jin, respectively.
Immediately
after this offering, our initial shareholders will beneficially own approximately 21.70% of the then issued and outstanding ordinary
shares (assuming none of them purchase any units offered by this prospectus). None of our initial shareholders, officers and directors
has indicated to us that he or she intends to purchase securities in this offering. Because of the ownership block held by our
initial shareholders, such individuals may be able to effectively exercise control over all matters requiring approval by our shareholders,
including the election of directors and approval of significant corporate transactions other than approval of our initial business combination.
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If
the underwriter does not exercise all or a portion of the over-allotment option, our sponsor will have up to an aggregate of 225,000
ordinary shares subject to forfeiture as required by Cayman Islands law. Our initial shareholders will be required to have redeemed by
us only a number of shares necessary to maintain their collective 20.0% ownership interest in our ordinary shares (excluding the private
units) after giving effect to the offering and the exercise, if any, of the underwriter's over-allotment option.
All
of the insider shares issued and outstanding prior to the date of this prospectus will be placed in escrow with Continental Stock Transfer
& Trust Company, as escrow agent, and the representative shares, until (1) the earlier of one year after the date of the consummation
of our initial business combination; or (2) after the date of the consummation of our initial business combination, and subsequently,
we consummate a liquidation, merger, share exchange or other similar transaction which results in all of our shareholders having the
right to exchange their shares for cash, securities or other property. Notwithstanding the foregoing, the insider shares
and the representative shares will be released from the Lock-Up (1) on the earlier of 150 days after the date of the consummation
of our initial business combination and the date on which the closing price of our ordinary shares equals or exceeds $12.00 per share
(as adjusted for share splits, share capitalizations, reorganizations and recapitalizations) for any 20 trading days within any 30-trading
day period commencing after our initial business combination or (2) after the date of the consummation of our initial business combination,
which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities or other property. Up
to 225,000 of the insider shares may also be released from escrow earlier than this date for forfeiture and cancellation if the over-allotment
option is not exercised in full as described above. Additionally, our initial shareholders and the holders of the representative shares
have also agreed not to transfer, assign or sell any of private units (including the ordinary shares issuable upon exercise of the private
units) and the representative shares, respectively, until 30 days after the completion of our initial business combination (except with
respect to permitted transferees as described herein). Any permitted transferees will be subject to the same restrictions and other agreements
of our initial shareholders and the holders of the representative shares with respect to any insider shares, private units, and representative
shares, as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares
are exchanged or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer's shares, then the
insider shares, representative shares or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
The permitted transferees shall mean (i) among the initial shareholders or to the initial shareholders', Brookline or our officers,
directors or their respective affiliates (including for transfers to an entity's members upon its liquidation), (ii) to a holder's
shareholders or members upon the holder's liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member
of the holder's immediate family or to a trust, the beneficiary of which is the holder or a member of the holder's immediate
family, in each case 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, (vii) in connection with the consummation of a business combination at prices no greater than the price at which the shares
were originally purchased, (viii) in the event of our liquidation prior to its consummation of an initial business combination or (ix)
in the event that, subsequent to the consummation of an initial business combination, we complete a liquidation, merger, share exchange
or other similar transaction which results in all of our shareholders having the right to exchange their ordinary shares for cash, securities
or other property, in each case (except for clauses (vi), (viii) or (ix) or with our prior written consent) on the condition that prior
to such registration for transfer, the warrant agent shall be presented with written documentation pursuant to which each transferee
or the trustee or legal guardian for such transferee agrees to be bound by the transfer restrictions contained in this paragraph and
any other applicable agreement the transferor is bound by.
The representative shares have been deemed compensation
by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of the commencement of sales in this offering
pursuant to FINRA Rule 5110(e)(1). Pursuant to FINRA Rule 5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days beginning on the date of commencement of sales of this offering, nor may they be sold, transferred, assigned, pledged or
hypothecated for a period of 180 days beginning on the date of commencement of sales of this offering, except to any underwriter and
selected dealer participating in the offering and their officers, partners, registered persons or affiliates. Brookline has further agreed
not to transfer, assign or sell any of the representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated above.
During
the escrow period, the holders of these shares will not be able to sell or transfer their securities except (i) for transfers to our
officers, directors or their respective affiliates (including for transfers to an entity's members upon its liquidation), (ii)
to relatives and trusts for estate planning purposes, (iii) by virtue of the laws of descent and distribution upon death, (iv) pursuant
to a qualified domestic relations order, (v) by certain pledges to secure obligations incurred in connection with purchases of our securities,
(vi) by private sales made at or prior to the consummation of a business combination at prices no greater than the price at which the
shares were originally purchased or (vii) to us for no value for cancellation in connection with the consummation of our initial business
combination, in each case (except for clause (vii)) where the transferee agrees to the terms of the escrow agreement, but will retain
all other rights as our shareholders, including, without limitation, the right to vote their ordinary shares and the right to receive
cash dividends, if declared. If dividends are declared and payable in ordinary shares, such dividends will also be placed in escrow.
If we are unable to effect a business combination and liquidate the trust account, none of our initial shareholders will receive any
portion of the liquidation proceeds with respect to their insider shares.
Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this offering. All
of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also agreed that
if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an
additional number of private units (up to a maximum of 200,000 private units)
pro rata
with the amount of the over-allotment option
exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The private units are identical to
the units sold in this offering except the private warrants will be non-redeemable and may be exercised on a cashless basis, in each
case so long as they continue to be held by the initial purchasers or their permitted transferees. Additionally, because the private
units will be issued in a private transaction, the holders of the private warrants and their transferees will be allowed to exercise
such warrants on a cash basis even if a registration statement covering the ordinary shares issuable upon exercise of such warrants is
not effective and receive unregistered ordinary shares. Furthermore, our sponsor has agreed (A) to vote the ordinary shares underlying
the private units, or "private shares," in favor of any proposed business combination, (B) not to propose, or vote in favor
of, an amendment to our amended and restated memorandum and articles of association that would stop our public shareholders from converting
or selling their shares to us in connection with a business combination 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 12 months (as such period may be extended up to 21 months
at our election, either in lieu of a shareholder vote or if a shareholder vote has been unsuccessful, subject to the satisfaction
of certain conditions or by our shareholders in accordance with our amended and restated memorandum and articles of association)
from the closing of this offering unless we provide public shareholders with the opportunity to redeem their public shares from the trust
account in connection with any such vote, (C) not to convert any private shares for cash from the trust account in connection with a
shareholder vote to approve our proposed initial business combination or a vote to amend the provisions of our amended and restated memorandum
and articles of association relating to shareholders' rights or pre-business combination activity and (D) that the private shares
shall not participate in any liquidating distribution upon winding up if a business combination is not consummated. The purchasers of
the private units have also agreed not to transfer, assign or sell any of the private units or underlying securities (except to the same
permitted transferees as the insider shares) until 30 days after the completion of our initial business combination.
In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
or their affiliates may, but are not obligated to, loan us funds, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory note. The notes would
either be paid upon consummation of our initial business combination, without interest, or, at the lender's discretion, up to $300,000
of the notes may be converted upon consummation of our business combination into private units at a price of $10.00 per unit. Our shareholders
have approved the issuance of the units and underlying securities upon conversion of such notes, to the extent the holder wishes to so
convert them at the time of the consummation of our initial business combination. If we do not complete a business combination, the loans
would be repaid out of funds not held in the trust account, and only to the extent available.
Our
sponsor and our executive officers and directors are deemed to be our "promoters," as that term is defined under the Federal
securities laws.
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CERTAIN
TRANSACTIONS
In
August 2022, an aggregate of 1,725,000 insider shares were issued to our initial shareholders, for an aggregate purchase price
of $25,000, or approximately $0.01 per share.
If
the underwriter does not exercise all or a portion of its over-allotment option, our sponsor has agreed that up to an aggregate
of 225,000 ordinary shares in proportion to the portion of the over-allotment option that was not exercised are subject to forfeiture
and would be immediately cancelled.
If
the underwriter determines the size of the offering should be increased (including pursuant to Rule 462(b) under the Securities
Act) or decreased, a share capitalization or a contribution back to capital, as applicable, would be effectuated in order to maintain
our initial shareholder's ownership at a percentage of the number of shares to be sold in this offering.
Our
sponsor has committed to purchase from us an aggregate of 187,400 private units at $10.00 per private unit (for a total purchase price
of $1,874,000). These purchases will take place on a private placement basis simultaneously with the consummation of this offering. All
of the proceeds we receive from these purchases will be placed in the trust account described below. Our sponsor has also agreed that
if the over-allotment option is exercised by the underwriter, it will purchase from us at a price of $10.00 per private unit an
additional number of private units (up to a maximum of 200,000 private units)
pro rata
with the amount of the over-allotment option
exercised so that at least $10.00 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or in part. These additional private units will be purchased in a private placement that will occur
simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The purchase price for the private
units being purchased by our sponsor will be delivered to Loeb & Loeb LLP, our counsel in connection with this offering, who will
also be acting solely as escrow agent in connection with the private sale of such units, at least 24 hours prior to the date of this
prospectus to hold in a non-interest-bearing account until we consummate this offering. Loeb & Loeb LLP will deposit the purchase
price into the trust account simultaneously with the consummation of the offering. The private units are identical to the units sold
in this offering except as otherwise described in this prospectus. The purchasers have agreed not to transfer, assign or sell any of
the private units or the underlying securities (except to the same permitted transferees as the insider shares) until 30 days
after the completion of our initial business combination.
In
order to meet our working capital needs following the consummation of this offering, our initial shareholders, officers and directors
and their respective 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 lender's discretion, up to $300,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. Our shareholders have approved the issuance
of the units and underlying securities upon conversion of such notes, to the extent the holder wishes to so convert them at the time
of the consummation of our initial business combination. If we do not complete a business combination, the loans would be repaid out
of funds not held in the trust account, and only to the extent available.
The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units (and
all underlying securities) and any securities our initial shareholders, officers, directors or their affiliates may be issued in payment
of working capital loans or loans to extend the time available for us to consummate our initial business combination, will be entitled
to registration rights pursuant to an agreement to be signed prior to or on the effective date of this offering. The holders of a majority
of these securities are entitled to make up to two demands that we register such securities. The holders of the majority of the insider
shares can elect to exercise these registration rights at any time commencing three months prior to the date on which these ordinary
shares are to be released from escrow. The holders of a majority of the private units or securities issued in payment of working capital
loans or loans to extend our life made to us can elect to exercise these registration rights at any time after we consummate a business
combination. In addition, the holders have certain "piggy-back" registration rights with respect to registration statements
filed subsequent to our consummation of a business combination. We will bear the expenses incurred in connection with the filing of any
such registration statements.
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As
of August 12, 2022, our sponsor had loaned us an aggregate of $75,000 to be used to pay formation expenses and a portion of the expenses
of this offering. The loan is payable without interest on the date on which we consummate our initial public offering. We intend to repay
this loan from the proceeds of this offering not being placed in the trust account. If we determine not to proceed with the offering,
such amounts would not be repaid.
Other
than the fees described above, no compensation or fees of any kind, including finder's fees, consulting fees or other similar compensation,
will be paid to any of our initial shareholders, officers or directors who owned our ordinary shares prior to this offering, or to any
of their respective affiliates, prior to or with respect to the business combination (regardless of the type of transaction that it is).
We
will reimburse our officers and directors for any reasonable out-of-pocket business expenses incurred by them in connection with certain
activities on our behalf such as identifying and investigating possible target businesses and business combinations. There is no limit
on the amount of out-of-pocket expenses reimbursable by us; provided, however, that to the extent such expenses exceed the available
proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business combination.
Our audit committee will review and approve all reimbursements and payments made to any initial shareholder or member of our management
team, or our or their respective affiliates, and any reimbursements and payments made to members of our audit committee will be reviewed
and approved by our board of directors, with any interested director abstaining from such review and approval.
All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms believed
by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions, including the payment of any
compensation, will require prior approval by a majority of our uninterested "independent" directors (to the extent we have
any) or the members of our board who do not have an interest in the transaction, in either case who had access, at our expense, to our
attorneys or independent legal counsel. We will not enter into any such transaction unless our disinterested "independent"
directors (or, if there are no "independent" directors, our disinterested directors) determine that the terms of such transaction
are no less favorable to us than those that would be available to us with respect to such a transaction from unaffiliated third parties.
Related
Party Policy
Our
Code of Ethics, which we will adopt upon consummation of this offering, will require us to avoid, wherever possible, all related party
transactions that could result in actual or potential conflicts of interests, except under guidelines approved by the board of directors
(or the audit committee). Related-party transactions are defined as transactions in which (1) the aggregate amount involved will or may
be expected to exceed $120,000 in any calendar year, (2) we or any of our subsidiaries is a participant, and (3) any (a) executive officer,
director or nominee for election as a director, (b) greater than 5% beneficial owner of our ordinary shares, or (c) immediate family
member, of the persons referred to in clauses (a) and (b), has or will have a direct or indirect material interest (other than solely
as a result of being a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when
a person takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts
of interest may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his or her
position.
We
also require each of our directors and executive officers to annually complete a directors' and officers' questionnaire that
elicits information about related party transactions.
Our
audit committee, pursuant to its written charter, will be responsible for reviewing and approving related-party transactions to the extent
we enter into such transactions. All ongoing and future transactions between us and any of our officers and directors or their respective
affiliates will be on terms believed by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions
will require prior approval by our audit committee and a majority of our uninterested "independent" directors, or the members
of our board who do not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent
legal counsel. We will not enter into any such transaction unless our audit committee and a majority of our disinterested independent
directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with respect
to such a transaction from unaffiliated third parties. Additionally, we require each of our directors and executive officers to complete
a directors' and officers' questionnaire that elicits information about related party transactions.
These
procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a
conflict of interest on the part of a director, employee or officer.
To
further minimize potential conflicts of interest, we have agreed not to consummate a business combination with an entity which is affiliated
with any of our initial shareholders unless we obtain an opinion from an independent investment banking firm that the business combination
is fair to our unaffiliated shareholders from a financial point of view. Furthermore, in no event will any of our existing officers,
directors or initial shareholders, or any entity with which they are affiliated, 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 a business combination.
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DESCRIPTION
OF SECURITIES
General
We
are a Cayman Islands exempted company (company number 392229) and our affairs are governed by our amended and restated memorandum and
articles of association, the Companies Act and common law of the Cayman Islands. Based upon our amended and restated memorandum and articles
of association, our authorized share capital consists of 500,000,000 ordinary shares with a par value of $0.0001 per share. As of the
date of this prospectus, 1,725,000 ordinary shares are issued and outstanding, held by our initial shareholders. No preferred shares
are issued or outstanding or authorized by our constitutional documents. 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 ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon
the consummation of an initial business combination. Each redeemable warrant entitles the holder thereof to purchase one ordinary share.
Each redeemable warrant has an exercise price $11.50 per share and will become exercisable on the later of 30 days after the completion
of an initial business combination or 12 months from the date the registration statement is declared effective by the SEC,
and shall expire on the five-year anniversary of the consummation of the initial business combination. Pursuant to the warrant agreement,
a warrant holder may exercise its warrants only for a whole number of shares. Each right entitles the holder thereof to receive one-twentieth
(1/20) of an ordinary share upon consummation of our initial business combination. In addition, we will not issue fractional shares in
connection with an exchange of rights. Fractional shares will either be rounded down to the nearest whole share or otherwise addressed
in accordance with the applicable provisions of Cayman Islands Law. As a result, you must hold rights in multiples of 20 in order to
receive shares for all of your rights upon closing of a business combination.
The
ordinary shares, warrants, and rights will begin to trade separately on the 52
nd
day after the date of this prospectus unless
the underwriter determines that an earlier date is acceptable (based upon, among other things, its assessment of the relative
strengths of the securities markets and small capitalization companies in general, and the trading pattern of, and demand for, our securities
in particular). In no event will the underwriter allow separate trading of the ordinary shares, warrants and rights until we file
an audited balance sheet reflecting our receipt of the gross proceeds of this offering.
We
will file a Current Report on Form 8-K which includes 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, or a new Form 8-K, to provide updated financial information to reflect the exercise of the over-allotment option. We
will also include in this Form 8-K, an amendment thereto, or in a subsequent Form 8-K information indicating when separate trading of
the ordinary shares, warrants and rights has commenced.
Ordinary
Shares
Our
shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. In connection with
any vote held to approve our initial business combination, all of our initial shareholders, as well as all of our officers and directors,
have agreed to vote their respective ordinary shares owned by them immediately prior to this offering and any shares purchased in this
offering or following this offering in the open market in favor of the proposed business combination.
We
will proceed with the business combination only if we have net tangible assets of at least $5,000,001 upon consummation of such business
combination and a majority of the ordinary shares voted are voted in favor of the business combination. At least ten (10) days'
notice must be given for each general meeting (although we will provide whatever minimum number of days are required under federal
securities laws). Shareholders may vote at meetings in person or by proxy.
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The
members of our board of directors serve until the next annual general meeting. There is no cumulative voting with respect to the election
of directors.
After the closing of a Business Combination,
the Company may by Ordinary Resolution appoint any person to be a director or may by Ordinary Resolution remove any director.
Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate a business combination by 12 months from
the date that the registration statement is declared effective (or up to 21 months if we have extended the period of time as
described in this prospectus), we will (i) cease all operations except for the purpose of winding up; (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our income taxes, divided by the number of the 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 our remaining shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to
our obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. Our
initial shareholders have agreed to waive their rights to share in any distribution from the trust account with respect to their
insider shares upon our winding up, liquidation and subsequent dissolution.
Our
shareholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions applicable
to the ordinary shares, except that public shareholders have the right to have their public shares converted to cash equal to their
pro
rata
share of the trust account if they vote on the proposed business combination and the business combination is completed. Public
shareholders who convert their public shares into their portion of the trust account still have the right to exercise the redeemable
warrants that they received as part of the units.
Register
of Members
Under
the Companies Act, the ordinary shares are deemed to be issued when the name of the shareholder is entered in our register of members.
Our register of members will be maintained by our transfer agent Continental Stock Transfer & Trust Company, which will enter the
name of Cede & Co in our register of members on the closing of this offering as nominee for each of the respective public shareholders.
If (a) information that is required to be entered in the register of members is omitted from the register or is inaccurately entered
in the register, or (b) there is unreasonable delay in entering information in the register, a shareholder of the company, or any person
who is aggrieved by the omission, inaccuracy or delay, may apply to the Cayman Islands courts for an order that the register be rectified,
and the court may either refuse the application or order the rectification of the register, and may direct the company to pay all costs
of the application and any damages the applicant may have sustained.
Redeemable
Warrants
No
warrants are currently outstanding. Each redeemable warrant entitles the registered holder to purchase one 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 consummation
of our initial business combination or 12 months from the date the registration statement is declared effective by the SEC. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only under a whole number of shares. This means that only
a whole warrant may be exercised at any given time by a warrant holder. However, except as set forth below, no warrants will be exercisable
for cash unless we have an effective and current registration statement covering the ordinary shares issuable upon exercise of the warrants
and a current prospectus relating to such ordinary shares. Notwithstanding the foregoing, if a registration statement covering the ordinary
shares issuable upon exercise of the warrants is not effective within 90 days from 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 from registration provided
by Section 3(a)(9) of the Securities Act provided that such exemption is available. If an exemption from registration is not available,
holders will not be able to exercise their warrants on a cashless basis. The warrants will expire five years from the effective date
of the registration statement of which this prospectus forms a part at 5:00 p.m., Eastern Standard Time.
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We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:
●
at
    any time while the warrants are 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 ordinary shares equals or exceeds $18.00 per share, as adjusted for share splits,
    share capitalizations, rights, issuances, subdivisions, reorganizations, recapitalizations, and the like, for any 20 trading days
    within a 30 trading days period 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 ordinary shares underlying such warrants at
    the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date
    of redemption.
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 whole
warrants for that number of ordinary shares equal to the quotient obtained by dividing (x) the product of the number of ordinary shares
underlying the warrants, multiplied by the excess of the "fair market value" (defined below) over the exercise price of the
warrants by (y) the fair market value. The "fair market value" shall mean the average reported closing price of the ordinary
shares for the 10 trading days ending on the third trading day prior to the date of exercise on which the notice of redemption is sent
to the holders of warrants. Whether we will exercise our option to require all holders to exercise their warrants on a "cashless
basis" will depend on a variety of factors including the price of our ordinary shares at the time the warrants are called for redemption,
our cash needs at such time and concerns regarding dilutive share issuances.
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 share (with such issue
price or effective issue price to be determined in good faith by our board of directors), (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, and (z) the volume weighted average trading price of our 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 Price") is
below $9.20 per share, the exercise price of the redeemable warrants will be adjusted (to the nearest cent) to be equal to 115% of the
Market 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 Market Price.
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 a majority
of the then outstanding warrants in order to make any change that adversely affects the interests of the registered holders.
The
exercise price and number of ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including
in the event of a share capitalizations, extraordinary dividend or our recapitalization, reorganization, merger or consolidation. However,
the warrants will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.
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The
warrants may be exercised upon surrender of the warrant certificate on or prior to the expiration date at the offices of the warrant
agent, with the exercise form on the reverse side of the warrant certificate completed and executed as indicated, accompanied by full
payment of the exercise price, by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of ordinary shares and any voting rights until they exercise their warrants and
receive ordinary shares. After the issuance of 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.
Except
as described above, no warrants will be exercisable and we will not be obligated to issue ordinary shares unless at the time a holder
seeks to exercise such warrant, a prospectus relating to the ordinary shares issuable upon exercise of the warrants is current and the
ordinary shares have been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder
of the warrants. Under the terms of the warrant agreement, we have agreed to use our best efforts to meet these conditions and to maintain
a current prospectus relating to the ordinary shares issuable upon exercise of the warrants until the expiration of the warrants. However,
we cannot assure you that we will be able to do so and, if we do not maintain a current prospectus relating to the ordinary shares issuable
upon exercise of the warrants, holders will be unable to exercise their warrants and we will not be required to settle any such warrant
exercise. If the prospectus relating to the ordinary shares issuable upon the exercise of the warrants is not current or if the ordinary
shares is not qualified or exempt from qualification in the jurisdictions in which the holders of the warrants reside, we will not be
required to net cash settle or cash settle the warrant exercise, the warrants may have no value, the market for the warrants may be limited
and the warrants may expire worthless.
Warrant
holders may elect to be subject to a restriction on the exercise of their warrants such that an electing warrant holder (and his, her
or its affiliates) would not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder
(and his, her or its affiliates) would beneficially own in excess of 9.8% of the ordinary shares issued and 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 (as a result of a subsequent share capitalizations payable in ordinary shares, or by a split up of the
ordinary shares or other similar event), we will, upon exercise, round up or down to the nearest whole number the number of 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 — Risks Associated with Our Business — Our warrant agreement and rights 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 or rights, which could
limit the ability of warrant or rights holders to obtain a favorable judicial forum for disputes with our company." This
provision applies to claims under the Securities Act but does not apply to claims under the Exchange Act or any claim for which the federal
district courts of the United States of America are the sole and exclusive forum.
Private
Warrants
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.
The private warrants (including the ordinary shares issuable upon exercise of the private warrants) will not be transferable, assignable
or saleable until 30 days after the completion of our initial business combination (except for permitted transferees and as described
herein under "Principal Shareholders").
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Rights
Except
in cases where we are not the surviving company in a business combination, each holder of a right will automatically receive one ordinary
share upon consummation of our initial business combination, even if the holder of a public right converted all 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. In the event we will not be the surviving company upon completion of our initial
business combination, each holder of twenty rights will be required to affirmatively convert his, her or its rights in order to
receive the one share underlying each right upon consummation of the business combination. No additional consideration will be required
to be paid by a holder of rights in order to receive his, her or its additional ordinary shares upon consummation of an initial business
combination. The shares issuable upon exchange of the rights will be freely tradable (except to the extent held by affiliates of ours).
If we enter into a definitive agreement for a business combination in which we will not be the surviving entity, the definitive agreement
will provide for the holders of rights to receive the same per share consideration the holders of the ordinary shares will receive in
the transaction on an as-converted into ordinary shares basis.
We
will not issue fractional shares in connection with an exchange of rights. Fractional shares will either be rounded down to the nearest
whole share or otherwise addressed in accordance with the applicable provisions of Cayman Islands Law. As a result, you must hold rights
in multiples of twenty in order to receive shares for all of your rights upon closing of a business combination. If we are unable to
complete an initial business combination within the required time period and we liquidate the funds held in the trust account, holders
of rights will not receive any of such funds with respect to their rights, nor will they receive any distribution from our assets held
outside of the trust account with respect to such rights, and the rights will expire worthless. Further, there are no contractual penalties
for failure to deliver securities to the holders of the rights upon consummation of an initial business combination. Additionally, in
no event will we be required to net cash settle the rights. Accordingly, the rights may expire worthless.
Dividends
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 a
business combination. The payment of cash dividends in the future will be dependent upon our revenues and earnings, if any, capital requirements
and general financial condition subsequent to completion of a business combination. The payment of any dividends subsequent to a business
combination will be within the discretion of our then board of directors. It is the present intention of our board of directors to retain
all earnings, if any, for use in our business operations and, accordingly, our board does not anticipate declaring any dividends in the
foreseeable future.
Our
Transfer Agent, Warrant Agent, and Rights Agent
The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company, 1 State
Street 30
th
Floor, New York, NY 10004-1561.
Listing
of our Securities
There
is presently no public market for our units, ordinary shares or warrants. We have applied to have the units, and the ordinary shares
and warrants once they begin separate trading, listed on NASDAQ under the symbols "[           ]U,"
"[           ]," "[           ]W,"
and "[           ]R," respectively. Although, after giving
effect to this offering, we meet on a pro forma basis the minimum initial listing standards of NASDAQ, which generally only requires
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 continue to be listed on NASDAQ as we might not meet
certain continued listing standards.
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Certain
Differences in Corporate Law
Cayman
Islands companies are governed by the Companies Act. The Companies Act 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 provisions of the Companies Act applicable to us that materially differ from the laws applicable to companies incorporated
in the United States and their shareholders.
Mergers
and Similar Arrangements.
In certain circumstances, the Companies Act 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) so as to form a single surviving company.
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 or merger or consolidation must then be authorized by either (a)
a special resolution (usually a majority of two-thirds of the votes of shareholders who attend and vote at a general meeting) of the
shareholders of each company; or (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 votes at a general meeting 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 Act (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: (i) 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; (ii) 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; (iii) 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; (iv) 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.
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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: (i) 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; (ii) 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; (iii) 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; and (iv) that there is no other reason why it would be against the public interest to permit
the merger or consolidation.
Where
the above procedures are adopted, the Companies Act provides for a right of dissenting shareholders to be paid a payment of the fair
value of his, her or its shares upon their dissenting to the merger or consolidation if they follow a prescribed procedure. In essence,
that procedure is as follows (a) the shareholder must give his 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 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 intention to dissent including, among other details, a demand for payment of the fair value of his 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 shares at a price that the company determines is the fair value
and if the company and the shareholder agree the price within 30 days following the date on which the offer was made, the company must
pay the shareholder such amount; (e) if the company and the shareholder fail to agree a price within such 30-day period, within
20 days following the date on which such 30-day period expires, the company must (and any dissenting shareholder may) 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 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.
Moreover,
Cayman Islands law also has separate statutory provisions that facilitate the reconstruction or amalgamation of companies in certain
circumstances, 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 procedure 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 satisfies itself that:
●
we
    are not proposing to act illegally or beyond the scope of our corporate authority and the statutory provisions as to majority vote
    have been complied with;
●
the
    shareholders have been fairly represented at the meeting in question;
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●
the
    arrangement is such as a businessman would reasonably approve; and
●
the
    arrangement is not one that would more properly be sanctioned under some other provision of the Companies Act 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 United States 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 is made within four
months after making such offer, 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.
Shareholders'
Suits.
Derivative actions have been brought in the Cayman Islands courts, and the Cayman Islands courts have confirmed the availability
for 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 be 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 which 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 Liabilities.
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 our Cayman Islands legal counsel that there is uncertainty as to whether the courts of the Cayman Islands would
(i) 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 (ii) entertain original actions brought in each respective jurisdiction against
us or our directors and officers predicated upon the securities laws of the United States or any state in the United States. There is
no statutory enforcement in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce such foreign money judgment without re-examination or re-litigation of matters adjudicated
upon, provided that (1) the U.S. court issuing the judgment is of competent jurisdiction; (2) the U.S. judgment is final and for
a liquidated sum; (3) the judgment given by the U.S. Court was not in respect of taxes or a fine or penalty or similar fiscal or revenue
obligation of the company; (4) in obtaining judgment there was no fraud on part of the person in whose favor judgment was given or on
part of the court; (5) recognition or enforcement of the judgment would not be contrary to public policy in the Cayman Islands; and (6)
the proceedings pursuant to which judgment was obtained were not contrary to natural justice. A Cayman Islands court may stay
enforcement proceedings if concurrent proceedings are being brought elsewhere.
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Special
Considerations for Exempted Companies.
We are an exempted company with limited liability (meaning our public shareholders have no
liability, as members of the company, for liabilities of the company over and above the amount paid for their shares) under
the Companies Act. The Companies Act 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:
●
annual
    reporting requirements are minimal and consist mainly of a statement that the company has conducted its operations mainly outside
    of the Cayman Islands and has complied with the provisions of the Companies Act;
●
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 not issue negotiable or bearer shares, but 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.
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
(i) at least two-thirds (or any higher threshold specified in a company's articles of association) of a company's shareholders
who, being entitled to do so, attend and vote at a general meeting for which notice specifying the intention to propose the resolution
as a special resolution has been given; or (ii) 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 will provide that
special resolutions must be approved either by at least two-thirds of our shareholders who, being entitled to do so, attend and vote
at a general meeting for which notice specifying the intention to propose the resolution as a special resolution has been given (i.e.,
the lowest threshold permissible under Cayman Islands law), or by a unanimous written resolution of all of our shareholders.
Our
sponsor, who will beneficially own 21.70% of our ordinary shares upon the closing of this offering (assuming it does not purchase
units in this offering, including ownership of the private placement units, assuming the sponsor forfeits 225,000 shares due to no exercise
of the underwriter's over-allotment option), will 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 it chooses. Specifically, our amended and restated memorandum and articles
of association will provide, among other things, that:
●
if
    we are unable to complete our initial business combination within 12 months from the date that the registration statement is declared
    effective (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, subject to lawfully available funds therefor, redeem 100%
    of the public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
    including interest (net of taxes payable and less interest to pay dissolution expenses up to $105,000) 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 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,
    liquidate and dissolve;
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●
prior
    to our initial business combination, we may not issue additional ordinary shares that would entitle the holders thereof to (i) receive
    funds from the trust account or (ii) vote on any initial business combination;
●
although
    we do not intend to enter into a business combination with a target business that is affiliated with our sponsor, our directors or
    our officers, we are not prohibited from doing so. In the event we enter into such a transaction, we, or a committee of independent
    directors, will obtain an opinion from an independent investment banking firm or another independent firm that commonly renders valuation
    opinions for the type of company we are seeking to acquire or 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 legal reasons, we will offer to redeem our public shares pursuant to Rule 13e-4 and Regulation 14E of the Exchange
    Act, and will file tender offer documents with the SEC prior to completing our initial business combination which contain substantially
    the same financial and other information about our initial business combination and the redemption rights as is required under Regulation
    14A of the Exchange Act;
●
so
    long as we obtain and maintain a listing for our securities on the NASDAQ and the approval by a majority of our board, including
    a majority of the independent directors, 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 our assets held in the trust account (excluding the deferred underwriting
    discounts and taxes payable on the income earned on the trust account) at the time of the agreement to enter into the initial business
    combination;
●
If
    our shareholders approve an amendment to our amended and restated memorandum and articles of association that would (i) 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 12 months from the date that the registration statement is declared effective (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)
    or (ii) with respect to the other provisions relating to shareholders' rights or pre-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.
In
addition, our amended and restated memorandum and articles of association will provide that under no circumstances will we redeem our
public shares in an amount that would cause our net tangible assets to be less than $5,000,001 either immediately prior to or upon consummation
of our initial business combination, after payment of the deferred underwriting commission.
The
Companies Act permits a company incorporated in the Cayman Islands to amend its memorandum and articles of association with the approval
of a special resolution which requires the approval of the holders of at least two-thirds of such company's shareholders who, being
entitled to do so, attend and vote at a general meeting or by way of unanimous written resolution. A company's articles of association
may specify that the approval of a higher majority is required but, provided the approval of the required majority is obtained, any Cayman
Islands exempted company may amend its memorandum and articles of association regardless of whether its memorandum and articles of association
provides otherwise. 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.
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Anti-Money
Laundering — Cayman Islands
In
order to comply with legislation or regulations aimed at the prevention of money laundering, we are required to adopt and maintain anti-money
laundering procedures, and may require subscribers to provide evidence to verify their identity and source of funds. Where permitted,
and subject to certain conditions, we may also delegate the maintenance of our anti-money laundering procedures (including the acquisition
of due diligence information) to a suitable person.
We
reserve the right to request such information as is necessary to verify the identity of a subscriber. In some cases the directors may
be satisfied that no further information is required since an exemption applies under the Anti-Money Laundering Regulations (Revised)
of the Cayman Islands, as amended and revised from time to time (the "Regulations") or any other applicable law. Depending
on the circumstances of each application, a detailed verification of identity might not be required where:
●
the
    subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution;
    or
●
the
    subscriber is regulated by a recognized regulatory authority and is based or incorporated in, or formed under the law of, a recognized
    jurisdiction; or
●
the
    application is made through an intermediary which is regulated by a recognized regulatory authority and is based in or incorporated
    in, or formed under the law of a recognized jurisdiction and an assurance is provided in relation to the procedures undertaken on
    the underlying investors.
For
the purposes of these exceptions, recognition of a financial institution, regulatory authority or jurisdiction will be determined in
accordance with the Regulations by reference to those jurisdictions recognized by the Cayman Islands Monetary Authority as having equivalent
anti-money laundering regulations.
In
the event of delay or failure on the part of the subscriber in producing any information required for verification purposes, we may refuse
to accept the application, in which case any funds received will be returned without interest to the account from which they were originally
debited.
We
also reserve the right to refuse to make any payment to a shareholder if our directors or officers suspect or are advised that the payment
to such shareholder might result in a breach of applicable anti-money laundering or other laws or regulations by any person in any relevant
jurisdiction, or if such refusal is considered necessary or appropriate to ensure our compliance with any such laws or regulations in
any applicable jurisdiction.
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 ("FRA")
of the Cayman Islands, pursuant to the Proceeds of Crime Act (Revised) 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 FRA, pursuant to the Terrorism Act (Revised)
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.
Certain
Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association
Our
authorized but unissued ordinary 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 ordinary 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.
Data
Protection in the Cayman Islands – Privacy Notice
This
privacy notice explains the manner in which the company collects, processes and maintains personal data about investors of the company
pursuant to the Data Protection Act, 2017 of the Cayman Islands, as amended from time to time and any regulations, codes of practice
or orders promulgated pursuant thereto ("DPA").
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The
company is committed to processing personal data in accordance with the DPA. In its use of personal data, the company will be characterized
under the DPA as a 'data controller', whilst certain of the company's service providers, affiliates and delegates may
act as 'data processors' under the DPA. These service providers may process personal information for their own lawful purposes
in connection with services provided to the company.
This
privacy notice puts our shareholders on notice that, by virtue of making an investment in the company, the company and certain of the
company's service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be
directly or indirectly identified.
Your
personal data will be processed fairly and for lawful purposes, including (a) where the processing is necessary for the company to perform
a contract to which you are a party or for taking pre-contractual steps at your request (b) where the processing is necessary for compliance
with any legal, tax or regulatory obligation to which the company is subject or (c) where the processing is for the purposes of legitimate
interests pursued by the company or by a service provider to whom the data are disclosed. As a data controller, we will only use your
personal data for the purposes for which we collected it. If we need to use your personal data for an unrelated purpose, we will contact
you.
We
anticipate that we will share your personal data with the company's service providers for the purposes set out in this privacy
notice. We may also share relevant personal data where it is lawful to do so and necessary to comply with our contractual obligations
or your instructions or where it is necessary or desirable to do so in connection with any regulatory reporting obligations. In exceptional
circumstances, we will share your personal data with regulatory, prosecuting and other governmental agencies or departments, and parties
to litigation (whether pending or threatened), in any country or territory including to any other person where we have a public or legal
duty to do so (e.g. to assist with detecting and preventing fraud, tax evasion and financial crime or compliance with a court order).
Your
personal data shall not be held by the company for longer than necessary with regard to the purposes of the data processing.
We
will not sell your personal data. Any transfer of personal data outside of the Cayman Islands shall be in accordance with the requirements
of the DPA. Where necessary, we will ensure that separate and appropriate legal agreements are put in place with the recipient of that
data.
The
company will only transfer personal data in accordance with the requirements of the DPA, 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.
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 to your investment into the company, this will be relevant for those individuals and you should inform such individuals of the
content.
You
have certain rights under the DPA, including (a) the right to be informed as to how we collect and use your personal data (and this privacy
notice fulfils the company's obligation in this respect) (b) the right to obtain a copy of your personal data (c) the right
to require us to stop direct marketing (d) the right to have inaccurate or incomplete personal data corrected (e) the right to withdraw
your consent and require us to stop processing or restrict the processing, or not begin the processing of your personal data (f) the
right to be notified of a data breach (unless the breach is unlikely to be prejudicial) (g) the right to obtain information as to any
countries or territories outside the Cayman Islands to which we, whether directly or indirectly, transfer, intend to transfer or wish
to transfer your personal data, general measures we take to ensure the security of personal data and any information available to us
as to the source of your personal data (h) the right to complain to the Office of the Ombudsman of the Cayman Islands and (i) the right
to require us to delete your personal data in some limited circumstances.
If
you consider that your personal data has not been handled correctly, or you are not satisfied with the company's responses to any
requests you have made regarding the use of your personal data, you have the right to complain to the Cayman Islands' Ombudsman.
The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.
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SHARES
ELIGIBLE FOR FUTURE SALE
Immediately
after this offering, we will have 7,777,400 ordinary shares issued and outstanding, or 8,928,500 shares if the over-allotment option
is exercised in full. Of these shares, the 6,000,000 shares sold in this offering, or 6,900,000 shares if the over-allotment option is
exercised in full, will be freely tradable without restriction or further registration under the Securities Act, except for any shares
purchased by one of our affiliates within the meaning of Rule 144 under the Securities Act. All of the remaining shares are restricted
securities under Rule 144, in that they were issued in private transactions not involving a public offering. All of those shares will
not be transferable except in limited circumstances described elsewhere in this prospectus.
Rule
144
Pursuant
to Rule 144, a person who has beneficially owned restricted ordinary shares 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 ordinary shares 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:
●
1%
    of the number of ordinary shares then issued and outstanding, which will equal 77,774 shares immediately after this offering (or
    89,285 if the over-allotment option is exercised in full); and
●
the
    average weekly trading volume of the 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 initial shareholders will be able to sell their insider shares freely without registration
one year after we have completed our initial business combination assuming they are not an affiliate of ours at that time.
Registration
Rights
The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units (and
underlying securities) and any securities issued to our initial shareholders, officers, directors or their affiliates in payment of working
capital loans made to us, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective
date of this offering. The holders of a majority of these securities are entitled to make up to two demands that we register such securities.
The holders of the majority of the insider shares can elect to exercise these registration rights at any time commencing three months
prior to the date on which these ordinary shares are to be released from escrow. The holders of a majority of the private units (and
underlying securities) and securities issued in payment of working capital loans (or underlying securities) or loans to extend our life
(or underlying securities) can elect to exercise these registration rights at any time after we consummate a business combination. In
addition, the holders have certain "piggy-back" registration rights with respect to registration statements filed subsequent
to our consummation of a business combination. We will bear the expenses incurred in connection with the filing of any such registration
statements.
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TAXATION
The
following summary of the material Cayman Islands and U.S. federal income tax consequences of an investment in our units, ordinary shares,
warrants, and rights to acquire our ordinary shares, sometimes referred to, individually or collectively, in this summary as our "securities,"
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 securities, such as the tax consequences
under state, local and other tax laws.
Cayman
Islands Taxation
The
following is a discussion of 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 corporation tax. The Cayman Islands currently have 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 our securities or on an instrument of transfer in respect of our securities.
The
Company is incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has received
an undertaking from the Financial Secretary of the Cayman Islands in the following form:
The
Tax Concessions Act (Revised)
Undertaking as to Tax Concessions
In
accordance with the provision of section 6 of The Tax Concessions Act (Revised) of the Cayman Islands, the Financial Secretary
undertakes with DT Cloud 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 the Tax Concessions Act (Revised).
3
These
    concessions shall be for a period of twenty years from [                   ],
    2022.
United
States Federal Income Taxation
General
This
section is a general summary of the material U.S. federal income tax considerations relating to the acquisition, ownership and
disposition of our units (each consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20)
of one ordinary share upon the consummation of an initial business combination) issued pursuant to this offering by U.S. Holders (as
defined below) and Non-U.S. Holders (as defined below). This section does not address any aspect of U.S. federal gift or estate tax,
Medicare contribution tax laws, or the state, local or non-U.S. tax consequences of an investment in our securities, nor does it provide
any actual representations as to any tax consequences of the acquisition, ownership or disposition of our securities.
Because
the components of a unit are separable at the option of the holder within a short period of time after the date of this prospectus, the
holder of a unit generally should be treated, for U.S. federal income tax purposes, as the owner of the underlying ordinary share, warrant,
and right components of the unit, as the case may be. As a result, the discussion below of the U.S. federal income tax consequences with
respect to actual holders of ordinary shares, warrants, and rights should also apply to holders of units (as the deemed owners of the
underlying ordinary shares, warrants, and rights that comprise the units).
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The
discussion below of the U.S. federal income tax consequences to "U.S. Holders" will apply to a beneficial owner of our securities
that is for U.S. federal income tax purposes:
●
an
    individual citizen or resident of the United States as determined for U.S. federal income tax purposes;
●
a
    corporation (or other entity treated as a corporation) 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;
●
an
    estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
a
    trust if (i) a U.S. court can exercise primary supervision over the trust's administration and one or more U.S. persons are
    authorized to control all substantial decisions of the trust, or (ii) it has a valid election in effect under applicable U.S. Treasury
    regulations to be treated as a U.S. person.
If
a beneficial owner of our securities is not described as a U.S. Holder and is not an entity treated as a partnership or other pass-through
entity for U.S. federal income tax purposes, such owner will be considered a "Non-U.S. Holder." The material U.S. federal
income tax consequences of the acquisition ownership and disposition of our securities applicable specifically to Non-U.S. Holders are
described below under the heading "Non-U.S. Holders."
This
discussion is based on the U.S. Internal Revenue Code of 1986, as amended (the "Code"), its legislative history, Treasury
regulations promulgated thereunder, published rulings and court decisions, and administrative and judicial interpretations thereof, all
as currently in effect. These authorities are subject to change or differing interpretations, possibly on a retroactive basis.
This
discussion assumes that the ordinary shares, warrants, and rights will trade separately and does not address all aspects of U.S. federal
income taxation that may be relevant to any particular holder based on such holder's individual circumstances. In particular, this
discussion considers only holders that purchase units pursuant to this offering and that own and hold our securities as capital assets
within the meaning of Section 1221 of the Code, and does not address the potential application of the alternative minimum tax. In addition,
this discussion does not address the U.S. federal income tax consequences to holders that are subject to special rules, including:
●
financial
    institutions or financial services entities;
●
broker-dealers;
●
taxpayers
    that are subject to the mark-to-market accounting rules under Section 475 of the Code or the "applicable financial statement"
    accounting rules under Section 451(b) of the Code;
●
tax-exempt
    entities;
●
governments
    or agencies or instrumentalities thereof;
●
insurance
    companies;
●
regulated
    investment companies;
●
real
    estate investment trusts;
●
qualified foreign pension funds;
●
persons
    liable for alternative minimum tax;
●
expatriates
    or former long-term residents of the United States;
●
persons
    that actually or constructively own 5 percent or more of our voting 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;
●
persons
    that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated transaction;
●
persons
    whose functional currency is not the U.S. dollar;
●
controlled
    foreign corporations; or
●
passive
    foreign investment companies.
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This
discussion does not address any aspect of U.S. federal non-income tax laws, such as gift or estate tax laws, Medicare contribution tax
laws, the one-percent excise tax on stock repurchases, state, local or non-U.S. tax laws or, except as discussed herein, any tax
reporting obligations of a holder of our securities. Additionally, 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 classified
as a partnership for U.S. federal income tax purposes) is the beneficial owner of our securities, the U.S. 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. This discussion
also assumes that any distributions made (or deemed made) by us on our securities 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. In addition, this discussion
assumes that a holder will own a sufficient number of warrants or rights such that upon conversion of the warrants or rights into ordinary
shares, the holder will acquire only a whole number of ordinary shares and will not forfeit any fractional securities.
We
have not sought, and will not seek, a ruling from the IRS or an opinion of counsel as to any U.S. federal income tax consequence described
herein. The IRS may disagree with the descriptions 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.
THIS
DISCUSSION IS ONLY A SUMMARY OF THE MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF OUR
SECURITIES. IT DOES NOT PROVIDE ANY ACTUAL REPRESENTATIONS AS TO ANY TAX CONSEQUENCES OF THE ACQUISITION, OWNERSHIP AND DISPOSITION OF
OUR SECURITIES AND WE HAVE NOT OBTAINED ANY OPINION OF COUNSEL WITH RESPECT TO SUCH TAX CONSEQUENCES. AS A RESULT, 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, AS WELL
AS U.S. FEDERAL TAX LAWS (INCLUDING ANY NON-INCOME TAX LAWS) AND ANY APPLICABLE TAX TREATIES.
Allocation
of Purchase Price and Characterization of a Unit
There
is no authority addressing the treatment, for U.S. federal income tax purposes, of securities with terms substantially the same as the
units, and, therefore, that treatment is not entirely clear. Each unit should be treated for U.S. federal income tax purposes as an investment
unit consisting of one ordinary share, one redeemable warrant, and one right to receive one-twentieth (1/20) of one ordinary share upon
the consummation of an initial business combination. For U.S. federal income tax purposes, each holder of a unit generally must allocate
the purchase price of a unit among the ordinary share, one warrant, and one right to receive one-twentieth (1/20) of one ordinary share
based on the relative fair market value of each at the time of issuance. The price allocated to each ordinary share, warrant, and rights
generally will be the holder's tax basis in such share, warrant, or rights as the case may be.
The
foregoing treatment of our ordinary shares, warrants, rights 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 holder
is advised to consult its own tax advisor regarding the risks associated with an investment in a unit (including alternative characterizations
of a unit or the components thereof) and regarding an allocation of the purchase price among the components of a unit. The balance of
this discussion assumes that the characterization of the units (and the components thereof) and any allocations of the purchase price
of a unit as described above is respected for U.S. federal income tax purposes.
U.S.
Holders
Tax
Reporting Transfers of Property
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
and the period of limitations on assessment and collection of United States federal income taxes will be extended in the event of a failure
to comply. Each U.S. Holder is urged to consult with its own tax advisor regarding this reporting obligation.
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Taxation
of Distributions Paid on Ordinary Shares
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 distribution of cash or other property (other than certain distributions of the Company's
shares or rights to acquire the Company's shares) paid on our ordinary shares to the extent the distribution is paid out of our
current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of such
earnings and profits generally will be applied against and reduce the U.S. Holder's basis in its 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 ordinary shares. 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. Notwithstanding the foregoing,
in the case of a U.S. Holder that is a corporation owning at least 10 percent of our shares by vote and value, a dividend received by
such a U.S. Holder on a share of our stock may be eligible for a dividends-received deduction with respect to the U.S. source portion
of such dividends, if any. Such corporate U.S. Holders must have owned such shares for over 46 days during the 91-day period beginning
on the date which is 45 days before the ex-dividend date. The Code also provides a dividends-received deduction for a dividend received
from a "specified 10-percent owned foreign corporation" by a U.S. corporation that is a 10% U.S. Shareholder (i.e., any U.S.
person that owns directly or indirectly, 10% or more of the voting power of the issued and outstanding shares of the Company or 10% or
more of the total value of shares of all classes of stock of the Company) with respect to the foreign-source portion of such dividend.
However, the deduction for the foreign-source portion of dividends received by specified 10-percent owned foreign corporations is generally
disallowed in its entirety if the common share with respect to which the dividend is paid is owned by such corporate U.S. Holder for
less than 366 days during the 731-day period beginning on the date which is 365 days before the date on which the common share becomes
ex-dividend with respect to such dividend. With respect to non-corporate U.S. Holders, dividends may be subject to the lower applicable
long-term capital gains tax rate (see "— Taxation on the Disposition of Securities" below) if our ordinary shares are
readily tradeable on an established securities market in the United States, we are not treated as a PFIC at the time the dividend
was paid or in the previous year, and certain other requirements are met. U.S. Holders should consult their own tax advisors regarding
the availability of the lower rate for any cash dividends paid with respect to our ordinary shares.
Possible
Constructive Distributions
The
terms of each warrant provide for an adjustment to the number of shares for which the warrant may be exercised or to the exercise price
of the warrant in certain events. An adjustment which has the effect of preventing dilution generally is not taxable. However, the U.S.
Holders of the warrants would be treated as receiving a constructive distribution from us if, for example, the adjustment increases the
warrant holders' proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of ordinary
shares that would be obtained upon exercise) as a result of a distribution of cash to the holders of our ordinary shares which is taxable
to the U.S. Holders of such ordinary shares as described under "— Taxation of Distributions Paid on Ordinary Shares"
above. Such constructive distribution would be subject to tax as described under that section and treated as if the U.S. Holders of the
warrants received a cash distribution from us equal to the fair market value of such increased interest. 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.
Taxation
on the Disposition of Securities
Upon
a sale or other taxable disposition of our securities (which, in general, would include a redemption of ordinary shares, as discussed
below, and our liquidation and subsequent dissolution in the event we do not consummate an initial business combination within the required
time), and subject to the PFIC rules discussed below, a U.S. Holder generally will recognize capital gain or loss in an amount equal
to the difference between (i) sum of the amount realized of cash and the fair market value of any property received in such disposition
(or, if the ordinary securities, warrants, or rights are held as part of the units at the time of disposition, the portion of the amount
realized on such disposition that is allocated to the ordinary shares, warrants, or rights based on the then fair market values of the
ordinary shares, warrants, and rights constituting the units) and (ii) the U.S. Holder's adjusted tax basis in the securities so
disposed.
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U.S. Holder's adjusted tax basis in its securities generally will equal the U.S. Holder's acquisition cost (that is, the
portion of the purchase price of a unit allocated the holder's ordinary shares, warrants, and/or rights as described above under
"— Allocation of Purchase Price and Characterization of a Unit") reduced, in the case of an ordinary share, by any
prior distributions treated as a return of capital.
The
regular U.S. federal income tax rate on capital gains recognized by U.S. Holders generally is the same as the regular U.S. federal income
tax rate on ordinary income, except that under tax law currently in effect long-term capital gains recognized by non-corporate U.S. Holders
are generally subject to U.S. federal income tax at reduced rates. Capital gain or loss will constitute long-term capital gain or loss
if the U.S. Holder's holding period for the securities 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 deductibility
of capital losses is subject to various limitations. U.S. Holders who recognize losses with respect to a disposition of our securities
should consult their own tax advisors regarding the tax treatment of such losses.
Redemption
of Ordinary Shares
Subject
to the PFIC rules described below, if a U.S. Holder converts ordinary shares into the right to receive cash pursuant to a redemption
transaction or sells its ordinary shares to us pursuant to a tender offer or other open market transaction, for U.S. federal income tax
purposes, such, redemption or sale generally will be treated as a redemption and will be subject to the following rules. If the redemption
or sale qualifies as a sale of the ordinary shares under Section 302 of the Code, the tax treatment of such redemption will be as described
under "— Taxation on the Disposition of Securities" above. If the redemption or sale does not qualify as a sale of
ordinary shares under Section 302 of the Code, a U.S. Holder will be treated as receiving a distribution with the tax consequences described
under "Taxation of Distributions Paid on Ordinary Shares" above. Whether redemption of our shares qualifies for sale treatment
will depend largely on the total number of our ordinary shares treated as held by such U.S. Holder (including any shares constructively
owned by the U.S. Holder as a result of owning warrants) relative to all of our shares outstanding both before and after such redemption
or sale. The redemption of ordinary shares generally will be treated as a sale or exchange of the ordinary shares (rather than as a distribution)
if the receipt of cash upon the redemption (i) is "substantially disproportionate" with respect to a U.S. Holder, (ii) results
in a "complete termination" of such holder's interest in us or (iii) is "not essentially equivalent to a dividend"
with respect to such holder. These tests are explained more fully below.
In
determining whether any of the foregoing tests are satisfied, a U.S. Holder must take into account not only our ordinary shares actually
owned by such holder, but also our ordinary shares that are constructively owned by such holder. A U.S. Holder may constructively own,
in addition to our ordinary shares owned directly, ordinary shares owned by related individuals and entities in which such holder has
an interest or that have an interest in such holder, as well as any ordinary shares such holder has a right to acquire by exercise of
an option, which would generally include ordinary shares which could be acquired pursuant to the exercise of warrants or conversion of
rights. In order to meet the substantially disproportionate test, the percentage of our issued and outstanding voting shares actually
and constructively owned by a U.S. Holder immediately following the redemption of our ordinary shares must, among other requirements,
be less than 80% of the percentage of our issued and outstanding voting and ordinary shares actually and constructively owned by such
holder immediately before the redemption. Prior to our initial business combination, the 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 ordinary shares actually and constructively owned by such U.S. Holder are
redeemed or (ii) all of our ordinary shares actually owned by such U.S. Holder are redeemed and such holder is eligible to waive, and
effectively waives, in accordance with specific rules, the attribution of shares owned by certain family members and such holder does
not constructively own any other shares. The redemption of the ordinary shares will not be essentially equivalent to a dividend if such
redemption results in a "meaningful reduction" of a 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."
U.S. Holders should consult with their own tax advisors as to the tax consequences of any such redemption or sale of any ordinary shares.
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If
none of the foregoing tests are satisfied, then the redemption may be treated as a distribution and the tax effects will be as described
under "— Taxation of Distributions Paid on Ordinary Shares," above. After the application of those rules, any remaining
tax basis a U.S. Holder has in the redeemed ordinary shares will be added to the adjusted tax basis in such holder's remaining
ordinary shares. If there are no remaining ordinary shares, a U.S. Holder should consult its own tax advisors as to the allocation of
any remaining basis. U.S. Holders should also be aware that substantially contemporaneous dispositions or acquisitions of our shares
that are part of a plan viewed as an integrated transaction with the redemption may be taken into account in determining whether any
of the tests described above are satisfied.
Certain
U.S. Holders who actually or constructively own five percent (or if our ordinary shares are not then publicly traded, one percent) or
more of our shares (by vote or value) may be subject to special reporting requirements with respect to a redemption of ordinary shares,
and such holders should consult with their own tax advisors with respect to their reporting requirements.
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 an ordinary share from the exercise of a warrant on a cash basis. An ordinary
share acquired pursuant to the exercise of one warrant on a cash basis generally will have a tax basis equal to 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"), increased by the exercise
price of the warrant. It is unclear whether a U.S. Holder's holding period for the ordinary share received 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 warrants are not clear under current tax law. Subject to the PFIC rules discussed below,
a cashless exercise may be tax-free, either because the exercise is not a realization event (i.e., not a transaction in which gain
or loss is realized) or because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free
situation, a U.S. Holder's basis in the ordinary shares received would equal the holder's basis in the warrants. If the cashless
exercise were treated as not being a realization event, it is unclear whether a U.S. Holder's holding period for the ordinary shares
received would be treated as commencing on the date of exercise of the warrant or the day following the date of exercise of the warrants.
If the cashless exercise were treated as a recapitalization, the holding period of the ordinary shares received would include the holding
period of the warrants. It is also possible that a cashless exercise could be treated in part as a taxable exchange in which gain
or loss would be recognized. In such event, a U.S. Holder could be deemed to have surrendered a number of warrants with a fair market
value equal to the exercise price for the number of warrants deemed exercised. For this purpose, the number of warrants deemed exercised
would be equal to the amount needed to receive on exercise the number of ordinary shares issued pursuant to the cashless exercise. In
this situation, 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 ordinary shares received in respect of the warrants deemed surrendered to pay
the exercise price and the U.S. Holder's tax basis in the warrants deemed surrendered. Such gain or loss would be long-term or
short-term depending on the U.S. Holder's holding period in the warrants. In this case, a U.S. Holder's tax basis in the
ordinary shares received would equal the sum of the fair market value of the ordinary shares received in respect of the warrants deemed
surrendered and the U.S. Holder's tax basis in the warrants deemed exercised. It is unclear whether a U.S. Holder's holding
period for the ordinary shares would commence on the date of exercise of the warrants or the day following the date of exercise of the
warrants, in either case, the holding period will not include the period during which the U.S. Holder held the warrant. There may also
be alternative characterizations of any such taxable exchange that would result in similar tax consequences, except that a U.S. Holder's
gain or loss would be short-term. Due to the absence of authority on the U.S. federal income tax treatment of a cashless exercise, including
when a U.S. Holder's holding period would commence with respect to an ordinary share received, there can be no assurance which,
if any, of the alternative tax consequences and holding periods described above would be adopted by the IRS or a court of law. Accordingly,
U.S. Holders should consult their tax advisors regarding the tax consequences of a cashless exercise of the warrants.
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Conversion
or Lapse of Rights
Subject
to the PFIC rules discussed below, a U.S. Holder generally should not recognize gain or loss upon the acquisition of ordinary shares
on the conversion of the rights, such ordinary shares should have a tax basis equal to such holder's tax basis in the rights, and
the holding period of such shares should begin on the day after such conversion. In addition, a U.S. Holder generally should recognize
a capital loss on the lapse of the rights equal to such holder's tax basis in the rights.
Unearned
Income Medicare Tax
Under
current tax law, U.S. Holders that are individual, estates or trusts and whose income exceeds certain thresholds generally will be subject
to a 3.8% Medicare contribution tax on unearned income, including, among other things, dividends on, and gains from the sale or other
disposition of, our securities, subject to certain limitations and exceptions. Under current Treasury regulations, in the absence
of a special election, such unearned income generally would not include income inclusions under the qualified election fund ("QEF")
rules discussed below under "Passive Foreign Investment Company Rules," but would include distributions of earnings and profits
from a QEF. U.S. Holders should consult their own tax advisors regarding the effect, if any, of such tax on their ownership and disposition
or our securities.
Passive
Foreign Investment Company Rules
A
foreign (i.e., non-U.S.) corporation will be a PFIC for U.S. federal income tax purposes if at least 75% of its gross income in a taxable
year of such foreign corporation, 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. In addition, a foreign corporation will be a PFIC if at least 50% of its
assets in a taxable year of the foreign corporation, 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, among other items, dividends,
interest, rents and royalties (other than certain rents or royalties derived from the active conduct of a trade or business) and gains
from the disposition of assets giving rise to passive income.
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 start-up exception, a corporation will not be a PFIC for the first taxable
year the corporation has gross income, 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 start-up year; and (3) the corporation is not in fact a
PFIC for either of those years. The applicability of the start-up exception to us is uncertain. 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 start-up 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, however, will not be determinable until after
the end of such taxable year (and, in the case of the startup exception to our current taxable year, perhaps until after the end of our
two taxable years following our startup 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.
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
securities and, in the case of our ordinary shares, the U.S. Holder did not make a timely QEF election for our first taxable year as
a PFIC in which the U.S. Holder held (or was deemed to hold) such ordinary shares, a QEF election along with a deemed sale (or purging)
election, or a "mark-to-market" election, each as described below, such holder generally will be subject to special rules
for regular U.S. federal income tax purposes with respect to:
●
any
    gain recognized by the U.S. Holder on the sale or other disposition of our securities; and
●
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 our
    securities during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder's holding period for
    our securities).
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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 our securities;
●
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
●
the
    interest charge generally applicable to underpayments of tax will be imposed in respect of 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 ordinary
shares (but not our warrants and likely not our rights) by making a timely QEF election (or a QEF election along with a purging election).
Pursuant to the QEF election, a U.S. Holder generally will be required 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 if we are treated as a PFIC for that
taxable year. A U.S. Holder 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.
It
is not entirely clear how various aspects of the PFIC rules apply to the unexercised warrants. However, a U.S. Holder may not make a
QEF election with respect to its warrants. As a result, if a U.S. Holder sells or otherwise disposes of such warrants (other than upon
exercise of such warrants), any gain recognized generally will be subject to the special tax and interest charge rules treating the gain
as an excess distribution, as described above, if we were a PFIC at any time during the period the U.S. Holder held the warrants. If
a U.S. Holder that exercises such warrants properly makes a QEF election with respect to the newly acquired ordinary shares (or has previously
made a QEF election with respect to our ordinary shares), the QEF election will apply to the newly acquired ordinary shares, but 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 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. The purging election creates a deemed sale of such shares at their fair market value. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will have a new basis in its ordinary shares acquired upon the
exercise of the warrants and will also have a new holding period in such ordinary shares for purposes of the PFIC rules.
It
is also likely 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.
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 U.S.
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 own 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, 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. Additionally, there is 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 ordinary shares, and the special tax and interest charge rules 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 ordinary shares generally will be taxable as capital gain and no interest charge will be imposed. As discussed above, for U.S. federal
income tax purposes, U.S. Holders of a QEF generally are currently taxed on their
pro rata
shares of its earnings and profits,
whether or not distributed. In such case, a subsequent distribution of such earnings and profits that were previously included in income
generally should not be taxable as a dividend to such U.S. Holders. The adjusted 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. Similar basis adjustments apply to property if by reason of holding such property the U.S. Holder is treated under the applicable
attribution rules as owning shares in a QEF.
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Although
a determination as to our PFIC status will be made annually, an initial determination that we are a PFIC will generally apply for subsequent
years to a U.S. Holder who held our securities while we were a PFIC, whether or not we meet the test for PFIC status in those subsequent
years. A U.S. Holder who makes the QEF election discussed above for our first taxable year as a PFIC in which the U.S. Holder holds (or
is deemed to hold) our ordinary shares, however, will not be subject to the PFIC tax and interest charge rules discussed above in respect
to such shares. In addition, such U.S. Holder will not be subject to the QEF inclusion regime with respect to such shares for any of
our taxable years that end within or with a taxable year of the U.S. Holder and in which we are not a PFIC. On the other hand, if the
QEF election is not effective for each of our taxable years in which we are a PFIC and the U.S. Holder holds (or is deemed to hold) our
ordinary shares, the PFIC rules discussed above will continue to apply to such shares unless the holder files on a timely filed U.S.
federal income tax return (including extensions) a QEF election and a purging election to recognize under the rules of Section 1291 of
the Code any gain that the U.S. Holder would otherwise recognize if the U.S. Holder had sold our shares for their fair market value on
the "qualification date." The qualification date is the first day of our tax year in which we qualify as a QEF with respect
to such U.S. Holder. The purging election can only be made if such U.S. Holder held our shares on the qualification date. The gain recognized
by the purging election will be subject to the special tax and interest charge rules treating the gain as an excess distribution, as
described above. As a result of the purging election, the U.S. Holder will increase the adjusted tax basis in our shares by the amount
of the gain recognized and will also have a new holding period in the shares for purposes of the PFIC rules.
Alternatively,
if a U.S. Holder, at the close of its taxable year, owns (or is deemed to own) shares in a PFIC that are treated as marketable shares,
the U.S. Holder may make a mark-to-market election with respect to such shares for such taxable year. If the U.S. Holder makes a valid
mark-to-market election for the first taxable year of the U.S. Holder in which the U.S. Holder holds (or is deemed to hold) our ordinary
shares and for which we are determined to be a PFIC, such holder generally will not be subject to the PFIC rules described above in respect
to its ordinary shares as long as such shares continue to be treated as marketable shares. Instead, in general, the U.S. Holder will
include as ordinary income for each year that we are treated as a PFIC the excess, if any, of the fair market value of its ordinary shares
at the end of its taxable year over the adjusted basis in its ordinary shares. These amounts of ordinary income would not be eligible
for the favorable tax rates applicable to qualified dividend income or long-term capital gains. The U.S. Holder also will be allowed
to take an ordinary loss in respect of the excess, if any, of the adjusted basis of its ordinary shares over the fair market value of
its 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 adjusted tax basis in its 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 the ordinary shares in a taxable year
in which we are treated as a PFIC will be treated as ordinary income. Special tax rules may also apply if a U.S. Holder makes a mark-to-market
election for a taxable year after the first taxable year in which the U.S. Holder holds (or is deemed to hold) its ordinary shares and
for which we are treated as a PFIC. Currently, a mark-to-market election may not be made with respect to our rights or warrants.
The
mark-to-market election is available only for stock that is regularly traded on a national securities exchange that is registered with
the Securities and Exchange Commission, including the NASDAQ Global Market, 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. If made, a mark-to-market election
would be effective for the taxable year for which the election was made and for all subsequent taxable years unless the ordinary shares
ceased to qualify as "marketable stock" for purposes of the PFIC rules or the IRS consented to the revocation of the election.
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 of our shares 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.
However, there is 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 the required information. A mark-to-market election generally would not be available with respect to such lower-tier PFIC.
U.S. Holders are urged to consult their own tax advisors regarding the tax issues raised by lower-tier PFICs.
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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 be required to file
an IRS Form 8621 (whether or not a QEF or mark-to-market election is or has been made) with such U.S. Holder's U.S. federal income
tax return and provide 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 securities should consult their own tax advisors concerning the application
of the PFIC rules to our securities under their particular circumstances.
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, ordinary shares, warrants, or rights 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 United States federal income tax consequences of the
sale or other disposition of our securities.
Dividends
(including constructive dividends) paid or deemed paid to a Non-U.S. Holder in respect to our securities generally will not be subject
to U.S. 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 holder maintains or maintained in the United States).
In
addition, a Non-U.S. Holder generally will not be subject to U.S. federal income tax on any gain attributable to a sale or other disposition
of our securities 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 holder maintains or maintained
in the United States) or the Non-U.S. Holder is an individual who is present in the United States for 183 days or more in the taxable
year of sale or other disposition and certain other conditions are met (in which case, such gain from United States sources generally
is subject to tax at a 30% rate or a lower applicable tax treaty rate).
Dividends
(including constructive distributions) 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 that such holder maintains or maintained in the United States) generally will be subject to regular U.S. federal income tax
at the same regular U.S. 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 U.S. federal income tax purposes, may also be subject to an additional branch profits tax at a 30% rate or a lower
applicable tax treaty rate.
Backup
Withholding and Information Reporting
In
general, information reporting for U.S. federal income tax purposes should apply to distributions made on our ordinary shares within
the United States to a U.S. Holder (other than an exempt recipient) and to the proceeds from sales and other dispositions of our securities
by a U.S. Holder (other than an exempt recipient) to or through a U.S. office of a broker. Payments made (and sales and other dispositions
effected at an office) outside the United States will be subject to information reporting in limited circumstances. In addition, certain
information concerning a U.S. Holder's adjusted tax basis in its securities and whether any gain or loss with respect to such securities
is long-term or short-term may be required to be reported to the IRS, and certain holders may be required to file an IRS Form 8938 (Statement
of Specified Foreign Financial Assets) to report their interest in our securities.
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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. Specified foreign financial assets generally include any financial account maintained with a non-U.S. financial institution
and should also include the ordinary shares, warrants, and rights if they are not held in an account maintained with a U.S. financial
institution. Persons who are required to report specified foreign financial assets and fail to do so may be subject to substantial penalties,
and the period of limitations on assessment and collection of United States federal income taxes may be extended in the event of a failure
to comply. 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 ordinary shares, warrants, and rights.
Moreover,
backup withholding of U.S. federal income tax, currently at a rate of 24%, generally will apply to dividends paid on our securities to
a U.S. Holder (other than an exempt recipient) and the proceeds from sales and other dispositions of our securities by a U.S. Holder
(other than an exempt recipient), in each case who:
●
fails
    to provide an accurate taxpayer identification number;
●
is
    notified by the IRS that backup withholding is required; or
●
fails
    to comply with applicable certification requirements.
A
Non-U.S. Holder generally may 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.
We
will withhold all taxes required to be withheld by law from any amounts otherwise payable to any holder of our securities, including
tax withholding required by the backup withholding rules. Backup withholding is not an additional tax. Rather, the amount of any backup
withholding will be allowed as a credit against a U.S. Holder's or a Non-U.S. Holder's U.S. federal income tax liability
and may entitle such holder to a refund, provided that the requisite information is timely furnished to the IRS. 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.
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Table of Contents
UNDERWRITING
Brookline
Capital Markets, a division of Arcadia Securities, LLC ("Brookline") is acting as the sole book running manager and underwriter
of this offering. Subject to the terms and conditions of the underwriting agreement dated the date of this prospectus, the underwriter
has agreed to purchase from us, and we have agreed to sell to the underwriter, the 6,000,000 units offered hereby.
The
underwriting agreement provides that the obligations of the underwriter to purchase the units included in this offering are subject to
approval of legal matters by counsel and to other conditions. The underwriter is obligated to purchase all of the units (other than those
covered by the underwriter's over-allotment option described below) if they purchase any of the units.
Units
sold by the underwriter to the public will initially be offered at the initial public offering price set forth on the cover of this prospectus.
If all of the units are not sold at the initial offering price, the underwriter may change the public offering price and the other selling
terms. The underwriter has advised us that the underwriter does not intend to make sales to discretionary accounts.
If
the underwriter sells more units than the total number set forth in the table above, we have granted to the underwriter an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 900,000 additional units at the public offering price less the underwriting
discount. Any units issued or sold under the option will be issued and sold on the same terms and conditions as the other units that
are the subject of this offering.
We,
our sponsor and our officers and directors have agreed that, for a period of 180 days from the date of this prospectus, we and they will
not, without the prior written consent of Brookline, offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly,
any units, warrants, ordinary shares or any other securities convertible into, or exercisable, or exchangeable for, ordinary shares;
provided, however, that we may (i) issue and sell the private units, (ii) issue and sell the additional units to cover our underwriter's
over-allotment option (if any), (iii) register with the SEC pursuant to an agreement to be entered into concurrently with the issuance
and sale of the securities in this offering, the resale of the insider shares and the private units or the warrants and ordinary shares
issuable upon exercise of the warrants and (iv) issue securities in connection with an initial business combination. However, the foregoing
shall not apply to the forfeiture of any insider shares pursuant to their terms or any transfer of insider shares to any current or future
independent director of the company (as long as such current or future independent director is subject to the terms of the letter agreement,
filed herewith, at the time of such transfer; and as long as, to the extent any Section 16 reporting obligation is triggered as a result
of such transfer, any related Section 16 filing includes a practical explanation as to the nature of the transfer). Brookline in its
sole discretion may release any of the securities subject to these lock-up agreements at any time without notice.
Our
initial shareholders have agreed not to transfer, assign or sell any of their (i) insider shares until the earlier to occur of: (a) one
year after the completion of our initial business combination; and (b) subsequent to our initial business combination (x) the date on
which we complete a liquidation, merger, stock exchange or other similar transaction that results in all of our shareholders having the
right to exchange their ordinary shares for cash, securities or other property or (y) if the closing price of our ordinary shares equals
or exceeds $12.00 per share (as adjusted for share sub-divisions, share capitalizations, reorganizations, recapitalizations and other
similar transactions) for any 20 trading days within any 30-trading day period commencing at least 150  days after our initial business
combination (except as described in the section entitled "Principal Shareholders") and (ii) private units (including the
ordinary shares issuable upon exercise of the private units) until 30 days after the completion of our initial business combination (except
with respect to permitted transferees as described herein under "Principal Shareholders"). Any permitted transferees will
be subject to the same restrictions and other agreements of our initial shareholders with respect to any insider shares and private units,
as applicable. However, if after our initial business combination, there is a transaction whereby all the outstanding shares are exchanged
or redeemed for cash (as would be the case in a post-asset sale liquidation) or another issuer's shares, then the insider shares
or the private units (or any shares of Ordinary Shares thereunder) shall be permitted to participate.
Prior
to this offering, there has been no public market for our securities. Consequently, the initial public offering price for the units was
determined by negotiations between us and the underwriter.
The
determination of our per unit offering price was more arbitrary than would typically be the case if we were an operating company. Among
the factors considered in determining initial public offering price were the history and prospects of companies whose principal business
is the acquisition of other companies, prior offerings of those companies, our management, our capital structure, and currently prevailing
general conditions in equity securities markets, including current market valuations of publicly traded companies considered comparable
to our Company.
We
cannot assure you, however, that the price at which the units, ordinary shares or warrants will sell in the public market after this
offering will not be lower than the initial public offering price or that an active trading market in our units, ordinary shares or warrants
will develop and continue after this offering.
Our
units have been approved for listing on Nasdaq under the symbol "[ ]U" Once the securities comprising the units begin separate
trading, we expect that the ordinary shares and warrants will be listed on Nasdaq under the symbols "[            ],"
"[           ]W," and "[           ]R",
respectively.
The
following table shows the underwriting discounts and commissions that we are to pay to the underwriter in connection with this offering.
These amounts are shown assuming both no exercise and full exercise of the underwriter's over-allotment option.
Paid by us
No
                                            Exercise
Full
                                            Exercise
Per Unit(1)
$
0.39
$
0.39
Total(1)
$
2,340,000
$
2,691,000
(1)
Includes
    $0.25 per unit, or $1,500,000 (or $1,725,000 if the underwriter's over-allotment option is exercised in full) in the
    aggregate, payable to the underwriter and/or advisors (which are FINRA members) for deferred underwriting commissions that will be
    placed in a trust account located in the United States as described herein. In addition, the Company also will issue 90,000 ordinary
    shares (or up to 103,500 ordinary shares if the underwriter's over-allotment option is exercised in full) to Brookline (the
    "representative shares") upon the closing of the offering as part of the underwriting compensation. The commissions of
    $0.14 per unit will be paid in cash to the underwriter upon the closing of this offering.  With respect to the deferred
    commissions, $0.10 per unit will be released to the underwriter only on the completion of an initial business combination, and $0.15
    per unit will be released to one or more advisors (which are FINRA members), which may include the underwriter, at the discretion of the Company based on the
    amount remaining in the trust account after the completion of an initial business combination, subject to adjustment as described in
    this prospectus. Does not include certain fees and expenses payable to the underwriter in connection with this offering.
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Table of Contents
We have agreed to reimburse
the underwriter up to $75,000 (the "Expense Cap") for certain of the underwriter's out-of-pocket expenses relating
to the offering, including underwriters' legal counsel fees and expenses. We have paid the underwriter $50,000 of the Expense Cap
as an advance for such underwriter's expenses, which will be reimbursed to us to the extent not actually incurred in compliance
with FINRA Rule 5110(g).
We
will issue 90,000 representative shares (or up to 103,500 ordinary shares if the underwriter's over-allotment option is
exercised in full) to Brookline (and/or its designees) (the "representative shares") as part of its underwriter
compensation. The representative shares are identical to the public shares except that Brookline has agreed not to transfer,
assign or sell any such representative shares until the earlier of the Lock-Up, subject to certain exceptions as stated
elsewhere in this prospectus. In addition, Brookline has agreed (i) to waive its redemption rights with respect to such shares in
connection with the completion of our initial business combination and (ii) to waive its rights to liquidating distributions from
the trust account with respect to such shares if we fail to complete our initial business combination within 12 months (as such
period may be extended up to 21 months at the election of the Company, either in lieu of a shareholder vote or if a shareholder vote
has been unsuccessful, subject to the satisfaction of certain conditions or by our shareholders in accordance with our amended and
restated memorandum and articles of association) from the closing of this offering. The representative shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days beginning on the date of the commencement of
sales in this offering of which this prospectus forms a part pursuant to FINRA Rule 5110 (e)(1). Pursuant to FINRA Rule 5110(e)(1),
these securities will not be the subject of any hedging, short sale, derivative, put or call transaction that would result in the
economic disposition of the securities by any person for a period of 180 days beginning on the date of commencement of sales of this
offering, nor may they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days beginning on the date of
commencement of sales of this offering except to any underwriter and selected dealer participating in the offering and their
officers, partners, registered persons or affiliates.
The
underwriter may offer and sell the units through one or more of its respective affiliates or other registered broker-dealers or selling
agents. The offering of the shares by the underwriter is subject to receipt and acceptance and subject to the underwriter's right
to reject any order in whole or in part.
If
we do not complete our initial business combination within 12 months (or up to 21 months if the period of time to consummate a business
combination is extended) from the closing of this offering, the underwriter has agreed that (i) it will forfeit any rights or claims
to their deferred underwriting discounts and commissions, including any accrued interest thereon, then in the trust account and (ii)
that the deferred underwriter's discounts and commissions will be distributed on a pro rata basis, together with any accrued interest
thereon (which interest will be net of taxes paid or payable) to the public shareholders.
In
connection with the offering, the underwriter may purchase and sell units in the open market. Purchases and sales in the open market
may include short sales, purchases to cover short positions, which may include purchases pursuant to the underwriter's over-allotment
option, and stabilizing purchases.
●
Short
    sales involve secondary market sales by the underwriter of a greater number of units than it is required to purchase in the offering.
●
"Covered"
    short sales are sales of units in an amount up to the number of units represented by the underwriter's over-allotment option.
●
"Naked"
    short sales are sales of units in an amount in excess of the number of units represented by the underwriter's over-allotment
    option.
●
Covering
    transactions involve purchases of units either pursuant to the underwriter's over-allotment option or in the open market after
    the distribution has been completed in order to cover short positions.
●
To
    close a naked short position, the underwriter must purchase units in the open market after the distribution has been completed. A
    naked short position is more likely to be created if the underwriter is concerned that there may be downward pressure on the price
    of the units in the open market after pricing that could adversely affect investors who purchase in the offering.
●
To
    close a covered short position, the underwriter must purchase units in the open market after the distribution has been completed
    or must exercise the underwriter's over-allotment option. In determining the source of units to close the covered short position,
    the underwriter will consider, among other things, the price of units available for purchase in the open market as compared to the
    price at which they may purchase units through the underwriter's over-allotment option.
●
Stabilizing
    transactions involve bids to purchase units so long as the stabilizing bids do not exceed a specified maximum.
Purchases
to cover short positions and stabilizing purchases, as well as other purchases by the underwriter for its own accounts, may have the
effect of preventing or retarding a decline in the market price of the units. They may also cause the price of the units to be higher
than the price that would otherwise exist in the open market in the absence of these transactions. The underwriter may conduct these
transactions in the over-the-counter market or otherwise. If the underwriter commences any of these transactions, it may discontinue
them at any time.
We
estimate that the total expenses of this offering payable by us will be $532,000, excluding underwriting discounts and commissions. We
have also agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act, or to contribute
to payments the underwriter may be required to make because of any of those liabilities.
We
are not under any contractual obligation to engage the underwriter to provide any services for us after this offering, but we may do
so at our discretion. However, the underwriter may introduce us to potential target businesses provide financial advisory services to
us in connection with a business combination or assist us in raising additional capital in the future including by acting as a placement
agent in a private offering or underwriting or arranging debt financing. If the underwriter provides services to us after this offering,
we may pay the underwriter's fair and reasonable fees that would be determined at that time in an arm's length negotiation;
provided that no agreement will be entered into with the underwriter and no fees for such services will be paid to the underwriter prior
to the date that is 60 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed underwriter's
compensation in connection with this offering and we may pay the underwriter of this offering or any entity with which it is affiliated
a finder's fee or other compensation for services rendered to us in connection with the completion of a business combination. Any
fees we may pay the underwriter or its affiliates for services rendered to us after this offering may be contingent on the completion
of a business combination and may be paid in other than cash. The underwriter or its affiliates that provide these services to us may
have a potential conflict of interest given that the underwriter is entitled to the deferred portion of their underwriting compensation
for this offering only if an initial business combination is completed within the specified timeframe.
In
addition, in the ordinary course of their business activities, the underwriter and its affiliates may make or hold a broad array of investments
and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for
their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments
of ours or our affiliates. The underwriter and its affiliates may also make investment recommendations and/or publish or express independent
research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or
short positions in such securities and instruments.
We
have agreed to offer to engage Brookline as our lead book-running managing underwriter, lead book-running placement agent or lead arranger,
as the case may be, in connection with any public offering or private placement of our securities or any debt financing relating to or
in connection with our initial business combination, on substantially similar economic terms as this offering. In accordance with FINRA
Rule 5110(g)(6)(A), this right shall not have a duration of more than three years from the initial closing of this offering. The terms
of any such engagement are set forth in a separate agreement between us and Brookline, and contains terms and conditions that are customary
for investment banks for similar transactions.
Brookline
does not anticipate making any offers or sales of the units outside the United States.
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LEGAL
MATTERS
Loeb
& Loeb LLP is acting as United States counsel in connection with the registration of our securities under the Securities Act and
will pass on the validity of the warrants and rights offered in the prospectus. Legal matters as to Cayman Islands law, as well as the
validity of the issuance of the ordinary shares offered in this prospectus, will be passed upon for us by Ogier. DLA Piper LLP (US)
is acting as counsel for the underwriter in this offering.
EXPERTS
The
financial statements of DT Cloud Acquisition Corporation as of August 12, 2022 and for the period from July 7, 2022 (inception) through
August 12, 2022 appearing in this prospectus have been audited by MaloneBailey, 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 DT Cloud 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 on such report given on the authority of such firm as an experts in auditing and accounting.
WHERE
YOU CAN FIND ADDITIONAL INFORMATION
We
have filed with the SEC a registration statement on Form S-1, which includes exhibits, schedules and amendments, under the Securities
Act, with respect to this offering of our securities. Although this prospectus, which forms a part of the registration statement, contains
all material information included in the registration statement, parts of the registration statement have been omitted as permitted by
rules and regulations of the SEC. We refer you to the registration statement and its exhibits for further information about us, our securities
and this offering. The registration statement and its exhibits, as well as our other reports filed with the SEC, can be inspected and
copied at the SEC's public reference room at 100 F Street, N.E., Washington, D.C. 20549. The public may obtain information about
the operation of the public reference room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains a web site at
http://www.sec.gov
which contains the Form S-1 and other reports, proxy and information statements and information regarding issuers that file electronically
with the SEC.
119
Table of Contents
DT CLOUD ACQUISITION CORPORATION
Audited Financial Statements
For The Period from July 7, 2022 (Inception) to August 12, 2022
Table of Contents
DT
CLOUD ACQUISITION CORPORATION
INDEX
TO AUDITED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
(PCAOB ID: 206)
Balance
    Sheet as of August 12, 2022
F-2
Statement of Operations for
    the period from July 7, 2022 (inception) through August 12, 2022
F-3
Statement
    of Changes in Shareholders' Equity for the period from July 7, 2022 (inception) through August 12, 2022
F-4
Statement
    of Cash Flows
for the period from July 7,
    2022 (inception) through August 12, 2022
F-5
Notes to Audited Financial Statements
F-6
    – F-15
F-
1
Table of Contents
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of
DT
Cloud Acquisition Corporation
Opinion
on the Financial Statements
We
have audited the accompanying balance sheet of DT Cloud Acquisition Corporation (the "Company") as of August 12, 2022, and
the related statement of operations, shareholders' equity, and cash flows for the period from July 7, 2022 (inception) to August
12, 2022, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements
present fairly, in all material respects, the financial position of the Company as of August 12, 2022, and the results of its operations
and its cash flows for the period from July 7, 2022 (inception) to August 12, 2022, in conformity with accounting principles generally
accepted in the United States of America.
Going
Concern Matter
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered losses from operations and has a net capital deficiency that raises substantial
doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board
(United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
/s/
MaloneBailey, LLP
www.malonebailey.com
We
have served as the Company's auditor since 2022
Houston,
Texas
August
31, 2022
DT
CLOUD ACQUISITION CORPORATION
BALANCE
SHEET
AS
OF AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
ASSETS
Deferred offering costs
$
112,000
TOTAL ASSETS
$
112,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accrued liabilities
$
14,813
Promissory note – related party
75,000
Total Current Liabilities
89,813
TOTAL LIABILITIES
89,813
Commitments and contingencies
Shareholders' equity:
Ordinary shares, $
0.0001
par value;
500,000,000
shares authorized;
1,725,000
shares issued and outstanding
(1)
173
Additional paid-in capital
24,827
Accumulated deficit
(
2,813
)
Total Shareholders' equity
22,187
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
112,000
(1)
Includes
    up to an aggregate of
225,000
ordinary shares subject
    to forfeiture to the extent that the underwriter's over-allotment option is not exercised in full or in part.
See
accompanying notes to financial statements.
F-
2
Table of Contents
DT
CLOUD ACQUISITION CORPORATION
STATEMENT
OF OPERATIONS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Formation and operating costs
$
(
2,813
)
NET LOSS
$
(
2,813
)
Basic and diluted weighted average shares outstanding
(1)
1,500,000
Basic and diluted net loss per share
$
(
0.00
)
(1)
Excludes
    up to an aggregate of
225,000
ordinary shares subject
    to forfeiture to the extent that the underwriter's over-allotment option is not exercised in full or in part.
See
accompanying notes to financial statements.
F-
3
Table of Contents
DT
CLOUD ACQUISITION CORPORATION
STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Ordinary shares
Additional
paid-in
Accumulated
Total
shareholders'
shares
Amount
capital
deficit
equity
Issuance of ordinary shares to founders
(1)
1,725,000
$
173
$
24,827
$
-
$
25,000
Net loss
-
-
-
(
2,813
)
(
2,813
)
Balance as of August 12, 2022
1,725,000
$
173
$
24,827
$
(
2,813
)
$
22,187
(1)
Includes
    up to an aggregate of
225,000
ordinary shares subject
    to forfeiture to the extent that the underwriter's over-allotment option is not exercised in full or in part.
See
accompanying notes to financial statements.
F-
4
Table of Contents
DT
CLOUD ACQUISITION CORPORATION
STATEMENT
OF CASH FLOWS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"))
Cash flows from operating activities:
Net loss
$
(
2,813
)
Change in operating assets and liabilities:
Increase in accrued liabilities
2,813
Net cash used in operating activities
-
NET CHANGE IN CASH
-
CASH, BEGINNING OF PERIOD
-
CASH, END OF PERIOD
$
-
Supplemental Disclosure of Cash Flow Information
Deferred offering costs paid by promissory note – related party
$
100,000
Accrued deferred offering costs
$
12,000
Capital contribution from shares paid to promissory note – related party
$
25,000
See
accompanying notes to financial statements.
F-
5
Table of Contents
DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
NOTE
1 -
ORGANIZATION AND BUSINESS BACKGROUND
DT
Cloud Acquisition Corporation (the "Company") is a newly incorporated blank check company incorporated as a Cayman Islands
exempted company on July 7, 2022, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (the "Business Combination"). The Company is not limited to a
particular industry or geographic region for purposes of consummating a Business Combination.
As
of August 12, 2022, the Company had not commenced any operations. All activities from inception through August 12, 2022 relate to
the Company's formation and the proposed public offering as described below. The Company has selected December 31 as its
fiscal year end.
The
Company's ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public offering
of
6,000,000
units ("Units") (or
6,900,000
Units if the underwriter's over-allotment option is exercised in full),
at $
10.00
per Unit, which is discussed in Note 3 (the "Proposed Public Offering"), and the sale of
187,400
units (the "Private
Placement Units") at a price of $
10.00
per Unit in a private placement to DT Cloud Capital Corp. (the "Sponsor") (or
200,000
Units if the overallotment is exercised in full) to the Sponsors.
The
Company intends to list the Units on the Nasdaq Global Market ("NASDAQ"). The Company's management has broad discretion
with respect to the specific application of the net proceeds of the "Proposed Public Offering" and sale of the Private Placement
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 a fair market value
equal to at least
80
% of the balance in the Trust Account (as defined below) (less any deferred underwriting commissions and taxes payable
on interest earned) at the time of the signing of an agreement to enter into a Business Combination. The Company will only complete a
Business Combination if the post-Business Combination company owns or acquires
50
% or more of the outstanding voting securities of the
target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company
under the Investment Company Act of 1940, as amended (the "Investment Company Act"). There is no assurance that the Company
will be able to successfully effect a Business Combination. Upon the closing of the "Proposed Public Offering", management
has agreed that $10.00 per Unit sold in the "Proposed Public Offering", including the proceeds of the sale of the Private
Placement 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 185 days or less, or in any open-ended investment
company that holds itself out as a money market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined
by the Company, until the earlier of: (i) the consummation of a Business Combination or (ii) the distribution of the funds in the Trust
Account 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 Public Shares for a pro
rata portion of the amount then on deposit in the Trust Account (initially $
10.00
per share, plus any pro rata interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriter
(as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's
warrants. The ordinary shares subject to redemption will be recorded at a redemption value and classified as temporary equity upon the
completion of the "Proposed Public Offering", in accordance with the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification ("ASC") Topic 480 "
Distinguishing Liabilities from Equity
."
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
The
Company will proceed with a Business Combination if the Company has net tangible assets of at least $
5,000,001
upon such consummation
of a Business Combination and, if the Company seeks shareholder approval, a majority of the outstanding shares voted are voted in favor
of the Business Combination. 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, offer such redemption
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.
The
Company's initial shareholders (the "initial shareholders") have agreed (a) to vote their founder shares, the ordinary
shares included in the Private Placement Units (the "Private Placement Shares") and any Public Shares purchased during or
after the "Proposed Public Offering" in favor of a Business Combination, (b) not to propose, or vote in favor of, an amendment
to the Company's Amended and Restated Memorandum and Articles of Association that would stop the public shareholders from converting
or selling their shares to the Company in connection with a Business Combination or affect the substance or timing of the Company's
obligation to redeem
100
% of the Public Shares if the Company does not complete a Business Combination within the Combination Period
(as defined below) unless the Company provides public shareholders with the opportunity to redeem their Public Shares for cash from the
Trust Account in connection with any such vote; (c) not to redeem any founder shares and Private Placement Shares as well as any Public
Shares purchased during or after the "Proposed Public Offering" for cash from the Trust Account in connection with a shareholder
vote to approve a Business Combination (or sell any shares in a tender offer in connection with a Business Combination) or a vote to
amend the provisions of the Amended and Restated Memorandum and Articles of Association relating to shareholders' rights of pre-Business
Combination activity and (d) that the founder shares and Private Placement Shares shall not participate in any liquidating distributions
upon winding up if a Business Combination is not consummated. However, the initial shareholders will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares purchased during or after the "Proposed Public Offering" if the
Company fails to complete its Business Combination.
The
Company will have until nine months from the closing of the "Proposed Public Offering". However, if the Company anticipates
that it may not be able to consummate a Business Combination within 12 months, the Company may, but is not obligated to, extend the period
of time to consummate a Business Combination month by month (for a total of up to 21 months to complete a Business Combination) (the
"Combination Period"). In order to extend the time available for the Company to consummate a Business Combination, the Sponsor
or its affiliates or designees must deposit into the Trust Account $
198,000
,
or $
227,700
if the underwriter's over-allotment option
is exercised in full ($
0.033
per share in either case) for each monthly extension,
on or prior to the applicable deadline (up to an aggregate of $
1,782,000
(or $
2,049,300
if the underwriter's over-allotment option
is exercised in full), or $
0.033
per public share, for an aggregate of nine months).
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
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 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 interest earned (net of taxes payable), 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 the remaining shareholders and the Company's board of directors,
proceed to commence a voluntary liquidation and thereby a formal dissolution of the Company, subject in each case to its obligations
to provide for claims of creditors and the requirements of applicable law. The underwriter has agreed to waive its rights to the deferred
underwriting commission held in the Trust Account in the event the Company does not complete a Business Combination within the Combination
Period and, in such event, such amounts will be included with the funds held in the Trust Account that will be available to fund the
redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the assets remaining available
for distribution will be less than $
10.00
.
The
Sponsor has agreed that it will be liable to the Company, if and to the extent any claims by a vendor for services rendered or products
sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce
the amounts in the Trust Account to below $
10.00
per share (whether or not the underwriter's over-allotment
option is exercised in full), 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 Public 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, 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
August 12, 2022, the Company had
no
cash balance
and a net loss of $
2,813
for the period from July 7, 2022 (inception) to August 12, 2022. The Company has incurred and expects to continue to incur
significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial doubt about the
Company's ability to continue as a going concern within one year after the date that the financial statements are issued.
Management plans to address this uncertainty through a "Proposed Public Offering" as discussed in Note 3. There is no
assurance that the Company's plans to raise capital or to consummate a Business Combination will be successful or successful
within the Combination Period. On August 5, 2022, the Sponsor agreed to loan the Company up to an aggregate amount of $
300,000
to be used, in part, for transaction costs incurred in connection with the "Proposed Public Offering". As of August 12,
2022, the Sponsor advanced the Company an aggregate amount of $
75,000
. The financial statements do not include any adjustments that
might result from the outcome of this uncertainty.
NOTE
2 –
SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation
These
accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America ("U.S. GAAP") and pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Emerging
growth company
The
Company is an "emerging growth company," as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the "JOBS Act"), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced
disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and 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
In
preparing these financial statements in conformity with U.S. GAAP, management makes 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 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, Actual results may differ from
these estimates.
Deferred
offering costs
Deferred
offering costs consist of underwriting, legal, accounting and other expenses incurred through the balance sheet date that are directly
related to the Proposed Public Offering and that will be charged to shareholders' equity upon the completion of the Proposed Offering.
Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred, will be
charged to operations.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Income
taxes
Income
taxes are determined in accordance with the provisions of ASC Topic 740, "
Income Taxes
" ("ASC 740"). Under
this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the
financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities
are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are
expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income
in the period that includes the enactment date.
ASC
740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements
uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the
financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. The Company's
management determined that the Cayman Islands is the Company's major tax jurisdiction. The Company recognizes accrued interest
and penalties related to unrecognized tax benefits, if any, as income tax expense. There were no unrecognized tax benefits and no amounts
accrued for interest and penalties as of August 12, 2022. 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 may be subject to potential examination by foreign taxing authorities in the area of income taxes. These potential examinations
may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with
foreign tax laws. The Company's management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.
The
Company is considered to be an exempted Cayman Islands company with no connection to any other taxable jurisdiction 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.
Warrants
The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's
specific terms and applicable authoritative guidance in ASC 480 and ASC Topic 815, "
Derivatives and Hedging"
("ASC
815"). The assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition
of a liability pursuant to ASC 480, and whether the warrants meet all of the requirements for equity classification under ASC 815, including
whether the warrants are indexed to the Company's own ordinary shares and whether the warrant holders could potentially require
"net cash settlement" in a circumstance outside of the Company's control, among other conditions for equity classification.
This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent
quarterly period end date while the warrants are outstanding.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
For
issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component
of equity at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants
are required to be recorded as liabilities at their initial fair value on the date of issuance, and each balance sheet date thereafter.
Changes in the estimated fair value of the warrants are recognized as a non-cash gain or loss on the statements of operations.
Ordinary
share subject to possible redemption
The
Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC 480. Ordinary share subject
to mandatory redemption (if any) is classified as a liability instrument and is measured at fair value. Conditionally redeemable ordinary
shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption
upon the occurrence of uncertain events not solely within the Company's control) are classified as temporary equity. At all other
times, ordinary shares are classified as shareholders' equity.
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
225,000
ordinary shares
that are subject to forfeiture if the over-allotment option is not exercised by the underwriter (see Note 6). At August 12, 2022, 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.
Related
parties
Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
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 unaudited condensed balance sheets, primarily
due to their short-term nature.
Recent
accounting pronouncements
In August 2020, the Financial Accounting Standards Board ("FASB")
issued Accounting Standards Update ("ASU") 2020-06, Debt — Debt with Conversion and Other Options (Subtopic 470-20)
and Derivatives and Hedging — Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06") to simplify accounting
for certain financial instruments. ASU 2020-06 eliminates the current models that require separation of beneficial conversion and cash
conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification
of contracts in an entity's own equity. The new standard also introduces additional disclosures for convertible debt and freestanding
instruments that are indexed to and settled in an entity's own equity. ASU 2020-06 amends the diluted earnings per share guidance,
including the requirement to use the if-converted method for all convertible instruments. ASU 2020-06 is effective January 1, 2024 and
should be applied on a full or modified retrospective basis, with early adoption permitted beginning on January 1, 2021. The Company adopted
as of inception of the Company. Management does not believe that any other recently issued, but not yet effective, accounting pronouncements,
if currently adopted, would have a material effect on the Company's financial statements.
NOTE
3 –
PROPOSED PUBLIC OFFERING
The
Proposed Public Offering calls for the Company to offer for sale up to
6,000,000
Units at a proposed public offering price of $
10.00
per Unit (plus up to an additional
900,000
units to cover over-allotments, if any).
Each Unit will consist of one ordinary share, one
warrant ("Public Warrant") and one right ("Public Right"). Each Public Warrant will entitle the holder to purchase
one ordinary share at an exercise price of $11.50 per share. Each whole Public Right will entitle the holder to receive one-twentieth
(1/20) ordinary share upon consummation of initial business combination
.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
NOTE
4 –
PRIVATE PLACEMENT
The
Sponsor will agree to purchase an aggregate of
187,400
Private Placement Units (or
200,000
Private Placement Units if the underwriter's
over-allotment is exercised in full) at $
10.00
per Private Placement Unit (for a total purchase price of $
1,874,000
or $
2,000,000
in
the aggregate if the underwriter's over-allotment is exercised in full) in a private placement that will occur simultaneously with
the closing of the "Proposed Public Offering".
Each Private Placement Unit consists of one Private Placement Share, one redeemable
warrant (each, a "Private Placement Unit") and one right ("Private Placement Right"). Each whole Private Placement
Warrant will entitle the holder to purchase one ordinary share at a price of $11.50 per share. Each Private Placement Right will entitle
the holder to receive one-twentieth (1/20) ordinary share upon consummation of the initial business combination
.
NOTE
5 –
RELATED PARTY TRANSACTIONS
Founder
Shares
In
August, the Company issued an aggregate of
1,725,000
founder shares to the initial shareholders, including an aggregate of up to
225,000
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 Sponsor will collectively own
20.0
% of the Company's issued and outstanding shares after the "Proposed Public
Offering" (assuming the initial shareholders do not purchase any Public Units in the "Proposed Public Offering" and
excluding the Private Placement Shares) (see Note 6). The sponsor paid an aggregate purchase price of $
25,000
for the issuance of
1,725,000
of the Company's ordinary shares.
Promissory
Note — Related Party
On
August 5, 2022, the Company issued an unsecured promissory note to the Sponsor, pursuant to which the Company may borrow up to an aggregate
principal amount of $
300,000
(the "Promissory Note"). The Promissory
Note is non-interest-bearing and payable on the consummation of initial business combination or converted upon consummation
of the business combination into additional private units at a price of $
10.00
per unit.
From
inception to August 12, 2022, the Company has borrowed $
100,000
and used $
25,000
of the proceeds to pay off the loan. As of August
12, 2022, the principal amount due and owing under the Promissory Note was $
75,000
.
The advances are non-interest-bearing and due on demand.
Administrative
Services Arrangement
An
affiliate of the Sponsor will agree that, commencing from the date that the Company's securities are first listed on NASDAQ
through the earlier of the Company's consummation of a Business Combination and its liquidation, to make available to the
Company certain general and administrative services, including office space, administrative and support services, as the Company may
require from time to time. The Company has agreed to pay the affiliate of the Sponsor $
10,000
per month for these services.
No
administrative service expense paid from inception to August 12, 2022.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
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 directors and officers may, but are not obligated to, loan the Company funds as may be required
("Working Capital Loans"). If the Company completes a Business Combination, the Company would repay the Working Capital
Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only
out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion
of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be
used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been
determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon
consummation of a Business Combination, without interest, or, at the lender's discretion, up to $
300,000
. As of August 12, 2022, the principal amount due and owing under the Related Party Loan was $
0
.
NOTE
6 –
SHAREHOLDERS' EQUITY
Ordinary
shares
The
Company is authorized to issue
500,000,000
ordinary shares at par $
0.0001
.
Holders of the Company's ordinary shares are entitled
to one vote for each share
.
As
of August 12, 2022,
1,725,000
Ordinary Shares were issued and outstanding, of which
225,000
ordinary shares are subject to forfeiture to the extent that the underwriter's over-allotment option is not exercised in full,
so that
the
initial shareholders will own 20.0% of the issued and outstanding shares after the Proposed Public Offering
(excluding the
sale of the Private Units and representative shares and assuming the initial shareholders do not purchase any Units in the Proposed
Public Offering).
Rights
—
Each holder of a right will receive one-twentieth (1/20) 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 1/20 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).
Warrants
— Each holder of a warrant shall entitle to purchase one share ordinary share at a price of $
11.50
. Public Warrants may
only be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public
Warrants will become exercisable on the later of (a) the consummation of a Business Combination or (b) 12 months from the effective date
of the registration statement relating to the Proposed Offering. No Public Warrants will be exercisable for cash unless the Company has
an effective and current registration statement covering the ordinary shares issuable upon exercise of the Public Warrants and a current
prospectus relating to such ordinary shares. The Company has agreed that as soon as practicable, but in no event later than 15 business
days after the closing of a Business Combination, the Company will use its best efforts to file, and within 60 business days following
a Business Combination to have declared effective, a registration statement covering the ordinary shares issuable upon exercise of the
warrants. Notwithstanding the foregoing, if a registration statement covering the ordinary shares issuable upon the exercise of the Public
Warrants is not effective within 60 days, the 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 the Public Warrants on a cashless
basis pursuant to an available exemption from registration under the Securities Act. If an exemption from registration is not available,
holders will not be able to exercise their Public Warrants on a cashless basis. The Public Warrants will expire
five years
from the consummation
of a Business Combination or earlier upon redemption or liquidation.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
The
Company may call the warrants for redemption:
●
in whole and not in part,
●
at a price of $
0.01
per warrant,
●
upon not less than 30 days' prior written notice of redemption to each Public Warrant holder, and
●
if, and only if, the reported last sale price of the ordinary shares equal or exceed $
18.00
per share, (as adjusted for share splits,
share capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within
a 30 trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders.
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 warrants may be adjusted in certain circumstances including in the event of a share dividend, extraordinary
dividend or recapitalization, reorganization, merger or consolidation. However, the 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 warrants. If
the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the
Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution
from the Company's assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire
worthless.
In
addition, if (x)
the Company issues additional 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 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, Private Placement Units (or any private
placement equivalent securities issued to the Sponsor or its affiliates upon conversion of either Working Capital Loans or extension
loans made to the Company) 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 consummation of a Business Combination (net of redemptions), and (z) the
volume weighted average trading price of the 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 warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly
Issued Price, and the $18.00 per share redemption trigger price will be adjusted (to the nearest cent) to be equal to 180% of the higher
of the Market Value and the Newly Issued Price.
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DT
CLOUD ACQUISITION CORPORATION
NOTES
TO FINANCIAL STATEMENTS
FOR
THE PERIOD FROM JULY 7, 2022 (INCEPTION) TO AUGUST 12, 2022
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
The
Private Placement Warrants are identical to the Public Warrants underlying the Units being sold in the Proposed Offering except that Private
Placement Units will not be transferable, assignable or saleable until 30 days after the completion of the Company's Business Combination
and will be entitled to registration rights
The
Company assessed the key terms applicable to the Public Warrants as well as the Private Placement Warrants and believes the Public Warrants
and Private Placement Warrants, if were issued, should be classified as equity in accordance with ASC 480,
Distinguishing Liabilities
from Equity
("ASC 480") and ASC 815,
Derivatives and Hedging
("ASC 815").
NOTE
7 –
COMMITMENTS AND CONTINGENCIES
Risks
and Uncertainties
Management
continues to evaluate the impact of the COVID-19 pandemic and has concluded that while it is reasonably possible that the virus could
have a negative effect on the Company's financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.
Registration
Rights
The
holders of the Founder Shares, Private Warrant sold in a private placement (and their underlying securities) and any Units that may be
issued upon conversion of the Working Capital Loans (and underlying securities) will be entitled to registration rights pursuant to a
registration rights agreement to be signed prior to or on the effective date of the Proposed Public Offering requiring the Company to
register such securities for resale. The holders of these securities are entitled to make up to three demands, excluding short form demands,
that the Company register such securities. In addition, the holders have certain "piggy-back" registration rights with respect
to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.
Underwriter
Agreement
The
Company will grant the underwriter a 45-day option to purchase up to
900,000
Units (over and above
6,000,000
Units referred to Note 3)
solely to cover over-allotments at the "Proposed Public Offering" price, less the underwriting discounts and commissions.
The
underwriter will be entitled to cash underwriting discount of 3.9% of the gross proceeds of the "Proposed Public Offering"
and 0.6% of the number of units sold in the Offering (i.e.
90,000
ordinary
shares, or up to 103,500 ordinary shares if the underwriter's over-allotment option is exercised in full). 1.4% of cash
underwriting discount will be payable at the closing of the "Proposed Public Offering". The balance of 2.5% of cash underwriting
discount will be deferred and payable until the closing of the initial Business Combination.
NOTE
8 –
SUBSEQUENT EVENTS
The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to August 31, 2022 the date that
the financial statements were available to be issued. Other than as described in these financial statements, the Company did not identify
any subsequent events that would have required adjustment or disclosure in the financial statements.
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Until
____, 2022, all dealers that effect transactions in these securities, whether or not participating in this offering, may be required
to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and
with respect to their unsold allotments or subscriptions.
No
dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this offering
other than those contained in this prospectus and, if given or made, the information or representations must not be relied upon as having
been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any security other than
the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any securities by anyone in any jurisdiction
in which the offer or solicitation is not authorized or is unlawful.
$60,000,000
DT
Cloud Acquisition Corporation
6,000,000
Units
PROSPECTUS
Brookline
Capital Markets
a
division of Arcadia Securities, LLC
________,
2022
Table of Contents
PART
II
INFORMATION
NOT REQUIRED IN PROSPECTUS
Item
13. Other Expenses of Issuance and Distribution.
The
estimated expenses payable by us in connection with the offering described in this registration statement (other than the underwriting
discount and commissions) will be as follows:
Initial
    trustee fee
$
11,300
SEC
    Registration Fee / FINRA filing fee
28,700
Accounting
    fees and expenses
65,000
NASDAQ
    listing fees
5,000
Printing
    and engraving expenses
5,000
Legal
    fees and expenses
170,000
D&O
    insurance fee
200,000
Miscellaneous
47,000
(1)
Total
$
532,000
(1)
This
    amount represents additional expenses that may be incurred by the Company in connection with the offering over and above those specifically
    listed above, including distribution and mailing costs.
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 civil fraud or the consequences of committing a crime. Our amended and restated memorandum
and articles of association will 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.
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 theretofore unenforceable.
Item
15. Recent Sales of Unregistered Securities.
During
the past three years, we sold the following ordinary shares without registration under the Securities Act:
●
In
    August 2022, an aggregate of 1,725,000 shares were sold to certain of our initial shareholders, which we refer to throughout this
    prospectus as the "insider shares," for an aggregate purchase price of $25,000, or approximately $0.01 per share, in
    connection with the Company's organization pursuant to the exemption from registration contained in Section 4(a)(2) of the
    Securities Act.
●
In
    addition, our sponsor has committed to purchase an aggregate of 187,400 private units from the company on a private placement
    basis simultaneously with the consummation of this offering. Our sponsor has also agreed that if the over-allotment option is exercised
    by the underwriter in full or in part, they will purchase from the company at a price of $10.00 per private unit up
    to an additional 12,600 private units. These issuances will be made pursuant to the exemption from registration contained in Section
    4(a)(2) of the Securities Act.
No
underwriting discounts or commissions were paid with respect to such sales.
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Item
16. Exhibits and Financial Statement Schedules.
(a)
The following exhibits are filed as part of this Registration Statement:
Exhibit
    No.
Description
1.1
Form
    of Underwriting Agreement.**
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
Specimen Rights Certificate.*
4.6
Form of Rights Agreement between Continental Stock Transfer & Trust Company and the Registrant.*
5.1
Opinion
    of Ogier**
5.2
Opinion
    of Loeb & Loeb LLP.**
10.1
Form of Letter Agreement among the Registrant, Underwriters and the Company's officers, directors and shareholders.*
10.2
Form of Investment Management Trust Agreement between Continental Stock Transfer & Trust Company and the Registrant.*
10.3
Form of Escrow Agreement between the Registrant, Continental Stock Transfer & Trust Company and the Initial Shareholders.*
10.4
Form of Registration Rights Agreement among the Registrant and the Initial Shareholders.*
10.5
Form of Subscription Agreement between the Registrant and the Sponsor.*
10.6
Form of Indemnification Agreement.*
10.7
Form of Administration Service Agreement between the Registrant and the Sponsor.*
14
Form of Code of Ethics.*
23.1
Consent of MaloneBailey, LLP.*
23.2
Consent
    of Ogier (included in Exhibit 5.1).**
23.3
Consent
    of Loeb & Loeb LLP (included in Exhibit 5.2).**
24
Power
    of Attorney (included on signature page).
99.1
Form of Audit Committee Charter.*
99.2
Form of Corporate Governance and Nominating Committee Charter.*
99.3
Form of Compensation Committee Charter.*
107
Filing fee table.*
*
Filed herein.
**
To be filed with an amendment.
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Item
17. Undertakings.
(a)
The
    undersigned registrant hereby undertakes:
(1)
To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
i.
To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
ii.
To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
    price set forth in the "Calculation of Registration Fee" table in the effective registration statement;
iii.
To
    include any material information with respect to the plan of distribution not previously disclosed in the registration statement
    or any material change to such information in the registration statement.
(2)
That,
    for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
    to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall
    be deemed to be the initial bona fide offering thereof.
(3)
To
    remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
    termination of the offering.
(4)
That
    for the purpose of determining any liability under the Securities Act of 1933 in a primary offering of securities of the undersigned
    registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser,
    if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant
    will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
i.
Any
    preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule
    424;
ii.
Any
    free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by
    the undersigned registrant;
iii.
The
    portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
    or its securities provided by or on behalf of the undersigned registrant; and
iv.
Any
    other communication that is an offer in the offering made by the undersigned registrant to the purchaser.
(5)
That
    for the purpose of determining liability under the Securities Act of 1933 to any purchaser, if the registrant is subject to Rule
    430C, each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration
    statements relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included
    in the registration statement as of the date it is first used after effectiveness. Provided, however, that no statement made in a
    registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
    by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with
    a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement
    or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.
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(b)
The
    undersigned hereby undertakes to provide to the underwriter at the closing specified in the underwriting agreements, certificates
    in such denominations and registered in such names as required by the underwriter to permit prompt delivery to each purchaser.
(c)
Insofar
    as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
    persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
    of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
    unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of
    expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
    suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
    the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
    of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
    will be governed by the final adjudication of such issue.
(d)
The
    undersigned registrant hereby undertakes that:
(1)
For
    purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus filed
    as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed by the registrant pursuant
    to Rule 424(b)(1) or (4) or 497(h) under the Securities Act shall be deemed to be part of this registration statement as of the time
    it was declared effective.
(2)
For
    the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of
    prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such
    securities at that time shall be deemed to be the initial bona fide offering thereof.
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SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in London, United Kingdom, on August 31, 2022.
DT
    CLOUD ACQUISITION CORPORATION
By:
/s/
    Olivia Wenxi He
Name:
Olivia
    Wenxi He
Title:
Chief
    Executive Officer
Pursuant
to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
and on the dates indicated.
Name
Position
Date
/s/
    Olivia Wenxi He
Chief
    Executive Officer (Principal executive officer) and Chairperson of the Board of Directors
August
    31, 2022
Olivia
    Wenxi He
/s/
    Thomas Trent Stout
Chief
    Financial Officer
August
    31,
2022
Thomas
    Trent Stout
(Principal
    financial and accounting officer) and Director
/s/
    Michael David Osowski
Independent
    Director
August
    31,
2022
Michael
    David Osowski
/s/
    Edwin Chun Wai Tam
Independent
    Director
August 31, 2022
Edwin
    Chun Wai Tam
/s/
    Longjiao Li
Independent
    Director
August
    31,
2022
Longjiao
    Li
AUTHORIZED
U.S. REPRESENTATIVE
Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of DT Cloud Acquisition
Corporation has signed this registration statement in the City of New York, on August 31, 2022.
AUTHORIZED
    U.S. REPRESENTATIVE
Cogency
    Global Inc.
By:
/s/
    Colleen A. De Vries
Name:
Colleen
    A. De Vries
Title:
Sr.
    Vice President of Cogency
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