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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As
filed with the U.S. Securities and Exchange Commission on February 25, 2022.</B></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
S-1</B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>HEROIC
EMPIRE ACQUISITION LIMITED</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></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: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cayman
    Islands</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6770</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>N/A</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incorporation or organization)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Tims New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Classification Code Number)</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identification Number)</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mr.
William Wai-Lun Ip</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10/F Tower A, Billion Centre,</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Wang Kwong Road, Kowloon Bay,</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Telephone:
</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>+852 2583 2131</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B>(Address, including zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>122 East 42<SUP>nd</SUP> Street, 18<SUP>th</SUP> Floor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York, NY 10168</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Telephone:</B><B> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">+1
800-221-0102</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B>(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; padding-bottom: 2.25pt">
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Lawrence S. Venick, Esq.<BR>
    Loeb &amp; Loeb LLP<BR>
    2206-19 Jardine House</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>1 Connaught Place</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Central, Hong Kong</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Telephone: 852-3923-1111</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Fax: 852-3923-1100</B></P></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 10pt"><B>Nathan
    Powell<BR>
    Ogier<BR>
    11/FCentral Tower<BR>
    28 Queen&rsquo;s Road Central<BR>
    Central, Hong Kong<BR>
    Telephone: +8523656 6054<BR>
    Fax: +852 3656 6001</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 2%; padding-bottom: 2.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 32%; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Thomas Kollar, Esq.</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Mayer Brown</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>18/F Princes Building</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>10 Chater Road </B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Central, Hong Kong </B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Telehone: +852 2843 4260</B></P>
    <P STYLE="font: 10pt Times New Roman PS Std,serif; margin: 0; text-align: center"><B>Fax: +852 2103 5025</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 check the following box. &#9746;</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT 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 &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 25%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller
    reporting company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. &#9744;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 or until the registration statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a), may determine.</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #D2232A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><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></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #D2232A"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #D2232A"><B>PRELIMINARY
    PROSPECTUS</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #D2232A"><B>SUBJECT
    TO COMPLETION, DATED FEBRUARY 25, 2022</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$75,000,000</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7,500,000 Units</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heroic
Empire Acquisition Limited 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. Our efforts to identify a prospective target business will not be limited
to a particular industry or geographic region, although the Company intends to focus on operating businesses in the biotechnology or
telecommunications, media, and technology, or TMT, industries in Asia and North America, evaluated based on, among other things,
sustainability and environmental, social, and corporate governance, or ESG, imperatives<I>.</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one ordinary share at an
exercise price of $11.50 per whole share, subject to adjustment as described in this prospectus. Only whole warrants are
exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. As a result, you
must exercise warrants in multiples of at least two warrants, at a price of $11.50 per whole share, subject to adjustment as
described in this prospectus, to validly exercise your warrants. Each warrant will become exercisable on the later of (i) the
Company&rsquo;s completion of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities or (ii) 12 months from the date that the registration statement
of which this prospectus is a part of is declared effective by the Securities and Exchange Commission, and will expire five
years after the completion of our initial business combination or earlier upon redemption or liquidation, as described in this
prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have granted EF Hutton, division of Benchmark Investments, LLC (&ldquo;EF Hutton&rdquo;), the representative of the underwriters, a 45-day
option to purchase up to an additional 1,125,000 units (over and above the 7,500,000 units referred to above) solely to cover over-allotments,
if any.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;public shares&rdquo; throughout this prospectus, subject to the
limitations described herein.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 18 months (or up to 27 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor, Luminous Success LLC, has committed to purchase from us an aggregate of 450,000 units (or up to 495,000 units if the underwriters&rsquo;
over-allotment option is exercised in full) or &ldquo;private units,&rdquo; at $10.00 per private unit for a total purchase price of
4,500,000 (or $4,950,000, if the underwriters&rsquo; over-allotment option is exercised in full). These purchases will take place on
a private placement basis simultaneously with the consummation of this offering. Each private placement unit shall consist of one ordinary
share and one-half of one private warrant exercisable to purchase one-half of an ordinary share at a price of $11.50 per whole share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to this offering, there has been no public market for our units, ordinary shares or warrants. We have applied to have our units listed
on the Nasdaq Global Market, or Nasdaq, under the symbol &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]U&rdquo;
on or promptly after the date of this prospectus. The ordinary shares and warrants comprising the units will begin separate trading on
the 52<SUP>nd</SUP> day after the date of this prospectus unless EF Hutton 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,
and warrants will be traded on Nasdaq under the symbols &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],&rdquo; and &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]W,&rdquo;
respectively.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a holding company with no material operations of our own, we conduct our operations through an office space in Hong Kong, and
our sponsor and a majority of our executive officers and/or directors are located in or have significant ties to China and/or Hong Kong.
Although 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, our initial business combination target company may include a company located in the People&rsquo;s Republic of China,
or PRC, or Hong Kong. If our target company is a PRC company, or PRC Target Company, we are subjected to risks due to uncertainty of
the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership
of companies in certain industries, and regulatory review of an overseas listing of PRC companies through a special purpose vehicle,
and the validity and enforcement of the agreements with a variable interest entity, or VIE, if our PRC Target Company requires any of
these legal requirements post business combination by us. We are also subjected to the risks of uncertainty about any future actions
of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies including the Chinese Securities
Regulatory Commission, or CSRC, if our PRC Target Company fails to comply with their rules and regulations. If the Chinese regulatory
authorities disallow the VIE structure (as defined below) in the future, it will likely result in a material change in our financial
performance and our results of operations and/or the value of our ordinary shares post business combination if our PRC Target Company
requires a VIE structure, which could cause the value of such securities to significantly decline or become worthless. For a detailed
description of the risks relating to the VIE structure, doing business in the PRC or Hong Kong, and the offering as a result of the structure,
see <I>&ldquo;Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China.&rdquo;</I> Additionally,
we might be subjected to certain legal and operational risks associated with VIE&rsquo;s operations in China if our PRC Target Company
requires a VIE structure. PRC laws and regulations governing our PRC Target Company&rsquo;s current business operations are sometimes
vague and uncertain, and therefore, these risks may result in a material change in a VIE&rsquo;s operations, significant depreciation
of the value of our ordinary shares, or a complete hindrance of our ability to offer or continue to offer our securities to investors.
Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little
advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies
listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts
in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative
regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will
be modified or implemented, if any, and the potential impact such modified or new laws and regulations will have on the PRC Target
Company&rsquo;s daily business operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
if we consummate an initial business combination with PRC Target Company or a company located in Hong Kong, we may operate in the PRC
or Hong Kong primarily through our PRC subsidiaries or Hong Kong subsidiaries. We may use a corporate structure without direct equity
ownership held by foreign investors. Therefore, a series of contractual arrangements may be entered into between the PRC operating entities,
which are consolidated VIEs of the combined company, as well as the VIEs&rsquo; founders and owners, on one side, and a PRC subsidiary
of the combined company which may be a company incorporated in the Cayman Islands, on the other side. To the extent that the combined
company conducts its operations in China through its PRC subsidiaries and VIEs, such corporate structure involves unique risks to investors
after the business combination, as the combined company does not hold any direct equity interest in the PRC operating entities. All of
these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. However, the legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. As such, if we enter into a business combination with a China-based business utilizing
a VIE structure, we and investors may face significant uncertainty about potential future actions by the PRC government that could affect
the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance
of the combined company as a whole. For a detailed description of the risks associated with this potential corporate structure, please
refer to risks disclosed under &ldquo;<I>Risk Factors &mdash; Risks Associated with Acquiring and Operating a Target Business with its
Primary Operation in China</I>&rdquo; and &ldquo;<I>Proposed Business &mdash; Initial Business Combination with a Company Based in China
or Hong Kong</I>&rdquo; for further details on the VIE structure. Under the VIE arrangement, the dividends or other distributions to
be paid by our PRC subsidiaries to their overseas holding company will depend on such PRC subsidiaries&rsquo; entitlement to substantially
all of the economic benefits of the VIEs, which are typically in the form of services fees or license fees payable by the VIEs to our
PRC subsidiaries under various VIE agreements. Such contractual arrangements may not be as effective as direct ownership in respect of
our relationship with the VIE and we may be adversely affected if we experience difficulties in settling the amounts owed to our PRC
subsidiaries by the VIEs. Regardless of whether we have a VIE structure or direct ownership structure post-business combination, we may
depend on dividends and other distributions on equity paid by our PRC subsidiaries for our cash and financing requirements. Such dividends
and other distributions may be subject to the PRC government&rsquo;s regulations relating to the conversion of Renminbi into foreign
currencies and the remittance of such currencies out of the PRC, which may limit our PRC subsidiaries&rsquo; ability to distribute earnings
to us or may otherwise adversely affect us. Furthermore, even though we may wish to transfer cash proceeds raised from overseas financing
activities, including this offering, to our PRC subsidiaries via capital contribution or shareholder loans, the PRC government&rsquo;s
regulations relating to foreign exchange may limit our ability to make loans to or inject capital into our PRC subsidiaries or the ability
of our PRC subsidiaries to pay back such loans to us.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
if any of our future subsidiaries incurs debt on its own in the future, the instruments governing such debt may restrict the subsidiary&rsquo;s
ability to pay dividends to us. In addition, our future PRC subsidiaries and VIEs will be required to make appropriations to certain
statutory reserve funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
Current PRC regulations permit indirect PRC subsidiaries to pay dividends to their parent only out of their accumulated profits, if any,
determined in accordance with Chinese accounting standards and regulations. In addition, companies in China are generally required to
set aside at least 10% of their after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of their
registered capital. Entities in China may also be required to further set aside a portion of their after-tax profits to fund the employee
welfare fund, although the amount to be set aside, if any, is determined at the discretion of their boards of directors. Although the
statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained
earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government also imposes controls on the conversion of Chinese currency, or RMB, into foreign currencies and the remittance
of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain
and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our future subsidiaries in the PRC
incur debt on their own, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we
or our future subsidiaries are unable to receive all of the revenues from our operations through the VIE contractual arrangements, we
may be unable to pay dividends on our ordinary shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
dividends, if any, on our ordinary shares will be paid in U.S. dollars. If upon consummation of our business combination we are considered
a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income
and as a result may be subject to PRC withholding tax at a rate of up to 10.0%. If we have a VIE structure upon consummation of our initial
business combination, in order for us to pay dividends to our shareholders, we will rely on payments made from the VIE to us. Certain
payments from the VIE may be subject to PRC taxes, including business taxes and value added tax (VAT).</FONT></P>

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

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

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Price to Public</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Underwriting <BR> Discounts and <BR> Commissions<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Proceeds, before<BR> Expenses, to us</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%">Per Unit</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">0.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">9.45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">75,000,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">70,875,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></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="text-align: left; width: 0.5in; vertical-align: top">(1)</TD>
    <TD STYLE="text-align: justify">Includes $0.35 per unit sold, or $2,625,000 (or $3,018,750 if the underwriters&rsquo; over-allotment option is exercised in full) in
the aggregate, payable to the underwriters for deferred underwriting commissions that will be placed in a trust account located in the
United States as described herein. The deferred commissions will be released to the underwriters only on completion of an initial business
combination, in an amount equal to $0.35 multiplied by the number of public shares sold as part of the units in this offering, subject
to adjustment as described in this prospectus. Does not include certain fees and expenses payable (or securities issuable) to the underwriters
in connection with this offering. See also &ldquo;Underwriting&rdquo; for a description of compensation and other items of value payable
to the underwriters.</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of the offering, $10.20 per unit sold to the public in this offering (whether or not the over-allotment option has been
exercised in full or 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 $2,625,000, or $3,018,750 if the underwriters&rsquo; over-allotment
option is exercised in full, payable to the underwriters as deferred underwriting discounts and commissions. Except as described in this
prospectus, these funds will not be released 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters are offering the units for sale on a firm-commitment basis. Delivery of the units will be made on or about &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2022.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>EF
    HUTTON</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Brookline
    Capital Markets</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">division
of Benchmark Investments, LLC</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    division of Arcadia Securities, LLC</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
date of this prospectus is _______________, 2022</B></FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="toc_001"></A>TABLE
OF CONTENTS</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></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="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_001">PROSPECTUS SUMMARY</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_002">SUMMARY FINANCIAL DATA</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_003">RISK FACTORS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_004">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">76</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_005">ENFORCEABILITY OF CIVIL LIABILITIES</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">77</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_006">USE OF PROCEEDS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_007">DIVIDEND POLICY</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">81</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_008">DILUTION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">82</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_009">CAPITALIZATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">84</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_010">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">85</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_011">PROPOSED BUSINESS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_012">MANAGEMENT</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_013">PRINCIPAL SHAREHOLDERS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">119</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_014">CERTAIN TRANSACTIONS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">122</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_015">DESCRIPTION OF SECURITIES</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">125</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_016">SHARES ELIGIBLE FOR FUTURE SALE</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">136</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_017">TAXATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">138</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_018">UNDERWRITING</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">150</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_019">LEGAL MATTERS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">158</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_020">EXPERTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">159</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_021">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">160</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_022">INDEX TO FINANCIAL STATEMENTS</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="j_001"></A><B>PROSPECTUS
SUMMARY</B></FONT></P>

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

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

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our company&rdquo;
refers to Heroic Empire Acquisition Limited;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;amended and restated memorandum and articles of association&rdquo;
are to our Amended and Restated Memorandum and Articles of Association;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;Companies Act&rdquo; are to the Companies Act (2021
Revision) of the Cayman Islands, as may be amended from time to time;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;initial shareholders&rdquo; 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></FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;insider shares&rdquo; refers to the 2,156,250 ordinary
shares held by our initial shareholders prior to this offering (including up to an aggregate of 281,250 ordinary shares subject to forfeiture
to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part);</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;letter agreements&rdquo; refer to the agreements
to be executed among us, underwriters, our officers, directors and other initial shareholders on the date of this prospectus effective;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;private units&rdquo; refer to the units issued in
a private placement simultaneously with the closing of this offering;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;private warrants&rdquo; refer to the warrants underlying
the private units;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;US Dollars&rdquo; and &ldquo;$&rdquo; refer to the
legal currency of the United States;</I></FONT></TD></TR>
</TABLE>


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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;public shares&rdquo; refer to ordinary share 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) shareholder;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;warrants&rdquo; or &ldquo;public warrants&rdquo;
refer to the warrants which are being sold as part of the units in this offering;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;sponsor&rdquo; refers to Luminous Success LLC;</I></FONT></TD></TR>
</TABLE>


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    <TD STYLE="width: 0.5in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.5in">&#9679;</TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&ldquo;public shareholders&rdquo; means the holders of the
ordinary shares which are being sold as part of the units in this public offering, or &ldquo;public shares,&rdquo; 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></FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Except
as specifically provided otherwise, the information in this prospectus assumes that the underwriters will not exercise their over-allotment
option.</I></FONT></P>

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

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

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

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

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


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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a blank check company incorporated in the Cayman Islands on August 20, 2021 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 &ldquo;target business.&rdquo; 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, except for our intention to focus
on Asia and North America in the biotechnology or TMT industries, evaluated based on, among other things, sustainability and ESG
imperatives, 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search on biotechnology
or TMT industries in Asia and North America, evaluated based on, among other things, sustainability and ESG imperatives. We believe
our target industries are attractive for a number of reasons.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">global biotechnology market size is expected to
reach $2.44 trillion by 2028, where Asia Pacific is expected to expand at the fastest compound annual growth rate, or CAGR, of approximately
16.8% from 2021 to 2028, owing to favorable government initiatives and changes in drug approval regulations in India and China. The health
application segment accounted for approximately 48.6% of the global biotechnology market in 2020, owing to the COVID-19
impact, prevalence of diseases, increasing focus on the development of regenerative medicines, and improving healthcare infrastructure.
The increasing expenditures on research and development, or R&amp;D, by biotechnology companies are predicted to contribute to
the growth of the biotechnology services market. The worldwide pharmaceutical research and development spend is expected to reach
over $230 billion by 2026, an approximately 50% increase from 2016.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">global telecommunications, media and technology
market size is expected to reach $2.47 trillion by 2028, and to expand at a CAGR of approximately 5.4%, from 2021 to 2028. In
2020, Asia Pacific accounted for the largest revenue share of the global market, at over 32.0%, and is anticipated to maintain
its lead over the forecast period. This is mainly due to the rapidly growing population, rising internet penetration rate, and significant
increase in adoption of smartphones. There was a dramatic uptake of digital technologies across key economies in Southeast Asia,
with approximately 40 million people coming online for the first time in 2020 alone, bringing the total number of SEA internet
users to 400 million. Furthermore, time spent online per day rose by an average of one hour across the Association of Southeast
Asian Nations, or ASEAN, countries, with the highest spike in the Philippines, where consumers spent more than five hours a day
online. The unique mobile subscriber penetration rate in the Asia-Pacific region (excluding China) was approximately 58% in 2020.
Statista forecasts that this number will reach approximately 62% by 2025, which translates to a 4% CAGR between 2020 and 2025.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong
venture capital, or VC, investment trends are expected to continue in Asia, particularly in areas such as fintech, e-commerce, edtech,
logistics, health and biotechnology, which we believe will support our pursuit of a business combination in our aforementioned target
industries. According to KPMG, funding levels continued at a robust pace throughout the Asia-Pacific ecosystem in the first half
of 2021, with approximately $38 billion invested across 1,998 deals. The highly competitive Southeast Asia market attracted a
number of large deals, including Indonesia-based express delivery company J&amp;T Express&rsquo; approximately $2 billion raise. In addition, mergers and acquisitions, or M&amp;A, activities in the Asia-Pacific
region also hit an all-time high in the first half of 2021, amid market recovery from the COVID-19 pandemic. M&amp;A values targeting
the region rose to approximately $535 billion, while cross-border transactions have also increased by almost three times year on year
to approximately $159 billion. The technology sector led deal activities in the region, accounting for 28% of the cumulative deal value
in the first half-year period. Furthermore, the appetite for deals in Asia-Pacific is at its highest level since 2010, with almost
90% of companies in the region indicating that they are on the lookout for cross-border acquisitions in the next 12 months, compared
with approximately 65% of companies globally.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special-purpose
acquisition companies, or SPACs, are also gaining attention in Asia, with the Singapore Exchange (SGX-ST) announcing new rules
that enable SPACs to list on its mainboard, effective from September 3, 2021. Similarly, the Hong Kong Stock Exchange (HKEX) has announced
new rules that enable SPACs to list on its stock exchange, effective from January 1, 2022. We believe these developments signal
a robust untapped universe of potential target businesses in Asia looking for a SPAC like ours, with a respected and experienced management
team uniquely positioned to connect an IPO-ready capital-seeking target with long-term value-seeking investors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
potential target businesses will be evaluated based on, among other things, sustainability and ESG imperatives, as we believe that these
will be key to enhancing value creation, ensuring long-term risk mitigation and identifying sustainable growth opportunities for the
post-combination entity.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team consists of directors and officers who have significant operational and leadership experience in the biotechnology and
TMT industries in North America and Asia, as well as expertise in SPACs. Our team is led by Mr. Wai-Lun William Ip, our chief
executive officer, and Mr. Satoshi Tominaga, our chief financial officer. Refer to the section titled &ldquo;<I>Management</I>&rdquo;
for complete information on the experience of our officers and directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to leverage the following competitive advantages to find a suitable business combination target:</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management consists of</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> a strong team of enterprise-builders
and value.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
chief executive officer, Mr. Ip, has over 26 years of investment banking experience in Asia, with emphasis on East and Southeast Asia,
the U.S. and Western Europe, covering cross-border M&amp;A, initial public offering, or IPO, sponsorship,
pre-IPO fund raising, equity capital market and financial advisory transactions. We believe that his deal origination and fundraising
experience, as well as his extensive networks, will be of significant advantage to us in sourcing a target that ensures the success of
the business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tominaga, our chief financial officer, has been involved in multiple SPACs, including serving as an independent director of Tottenham
Acquisition I Limited, which successfully merged with clinical-stage biopharmaceutical company Clene Nanomedicine, Inc., or Clene, in
December 2020. We believe Mr. Tominaga&rsquo;s first-hand experience will be valuable throughout the entire SPAC IPO process and in selecting
target companies for acquisition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Accomplished
Board of Directors  with Industry Knowledge and Expertise</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors  have highly relevant industry expertise dealing with private equity markets, regulatory bodies, due diligence,
and IPO processes in North America, Europe, Asia, and the Middle East.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Michael L. Coyne, one of our independent directors, has spent over half a decade in capital market investment, business development,
and deal origination, having dealt with a portfolio of companies ranging from technology to biotechnology to SPACs and closed-end funds.
He has participated in various SPAC transactions in a variety of roles, from underwriting to private investment in public equity,
or PIPE, and risk capital sourcing, and is well-versed with every stage of the SPAC lifecycle. His expertise and advice will be invaluable
for us in executing a successful business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gable F. Gao, one of our independent directors, has extensive investment banking and private equity experience spanning over 27 years
across North America, the Middle East and East Asia. Mr. Gao is currently the chairman and co-founder of MTech (Shanghai) Information
Technology Co. Ltd., a technology accelerator and investment company, and has invested in and worked with many promising companies in
technological fields such as gaming, artificial intelligence, fintech, and biomedical technology. In addition to his tenure with some
of the largest conglomerates in China, such as Fosun Group, he was also single-handedly responsible for setting up one of the first China
offices among sovereign wealth funds and active financial institutions from the Middle East during his time with Dubai-headquartered
state-run investment firm Istithmar World. We believe his experience and extensive network will be key in securing and successfully merging
with the right business combination target.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Song Jing, one of our independent directors, has over 19 years of experience in international finance and management spanning
across North America and Asia. He is currently the chief financial officer of Guolian Securities, a mid-sized securities firm based in
Wuxi, China. Mr. Jing also previously served as the chief financial officer of China Renaissance, a leading boutique Chinese bank investment
bank in Shanghai, China. He also previously served as the Vice President at Merrill Lynch &amp; Co., Inc., in New York,
under the hedge fund development management group as well as the strategy, planning and business development division. Mr. Jing&rsquo;s
network and management expertise will enable us to execute our business combination successfully.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe their experience will be crucial to effectively position our investment strategy, assess potential acquisition candidates and
complete our business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Extensive
Network Across Global TMT Industries</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our team&rsquo;s operating and transaction experiences and relationships with investors, regulatory bodies and financial institutions
will provide us with many potential business combination targets. Over the course of their careers, they have served in a variety of
capacities in some of the largest and most prestigious institutions around the globe. Our chief executive officer Mr. Ip, for instance,
spent nearly nine years as an executive director of M&amp;A at SMBC Nikko Securities (Hong Kong) Limited, a core member of Sumitomo
Mitsui Financial Group, the second-largest listed financial institution in Japan, where his past experience at the Hong Kong Stock Exchange
and knowledge of the listing and takeover rules have been crucial in structuring deals. Our chief financial officer, Mr. Tominaga, has
also worked for SBI Holdings Inc., an internet-based financial conglomerate spun off from tech giant Softbank, and NTT DoCoMo Inc., the
largest telecommunications company in Japan. We believe the extensive network our directors collectively possess in TMT-related industries
across the globe will give us a competitive advantage when exploring potential business combination opportunities.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Successful
Serial De-SPAC Experience</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to Mr. Tominaga&rsquo;s and Mr. Coyne&rsquo;s experiences with SPAC listings and transactions, our sponsor, Luminous Success
LLC, comprises of experienced managers, one of whom is Mr. Jason Wong. Mr. Wong is a seasoned SPAC expert, having been in the management
team of multiple SPACs and SPAC sponsors since 2014. He also has over 25 years of experience in fund management and capital markets investment
experience in Asia-Pacific.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wong is the chairman and the chief executive officer of Norwich Investment Limited, which sponsored Tottenham Acquisition I Limited,
a Nasdaq -listed SPAC that later merged with Clene in December 2020. He is also the chief executive officer of Ace Global Investment
Limited, which sponsored Ace Global Business Acquisition Limited, a Nasdaq-listed SPAC that announced its merger with DDC Enterprise
Limited in August 2021.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wong is also a founding partner and investment committee member of  Whiz Partners Asia Limited, a private equity fund dedicated to
investing in small to medium technology companies in Japan and other Asian countries, as well as Sony China Hero Fund, the first console
(PlayStation 4 and PlayStation Virtual Reality) game fund in China.</FONT></P>

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

<P STYLE="text-indent: 20pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe Mr. Wong will be invaluable with his strong SPAC track record and expertise in identifying and evaluating business combination
targets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strong
Financial Position and Flexibility</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 an efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, if a business combination requires us to use substantially all of our cash to pay for the purchase
price, we may need to arrange third party financing to help fund our business combination. Since we have no specific business combination
under consideration, we have not taken any steps to secure third party financing.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strong
M&amp;A Expertise and IPO Experience</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
team consists of professionals with significant M&amp;A, capital markets, finance and private equity experience across a wide variety
of industries and market conditions and have proven track records of producing high returns for investors. We have a unique advantage
as our chief executive officer, Mr. Ip, who has previous financial regulatory experience, and the majority of the team have extensive
M&amp;A experience. Their experiences will be extremely valuable as we pursue our business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our management team gives us the technical, operational, and financial expertise that will boost our ability to identify, evaluate,
and source a target company that is ready to go public; and our team&rsquo;s breadth of experience and deep knowledge in
the biotechnology and TMT industries will support the soundness of our strategies and quality of execution. We expect to
conduct careful technology and business due diligence to identify and acquire businesses with robust value creation, healthy capacity
for cash flow generation, strong company fundamentals, and opportunities for operational improvement. Combined with the huge market potential,
we believe we will be able to streamline the target company&rsquo;s operations, improve its service offerings and product development,
and ultimately provide the capital market support needed to guide the company to obtain additional funding required for its continuous
growth.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, our officers and directors are not required to commit their full time to our affairs and will allocate their time to other
businesses, and the collective experience of our officers and with blank check companies like ours is not significant. We currently 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). The past successes of our executive officers and directors do not guarantee that
we will successfully consummate an initial business combination. In addition, the members of the management team may not remain with
us subsequent to the consummation of a business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
more fully discussed in &ldquo;<I>Management &mdash; Conflicts of Interest</I>,&rdquo; if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under  Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
more fully discussed in &ldquo;<I>Management &mdash; Conflicts of Interest</I>,&rdquo; if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under the Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acquisition
Strategy and Investment Criteria</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although we intend
to capitalize on the management team&rsquo;s network and focus our search on target businesses operating in the Asia and North America,
focusing on the biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. We will seek
to capitalize on the comprehensive industry experience and network of our management team to help us in sourcing, identifying, structuring
and consummating the initial business combination. Our selection process will leverage our management team&rsquo;s broad network of contacts
and relationships with various unaffiliated sources including, among others, government bodies, investment bankers, investment professionals
at private equity firms, other financial sponsors, owners of private businesses, consultants, accounting and legal firms to provide
us with a strong pipeline of potential acquisition leads.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Consistent
with our business strategy, we have identified a list of guidelines that we believe are important in evaluating prospective target businesses.
We will use these criteria in evaluating acquisition opportunities, but we may decide to enter into a business combination with a target
business that does not meet these guidelines. In addition to having a strong equity story, we intend to acquire a company with the following
attributes: </FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unique
                                            capabilities to address unmet needs</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are seeking a target company focused on innovating to solve unaddressed problems in the biotechnology or TMT industry. We seek to acquire
a company committed to achieving results to improve its industry through ground breaking products, technologies, or services.</FONT></P>

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


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Competitive
                                            position in a sizeable market</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will analyze the strengths of the target company and choose a target company that has demonstrated the ability to stand out from its
peers in a large addressable market. The company should have novel and enduring qualities that will allow it to disrupt market
incumbents or deter the entry of new competitors.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Value-oriented
                                            and experienced management team</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek a leadership team with a track record of creating shareholder value, driving profitability and improving operating margins in the
firm. We also look for a team that is versatile and passionate about what their company has brings to the market.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Latent
                                            growth and market value </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will identify a firm that has significant latent growth from underexploited potential and opportunities as it expands into new
markets. We want to enable the company to tap into new drivers of revenue.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Track
                                            record of generating recurring revenue</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek to acquire a company that has the potential for, or history of, strong cash flow generation. We want to select a firm that has an
attractive  business model with a predictable revenue stream.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Readiness
                                            to become a publicly-traded company </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to choose a company that is prepared to become a public company from a management and operational standpoint. We want it
to be able to handle the requirements of being a publicly-traded company and generate consistent revenues  after the business combination.</FONT></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Growth-oriented
                                            company </I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
seek a target that has a clear growth strategy and is focused on building its presence across the globe. We want a target
that will benefit from the additional capital to achieve its company&rsquo;s growth strategy.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
criteria listed above are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based on this list but may also include other factors and criteria that our management team deems relevant. We believe in the
ability of our management team and our sponsor to lead rigorous sourcing and due diligence processes to seek for a target that will meet
the shareholders&rsquo; expectations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we intend to use these criteria in evaluating the attractiveness of potential business combination opportunities, we may ultimately decide
to enter into an initial business combination with a target business that does not meet these criteria. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose
that the target business does not meet the above criteria and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of tender offer documents or proxy solicitation materials that
we would file with the SEC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things,
meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities,
as well as reviewing financial and other information which will be made available to us. We will also utilize our operational and capital
allocation experience. Our acquisition criteria, due diligence processes and value creation methods are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general
guidelines as well as other considerations, factors and criteria that our management may deem relevant.</FONT></P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
of our management team and our independent directors and their affiliates will directly or indirectly own ordinary shares, private units
and private warrants following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target
business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such
officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.
Additionally, each of our officers and directors presently has, and any of them in the future may have, additional fiduciary
or contractual obligations to another entity, including other blank check companies similar to our company, pursuant to which such officer
or director may be required to present a business combination opportunity to such entity. Specifically, our executive officers are affiliated
with our sponsor and other entities that make, or are looking to make, investments in companies. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has fiduciary or
contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the fiduciary duties
or contractual obligations of our executive officers will materially affect our ability to complete our business combination. For additional
information regarding our executive officers&rsquo; and directors&rsquo; business affiliations and potential conflicts of interest, see
&ldquo;<I>Management &mdash; Directors and Executive Officers&rdquo; and &ldquo;Management &mdash; Conflicts of Interest</I>.&rdquo;
Our amended and restated memorandum and articles of association provides that, subject to fiduciary duties under Cayman Islands law,
we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered
to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Initial
Business Combination with a Company Based in China or Hong Kong</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries evaluated based on, among other things, sustainability and ESG imperatives, 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, we may pursue or consummate an initial business combination with a company
located or doing business in the PRC (&ldquo;PRC Target Company&rdquo;) or with a company located or doing business in Hong Kong.
If our target company is a PRC Target Company, we are subjected to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to cybersecurity reviews, anti-monopoly enforcement, limitation on foreign
ownership of companies in certain industries, regulatory review of overseas listing of PRC companies through a special purpose
vehicle and the validity and enforcement of the VIE agreements, if the PRC Target Company requires any of these legal requirements post
business combination by us. Due to PRC legal restrictions on foreign ownership in certain industries, neither we nor our subsidiaries
may own any direct equity interest in the PRC Target Company&rsquo;s operating entity in a restricted industry (&ldquo;Target Operating
Entity&rdquo;). Instead, we may conduct operations in China through a series of contractual arrangements with a VIE in China. Such contractual
arrangements by and among PRC subsidiaries, the VIE, and the VIE&rsquo;s shareholders may include (i) certain power of attorney agreements,
a share pledge agreement and certain loan agreements; (ii) an exclusive business cooperation agreement which allows us to receive substantially
all of the economic benefits from the VIE; and (iii) certain exclusive option agreements and certain spouse consent letters which provide
us with an exclusive option to purchase all or part of the equity interests in and/or assets of the VIE when and to the extent permitted
by PRC laws (&ldquo;VIE Structure&rdquo;). The PRC Target Company, through contractual arrangements, can consolidate the VIE the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS, if it has the power to direct activities
that most significantly impact the economic performance of the VIE and it has the obligation to absorb losses or the right to receive
benefits from the VIE that could potentially be significant to the VIE.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
contractual arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. If the VIE or its shareholders
fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the VIE may be
indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal
remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties regarding the interpretation
and enforcement of the relevant laws and regulations. Furthermore, in connection with litigation, arbitration or other judicial or dispute
resolution proceedings, assets under the name of any of record holder of equity interest in the VIE, including such equity interest of
such record holder, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed
pursuant to the contractual arrangement or that the ownership by the record holder of such equity interest will be unchallenged. See
&ldquo;<I>Risk Factors &mdash; Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China &mdash;
If the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do
not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations</I>.&rdquo; In addition, if we acquire a target company that operates its business in the PRC through contractual arrangements,
investors in our ordinary shares following a business combination would not hold equity interests in the VIE domiciled in China that
is under our control and would instead hold equity interests in a Cayman Islands holding company. You may never directly hold equity
interests in PRC operating companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. In the event we are unable to enforce the contractual arrangements with the PRC Target
Company or the VIE entity of the PRC Target Company post business combination, we may not be able to exercise the power to direct activities
that most impact the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded
from operating the business, which will have a material adverse effect on our financial condition and results of operations. In addition,
there is uncertainty as to whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against
us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state. For a description
of the uncertainties of the VIE arrangements, see &ldquo;<I>Risk Factors</I> &mdash; <I>Risks Associated with Acquiring and Operating
a Target Business with its Primary Operation in China</I>.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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>portions 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> shares 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>portions
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&rsquo;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, if
we seek shareholder approval, a majority of the issued and outstanding ordinary shares voted are voted in favor of the business combination.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have until 18 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 18 months, we may, but are not obligated to, extend the
period of time to consummate a business combination three times by an additional three months each time (for a total of up to 27 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, LLC 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 three months extension, $750,000, or $862,500
if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per share in either case), on or prior to the date of the
applicable deadline, up to an aggregate of $2,250,000 (or $2,587,500 if the underwriters&rsquo; over-allotment opinion is exercised in
full), or $0.30 per share if we extend for the full nine months. 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&rsquo;s discretion, converted upon consummation of our business combination into additional private
units at a price of $10.00 per unit. Our shareholders have approved the issuance of the private units upon conversion of such notes,
to the extent the holder wishes to so convert such notes at the time of the consummation of our initial business combination. In the
event that we receive notice from our insiders five days prior to the applicable deadline of their intent to effect an extension, we
intend to issue a press release announcing such intention at least three days prior to the applicable deadline. In addition, we intend
to issue a press release the day after the applicable deadline announcing whether or not the funds had been timely deposited. Our insiders
and their affiliates or designees are not obligated to fund the trust account to extend the time for us to complete our initial business
combination. To the extent that some, but not all, of our insiders, decide to extend the period of time to consummate our initial business
combination, such insiders (or their affiliates or designees) may deposit the entire amount required. If we are unable to consummate
our initial business combination within such time period, we will, as promptly as possible but not more than ten (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 and the public
warrants will expire and will be worthless.</FONT></P>

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


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

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

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

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

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. Until the 80% fair market value test is satisfied, pursuant to Nasdaq listing rules, any business combination
must be approved by a majority of the board, including a majority of the independent directors.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PRC
Limitation on Overseas Listing and Share Issuances (Post Business Combination)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we do not have any material operations in China, given that (a) the CSRC currently has not issued any definitive rule or interpretation
concerning whether offerings like ours under this prospectus are subject to the M&amp;A Regulations; and (b) our company is a blank check
company newly incorporated in the Cayman Islands rather than in China and currently our company does not own or control any equity interest
in any PRC company or operate any business in China, we believe that we are not required to obtain any licenses or approvals, under applicable
PRC laws and regulations, for consummation of this offering and while seeking a target for the initial business combination. We also
believe we are not required to obtain approvals from any PRC government authorities, including the CSRC or CAC, or any other government
entity, to issue our ordinary shares to foreign investors. However, the relevant PRC government agencies could reach a different conclusion
and may subject us to a stringent approval process from the relevant government entities in connection with this offering, the potential
business combination, the issuance of shares or the maintenance of our status as a publicly listed company outside China, and the post
business combination entity&rsquo;s PRC operations if our business combination target is a PRC Target Company. If approval is required
in the future and we are denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing
on U.S. exchange, which would materially affect the interest of the investors. For more detailed information, see <I>&ldquo;Risks Associated
with Acquiring and Operating a Target Business with its Primary Operation in China &mdash; The approval of the China Securities Regulatory
Commission is not required in connection with this offering, however, if required, we cannot predict whether we will be able to obtain
such approval.&rdquo; and &ldquo;Our initial business combination may be subject to a variety of PRC laws and other obligations regarding
cybersecurity and data protection and we may have to spend additional resources and incur additional time delays to complete any such
business combination or be prevented from pursuing certain investment opportunities.&rdquo;</I></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transfers
of Cash to and from our Potential VIE (Post Business Combination)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heroic
Empire Acquisition Limited is a holding company with no operations of our own. Although we do not have any specific business combination
under consideration, except for our intention to focus on Asia and North America in the biotechnology or TMT industries,
evaluated based on, among other things, sustainability and ESG imperatives, 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, our initial business combination target company may include a PRC Target Company which might require a VIE structure.
As such, we may be required to conduct our operations in China primarily through our subsidiary and VIE in China. As a result, although
other means are available for us to obtain financing at the holding company level, Heroic Empire Acquisition Limited&rsquo;s ability
to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends paid by our PRC Target Company&rsquo;s
subsidiaries. If any of our subsidiaries incurs debt on its own in the future, the instruments governing such debt may restrict its ability
to pay dividends to Heroic Empire Acquisition Limited. In addition, our PRC Target Company&rsquo;s subsidiaries and VIE are required
to make appropriations to certain statutory reserve funds, which are not distributable as cash dividends except in the event of a solvent
liquidation of the companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
PRC regulations permit the PRC Target Company&rsquo;s indirect PRC subsidiaries to pay dividends to an overseas subsidiary, for example
a subsidiary located in Hong Kong, only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards
and regulations. In addition, each of the PRC Target Company&rsquo;s subsidiaries in China is required to set aside at least 10% of its
after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such
entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although
the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be
used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective
companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government also imposes controls on the conversion of Renminbi, or RMB, the legal currency of the PRC, into
foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative
procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if the
PRC Target Company&rsquo;s subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments. If we or the PRC Target Company and its subsidiaries are unable to receive all
of the revenues from their operations through the VIE agreements, we may be unable to pay dividends on our ordinary shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
dividends, if any, on our ordinary shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes,
any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding
tax at a rate of up to 10.0%.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for us to pay dividends to our shareholders, we may rely on payments made from the VIE to the target PRC subsidiary, which would
be a wholly foreign-owned enterprise, or WFOE, pursuant to VIE agreements between them, and the distribution of such payments
to our overseas subsidiary as dividends from the WFOE. Certain payments from a VIE to a WFOE are subject to PRC taxes,
including business taxes and VAT.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Public Company Accounting Oversight Board, or PCAOB, is currently unable to conduct inspections on accounting firms in the
PRC or Hong Kong without the approval of the relevant government authorities. The auditor and its audit work in the PRC or Hong Kong
may not be inspected fully by the PCAOB. Inspections of other auditors conducted by the PCAOB outside China have at times identified
deficiencies in those auditors&rsquo; audit procedures and quality control procedures, which may be addressed as part of the inspection
process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in China or Hong Kong prevents the PCAOB
from regularly evaluating the PRC auditor&rsquo;s audits and its quality control procedures. As a result, shareholders may be deprived
of the benefits of PCAOB inspections if we complete a business combination with such companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For instance,
the enacted Holding Foreign Companies Accountable Act, or HFCAA, would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from U.S. national
securities exchanges if the PCAOB is unable to inspect its public accounting firm for three consecutive years. The HFCAA also requires
public companies to disclose, among other things, whether they are owned or controlled by a foreign government, specifically, those based
in China. We may not be able to consummate a business combination with a favored target business due to these laws. Furthermore, on June
22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, or AHFCAA, which,
if signed into law, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock
exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
documentation we may be required to submit to the SEC proving certain beneficial ownership requirements and establishing that we are
not owned or controlled by a foreign government in the event that we use a foreign public accounting firm not subject to inspection by
the PCAOB or where the PCAOB is unable to completely inspect or investigate our accounting practices or financial statements because
of a position taken by an authority in the foreign jurisdiction could be onerous and time consuming to prepare. HFCAA mandates the SEC
to identify issuers of SEC-registered securities whose audited financial reports are prepared by an accounting firm that the PCAOB is
unable to inspect due to restrictions imposed by an authority in the foreign jurisdiction where the audits are performed. If such identified
issuer&rsquo;s auditor cannot be inspected by the PCAOB for three consecutive years, the trading of such issuer&rsquo;s securities on
any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo;
year, under a process to be subsequently established by the SEC. On June 22, 2021, the U.S. Senate passed a bill which, if passed
by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two years. On November 5, 2021, the SEC approved the PCAOB&rsquo;s Rule 6100,
Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining,
as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located
in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered
public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because
of a position taken by an authority in foreign jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in China and Hong Kong. Our auditor, Friedman LLP, headquartered in Manhattan, New York,
with no branches or offices outside the United States, is an independent registered public accounting firm registered with the PCAOB
and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman LLP&rsquo;s compliance
with applicable professional standards. The PCAOB currently has access to inspect the working papers of our auditor. Our auditor is not
headquartered in China or Hong Kong and was not identified in this report as a firm subject to the PCAOB&rsquo;s determination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we complete a business combination with a company with substantial operations in China or Hong Kong, and PCAOB
is not able to fully conduct inspections of our auditor&rsquo;s work papers in China or Hong Kong, it could cause us to fail to be in
compliance with U.S. securities laws and regulations; we could cease to be listed on a U.S. securities exchange; and U.S.
trading of our shares could be prohibited under the HFCAA. Any of these actions, or uncertainties in the market about the possibility
of such actions, could adversely affect our prospects to successfully complete a business combination with a China or Hong Kong-based
company, our access to the U.S. capital markets, and the price of our shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
developments in respect of increased U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process, and the regulatory developments are subject to the rule-making process and other administrative
procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
developments in U.S. laws and regulatory environment, including but not limited to executive orders such as Executive Order (E.O.) 13959,
&ldquo;Addressing the Threat from Securities Investments That Finance Communist Chinese Military Companies,&rdquo; may further restrict
our ability to complete a business combination with certain China-based businesses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more detailed information, see &ldquo;<I>Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in
China &mdash; U.S. laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies
Accountable Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those
acquisition candidates with substantial operations in China or Hong Kong</I>&rdquo; and <I>&ldquo;Trading in our securities may be prohibited
under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or fully investigate our auditor.
In that case, Nasdaq would delist our securities. The delisting of our securities, or the threat of their being delisted, may materially
and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections may deprive our investors
with the benefits of such inspections.&rdquo;</I></FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Emerging
Growth Company Status and Other Information</B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October
29, 2021, Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate
of 110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional
insider shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred
the bonus shares that they received to our sponsor.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
The insider shares held by our initial shareholders include an aggregate of up to 281,250 shares subject to forfeiture to the extent
that the underwriters&rsquo; over-allotment option is not exercised in full or in part, so that our initial shareholders will 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
insider shares are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
and directors and officers have agreed, pursuant written letter agreements with us, (A) to vote their insider shares in favor of any
proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Additionally, our initial shareholders have agreed not to
transfer, assign or sell any of the insider shares (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 &ldquo;Lock-Up&rdquo;). Notwithstanding
the foregoing, the insider shares will be released from the Lock-Up (1) on the earlier of 150 calendar 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 at least 150 days 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. Further, our initial shareholders have also agreed to place the private units and securities underlying the private
unit into escrow with Continental Stock Transfer &amp; Trust Company, as escrow agent, until the date of the consummation of our initial
business combination</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total
purchase price of $4,500,000). 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 underwriters, 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 495,000 private units) <I>pro rata</I> with the amount of the over-allotment
option exercised, so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether
the over-allotment option is exercised in full or part. These additional private units will be purchased in a private placement that
will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from the
private placement of the private units will be added to the proceeds of this offering and placed in an account in the United States maintained
by Continental Stock Transfer &amp; Trust Company, as trustee.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
private warrants have terms and provisions that are identical to the warrants included in the units sold in this offering.
Additionally, because the private units will be issued in a private transaction, if a registration statement covering the
ordinary shares issuable upon exercise of such warrants is not effective within 90 days after the closing of the initial business
combination, our sponsor and its permitted transferees will be allowed to exercise the private warrants and receive unregistered
ordinary shares, on a &ldquo;net exercise&rdquo; basis. In such event, each holder exercising on a net basis would
surrender such 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 &ldquo;fair market value&rdquo; (defined below) over the
warrant price by (y) the fair market value; provided, however, that no cashless exercise shall be permitted unless the fair market
value is equal to or higher than the warrant price. The &ldquo;fair market value&rdquo; 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 of exercise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares included in the private units in favor
of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed to the Lock-Up. The insider shares will be released from the Lock-Up (1) on the earlier
of 150 calendar 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 at least 150 days 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. Our
sponsor has also agreed to place the private units and the underlying securities into escrow with Continental Stock Transfer &amp;
Trust Company, as escrow agent, until the date of the consummation of our initial business combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
warrant agreement provides that the terms of the warrants may be amended without the consent of any shareholder or warrant holder,
to cure any ambiguity, including to conform the provisions to the description of the terms of the warrants and the warrant agreement
set forth in this prospectus, or curing, correcting, or supplementing any defective provision or adding or changing any other
provisions with respect to matters or questions arising under the warrant agreement, as the parties to the warrant agreement may
deem necessary or desirable, and that the parties deem will not adversely affect the interest of the registered warrant
holders. All other modifications or amendments, including any amendment to increase the warrant price or shorten the exercise period,
shall require the written consent or vote of the registered holders of a majority of the then outstanding warrants. Notwithstanding the
foregoing, we may lower the warrant price or extend the duration of the exercise period pursuant to provisions within the warrant agreement,
without the consent of the registered holders.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive office is located at 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong and our telephone
number is +852 2583 2131.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 under the Securities Act, or Rule 419. You will not be entitled to protections normally afforded to
investors in Rule 419 blank check offerings. You should carefully consider these, and the other risks set forth in the section below
entitled &ldquo;<I>Risk Factors</I>&rdquo; beginning on page 35 of this prospectus.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
    offered</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,500,000
    units, at $10.00 per unit, each unit consisting of one ordinary share and one-half of one redeemable warrant. Each whole redeemable
    warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per whole share. Only whole warrants will
    become exercisable.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing
    of our securities and proposed symbols</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    anticipate the units, and the ordinary shares and warrants, once they begin separate trading, will be listed on Nasdaq under
    the symbols &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]U,&rdquo;, &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],&rdquo; and &ldquo;[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]W,&rdquo;
    respectively.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    of the ordinary shares and warrants may trade separately on the 52<SUP>nd</SUP> day after the date of this prospectus unless the
    underwriters determine 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 underwriters allow separate trading of the ordinary shares and warrants until
    we file an audited balance sheet reflecting our receipt of the gross proceeds of this offering.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
    the ordinary shares and warrants commence separate trading, holders will have the option to continue to hold units or separate their
    units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units
    into separately trading ordinary shares, and warrants. No fractional warrants will be issued upon separation of the units and only
    whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole
    warrant.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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 underwriters has allowed
    separate trading of the ordinary shares and warrants prior to the 52<SUP>th</SUP> day after the date of this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary
    shares:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    issued and outstanding <BR>
    before this offering and the <BR>
    private placement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    2,156,250 shares<SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    to be issued and <BR>
    outstanding after this offering <BR>
    and sale of private units</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    9,825,000 shares<SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redeemable
    Warrants:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    issued and outstanding <BR>
    before this offering and the <BR>
    private placement</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    0 warrants</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    to be issued and <BR>
    outstanding after this offering <BR>
    and sale of private units</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    3,975,000 warrants<SUP>(3)</SUP></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercisability</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
    whole redeemable warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per whole share, subject
    to adjustment as described in this prospectus, and only whole warrants will become exercisable.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    structured each unit offered in this offering to contain one-half of one redeemable warrant, with each whole warrant exercisable
    for one ordinary share, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable
    for one whole share, in order to reduce the dilutive effect of the warrants upon completion of our initial business combination as
    compared to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive business
    combination partner for target businesses.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
    price</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$11.50
    per whole share. 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. 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 &ldquo;fair market value&rdquo; (defined below) over the exercise price of the warrants by (y) the fair market
    value. The &ldquo;fair market value&rdquo; shall mean the average reported 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
  number includes an aggregate of up to 281,250 ordinary shares held by our initial shareholders that are subject to forfeiture if the
  over-allotment option is not exercised by the underwriters in full.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
  the over-allotment option has not been exercised and an aggregate of 281,250 ordinary shares held by our initial shareholders have
  been forfeited. If the over-allotment option is exercised in full, there will be a total of 11,276,250 ordinary shares issued and outstanding.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
  <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
  the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total of 4,560,000
  warrants, including an aggregate of 247,500 private warrants.</FONT></TD></TR>
</TABLE>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%; padding-bottom: 2.25pt"><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"><FONT 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 &ldquo;Market
    Price&rdquo;) is below $9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to
    115% of the 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.</FONT></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: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
    period</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    warrants will become exercisable on the later of (i) the Company&rsquo;s completion of a merger, share exchange, asset acquisition,
    share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities or
    (ii) one year from the date that the registration statement for this offering 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 or the Company&rsquo;s dissolution.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may redeem the outstanding warrants, in whole and not in part, at a price of $0.01 per warrant:</FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    a minimum of 30 days&rsquo; prior written notice of redemption,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><FONT 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 whole share after the redemption notice is issued and not limit our ability to complete
    the redemption.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    redemption criteria for our warrants have been established at a price which is intended to provide warrant holders a reasonable premium
    to the initial exercise price and provide a sufficient differential between the then-prevailing share price and the warrant exercise
    price so that if the share price declines as a result of our redemption call, the redemption will not cause the share price to drop
    below the exercise price of the warrants.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
    warrants to do so on a cashless basis. In 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 &ldquo;fair market value&rdquo; (defined below) over the exercise
    price of the warrants by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported 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.</FONT></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: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Insider
    Shares</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
                                            September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00,
                                            or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000 insider
                                            shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
                                            to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November
                                            2021, our sponsor transferred an aggregate of 110,000 insider shares to certain directors
                                            and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider
                                            shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except
                                            for the sponsor) in turn transferred the bonus shares that they received to our sponsor.
                                            </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            insider shares held by our initial shareholders include an aggregate of up to 281,250 shares
                                            subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option is
                                            not exercised in full or in part, so that our initial shareholders will collectively own
                                            20.0% of our issued and outstanding shares after this offering (excluding 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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    insider shares are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
    and directors and officers have agreed, pursuant written letter agreements with us, (A) to vote their insider shares in favor of
    any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
    consummation of this offering in favor of any proposed business combination. Additionally, our initial shareholders have agreed to
    the Lock-Up. Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1)
    150 calendar 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 and
    (2) 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. Further, our initial shareholders have also agreed
    to place the private units and securities underlying the private unit into escrow with Continental Stock Transfer &amp; Trust Company,
    as escrow agent, until the date of the consummation of our initial business combination</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Private
    placement at time of offering</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    Our sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase
    price of $4,500,000). 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 underwriters, 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 495,000 private units) <I>pro rata </I>with the amount of the over-allotment
    option exercised so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether the
    over-allotment option is exercised in full or part. These additional private units will be purchased in a private placement that
    will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from
    the private placement of the private units will be added to the proceeds of this offering and placed in an account in the United
    States maintained by Continental Stock Transfer &amp; Trust Company, as trustee.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    private warrants have terms and provisions that are identical to the warrants included in the units sold in this offering. Additionally,
    because the private units will be issued in a private transaction, if a registration statement covering the ordinary shares issuable
    upon exercise of such warrants is not effective within 90 days after the closing of the initial business combination, our sponsor
    and its permitted transferees will be allowed to exercise the private warrants and receive unregistered ordinary shares, on a
    net exercise basis. In such event, each holder exercising on a net basis would surrender such 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 &ldquo;fair market value&rdquo; (defined below) over the warrant price by (y) the fair
    market value; provided, however, that no cashless exercise shall be permitted unless the fair market value is equal to or higher
    than the warrant price. The &ldquo;fair market value&rdquo; 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 of exercise.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
    our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares underlying the private units in
    favor of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following
    the consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed to the Lock-Up
    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.
    Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1) 150 calendar
    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. Further, our sponsor has also agreed to place the private units and the underlying
    securities into escrow with Continental Stock Transfer &amp; Trust Company, as escrow agent, until the date of the consummation of
    our initial business combination.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offering
    proceeds to be held in trust</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    $72,000,000 of the net proceeds of this offering (or $83,025,000 if the over-allotment option is exercised in full), plus $4,500,000
    we will receive from the sale of the private units (or $4,950,000 if the over-allotment option is exercised in full), for an aggregate
    of $76,500,000 (or an aggregate of $87,975,000 if the over-allotment option is exercised in full), or $10.20 per unit sold to the
    public in this offering (regardless of whether or not the over-allotment option is exercised in full or part) will be placed in a
    trust account at Morgan Stanley 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 includes $2,625,000, or up to $0.35 per unit (or
    $3,018,750 if the underwriters&rsquo; over-allotment option is exercised in full), payable to the underwriters as deferred underwriting
    discounts and commissions. 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 $600,000 of net proceeds of this offering will not be held in the trust account.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</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: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $600,000); 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&rsquo;s discretion, up to $500,000 of the notes may be converted upon consummation of our business combination into
    private units at a price of $10.00 per unit. 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.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-left: 10pt; text-indent: -10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limited
    payments to insiders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%; padding-bottom: 2.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%; padding-bottom: 2.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></P></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 4%">&#9679;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">repayment
    at the closing of this offering of an aggregate of approximately $49,362 of loans made by Luminous Success LLC;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&#9679;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">payment
    of $10,000 per month to Luminous Success LLC for general and administrative services, subject to deferral as described herein;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 68%"><FONT 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.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions
    to completing our initial business combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    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 underwriters&rsquo; fees and taxes payable on the income
    earned on the trust account) at the time of the agreement to enter into the initial business combination. If we are no longer listed
    on Nasdaq, we will not be required to satisfy the 80% test.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Potential
    revisions to agreements <BR>
    with insiders</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    We could seek to amend certain agreements made by our management team disclosed in this prospectus without the approval of 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).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    approval of, or <BR>
    tender offer in connection with, <BR>
    initial business combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR>
    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 shares 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 shares 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 shares 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 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&rsquo;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, if we seek shareholder approval, a majority of the issued and outstanding ordinary shares voted are voted in favor
    of the business combination.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. 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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 131,251 of our public shares (or approximately 1.75% of our public shares) to be voted in favor of an initial business
    combination (assuming that only the minimum number of issued and outstanding shares representing a quorum is present in person or
    by proxy at a meeting, the over-allotment option is not exercised and the initial shareholders 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. 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 under, the Exchange Act, which are rules designed
    to stop potential manipulation of a company&rsquo;s stock.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    rights</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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 $10.20 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 share regardless
    of whether or not they vote to approve the business combination.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;street name,&rdquo; to either tender the certificates
                                            they are seeking to convert to our transfer agent or to deliver the shares they are seeking
                                            to convert to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC
                                            (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, at any time at or
                                            prior to the vote on the business combination. There is a nominal cost associated with this
                                            tendering process and the act of certificating the shares or delivering them through the
                                            DWAC System. The transfer agent will typically charge the tendering broker $45 and it would
                                            be up to the broker whether or not to pass this cost on to the converting holder. 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&rsquo; vote on an initial
                                            business combination, and a holder could simply vote against a proposed business combination
                                            and check a box on the proxy card indicating such holder was seeking to exercise 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 &ldquo;option window&rdquo; after the consummation of the business combination
                                            during which it could monitor the price of the company&rsquo;s stock in the market. If the
                                            price rose above the conversion price, the shareholder could sell its shares in the
                                            open market, rather than delivering his shares to the company for cancellation. As
                                            a result, the redemption rights, to which shareholders were suppposed to commit before
                                            the shareholder meeting, would become an &ldquo;option&rdquo; right surviving past the consummation
                                            of the business combination until the converting holder delivered its shares. The
                                            requirement for physical or electronic delivery prior to the closing of the shareholder meeting
                                            ensures that a holder&rsquo;s election to convert is irrevocable once the business combination
                                            is completed.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
    to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days&rsquo; 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.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 their shares to the tendering
    public shareholders.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
    see the risk factors titled &ldquo;In connection with any shareholder meeting called to approve a proposed initial business combination,
    we may require shareholders who wish to convert their shares in connection with a proposed business combination to comply with specific
    requirements for conversion that may make it more difficult for them to exercise their redemption rights prior to the deadline for
    exercising their rights&rdquo; and &ldquo;If we require public shareholders who wish to convert their ordinary 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.&rdquo;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 68%"><FONT 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 the Cayman Islands law, the transfer agent will then
    update our Register of Members to reflect all conversions.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redemption
    of Public Shares and Liquidation if No Business Combination</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
described above, if we fail to consummate a business combination within 18 months (as such period may be extended up to 27 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&rsquo;s shareholders in accordance with our memorandum and articles of association) from the
consummation of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely
extinguish public shareholders&rsquo; 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
holders of ordinary shares and our board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of
the company, subject (in the case of (ii) and (iii) above) to our obligations to provide for claims of creditors and the requirements
of applicable law.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    connection with our redemption of 100% of our outstanding public shares for a portion of the funds held in the trust account, each
    public shareholder will receive a full pro rata portion of the amount then in the trust account (including the deferred underwriting
    compensation). Holders of warrants will receive no proceeds in connection with the liquidation with respect to the warrants,
    which will expire worthless.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not have funds sufficient to pay or provide for all creditors&rsquo; claims. Although we will seek to have all third parties
    (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into valid and
    enforceable agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account,
    there is no guarantee that they will execute such agreements. There is also no guarantee that the third parties would not challenge
    the enforceability of these waivers and bring claims against the trust account for monies owed them.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    holders of the insider shares and private units will not participate in any liquidation distribution with respect to such securities.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    sponsor has contractually agreed pursuant to a written agreement with us that, if we liquidate the trust account prior to the consummation
    of a business combination, our sponsor 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. Accordingly, if a claim brought by a target business or vendor did not exceed the amount of funds available
    to us outside of the trust account, our sponsor would not have any obligation to indemnify such claims as they would be paid from
    such available funds. However, if a claim exceeded such amounts, the only exceptions to our sponsor&rsquo;s obligations to pay such
    claim would be if the party executed an agreement waiving any right, title, interest or claim of any kind it has in or to any monies
    held in the trust account. We cannot assure you that our sponsor will be able to satisfy these obligations if it is required
    to do so. Therefore, we cannot assure you that the per-share redemption price from the trust account, if we liquidate the trust account
    because we have not completed a business combination within the required time period, and assuming that we do not extend out life
    beyond 18 months prior to a business combination, will not be less than $10.20.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $18,500) and has contractually agreed not to seek repayment for
                                            such expenses.</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters have agreed to waive their rights to the deferred underwriting discounts and commissions held in the trust account in the
event we do not consummate a business combination within 18 months (as such period may be extended up to 27 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&rsquo;s shareholders in accordance with our memorandum and articles of association) from the closing of
this offering and in such event, such amounts will be included with the funds held in the trust account that will be available to fund
the redemption of our public shares.</FONT></P></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnity</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    sponsor has agreed that it will be liable to us if and to the extent any claims by a third party for services rendered or products
    sold to us, or a prospective target business with which we have entered into a written letter of intent, confidentiality or similar
    agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser of (i) $10.20
    per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the
    trust account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided
    that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
    all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under
    our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However,
    we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor
    has sufficient funds to satisfy its indemnity obligations and believe that our sponsor&rsquo;s only assets are securities of our
    company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors
    will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 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 &ldquo;<I>Proposed Business &mdash; Comparison to offerings of blank check companies
subject to Rule 419</I>.&rdquo; You should carefully consider these, and the other risks set forth in the section entitled &ldquo;<I>Risk
Factors</I>&rdquo; beginning on page 35 of this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;Risk Factors&rdquo; beginning on page
35. These risks include, but are not limited to, the following:</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risks
Associated with Our Business</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we are unable to consummate a business combination, our public shareholders may be forced to wait more than 18 months (or
    up to 27 months if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    will not be entitled to protections normally afforded to investors of blank check companies.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 $10.20.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
    of warrants will not have redemption rights if we are unable to complete an initial business combination within the required time
    period.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have no obligation to net cash settle the warrants.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 for cash.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 that we may complete such a business combination with.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 not join us following a business combination.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">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.</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may be subject to risks related to businesses in the biotechnology or TMT industry.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    officers&rsquo; and directors&rsquo; personal and financial interests may influence their motivation in determining whether a particular
    target business is appropriate for a business combination.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Past
    performance by our management team and our sponsor may not be indicative of future performance of an investment in us.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may delist our securities from trading on its
    exchange which could limit investors&rsquo; ability to make transactions in our securities and subject us to additional trading restrictions.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 shares of the trust account or attempt to sell their shares in the open market.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may not seek an opinion from an unaffiliated third party as to the fair market value of the target business we acquire.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    may acquire a target business that is affiliated with our officers, directors, initial shareholders or their affiliates.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
    we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability
    to protect your rights through the U.S. federal courts may be limited.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If,
    following a business combination</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> our management 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 the operations of any particular
    target business.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management&rsquo;s
    flexibility in identifying and selecting a prospective acquisition candidate, along with our management&rsquo;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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 to the extent we would in the United
    States.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Risks
Associated with Acquiring and Operating a Target Business with its Primary Operation in China</I></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
set forth herein, we are a holding company with no material operations of our own, our efforts in identifying a prospective target business
will not be limited to a particular country, although we intend to focus on Asia and North America in the biotechnology or TMT industries,
evaluated based on, among other things, sustainability and ESG imperatives. As such, we may seek to acquire a company that is based
in China or Hong Kong or a PRC Target Company which might require a VIE structure in an initial business combination. Because of such
ties to China or Hong Kong, we may be subjected to the laws, rules and regulations of the PRC. Accordingly, in addition to the risk
factors referred above, we have set forth some of the primary risks we have identified in seeking to consummate our initial business
combination with a company having its primary operations in the PRC. For more detailed description of the below risks and other risks
related to acquiring and operating business in China, see &ldquo;<I>Risk Factors &mdash; Associated with Acquiring and Operating a Target
Business with its Primary Operation in China</I>&rdquo; on page 61.</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do
    not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
    of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in
    those operations. Further details on this risk are discussed more fully beginning on page 61.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with the
    VIE, and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.
    Further details on this risk are discussed more fully beginning on page 61.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    failure by the VIE or its shareholders to perform their obligations under the contractual arrangements with them will have a material
    adverse effect on our business. Further details on this risk are discussed more fully beginning on page 62.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the event we successfully consummate a business combination with a PRC Target Company, we will be subject to subsequent restrictions
    on dividend payments. Further</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> details on this
    risk are discussed more fully beginning on page 70.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Chinese government may exercise significant oversight and discretion over the conduct of our post-combination entity&rsquo;s business
    and may intervene in or influence its operations at any time, which could result in a material change in its operations and/or the
    value of our securities. We are also currently not required to obtain approval from Chinese authorities to list on U.S. exchanges,
    however, if the PRC Target Company and the VIE were required to obtain approval in the future and were denied permission from Chinese
    authorities to list on U.S. exchanges, we would not be able to continue listing on U.S. exchange, which would materially affect
    the interest of the investors. Further details on this risk are discussed more fully beginning on page 63.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    a result of merger and acquisition regulations implemented on September 8, 2006 (amended on June 22, 2009) relating to acquisitions
    of assets and equity interests of Chinese companies by foreign persons, it is expected that acquisitions will take longer and be
    subject to economic scrutiny by the PRC government authorities such that we may not be able to complete a transaction. Further
    details on this risk are discussed more fully beginning on page 67.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in the policies, regulations, rules, and the enforcement of laws of the PRC government may be abrupt with little advance notice
    and could have a significant impact upon our ability to operate profitably in the PRC. Further details on this risk are
    discussed more fully beginning on page 63.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    PRC government may intervene in or influence the Target Operating Entity&rsquo;s business operations at any time or may exert
    more control over offerings conducted overseas and foreign investment in China based issuers, which could result in a material change
    in the Target Operating Entity&rsquo;s business operations post business combination and/or the value of our securities. Additionally,
    governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer
    securities to investors post business combination and cause the value of such securities to significantly decline or be worthless.
    Further details on this risk are discussed more fully beginning on page 68.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
    with the PRC Antitrust law may limit our ability to effect our initial business combination. For further details on this risk, it
    is discussed more fully beginning on page 64.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Enhanced
    scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue
    in the future. For further details on this risk, it is discussed more fully beginning on page 67.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
    are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal protection
    available to you and us. For further details on this risk, it is discussed more fully beginning on page 59.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
    in China&rsquo;s economic, political or social conditions or government policies could have a material adverse effect on the PRC
    or Hong Kong target company&rsquo;s business and results of operations we may pursue in the future.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
    For further details on this risk, it is discussed more fully beginning on page 71.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies Accountable
    Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition
    candidates with substantial operations in China or Hong Kong. For further details on this risk, it is discussed more fully beginning
    on page 62.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading
    in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot
    inspect or fully investigate our auditor. In that case, Nasdaq would delist our securities. The delisting of our securities, or the
    threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of
    the PCAOB to conduct inspections may deprive our investors with the benefits of such inspections. For further details on this risk,
    it is discussed more fully beginning on page 60.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    initial business combination may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection
    and we may have to spend additional resources and incur additional time delays to complete any such business combination or be prevented
    from pursuing certain investment opportunities. For further details on this risk, it is discussed more fully beginning on page
    59.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    initial business combination may be subject to national security review by the PRC government and we may have to spend additional
    resources and incur additional time delays to complete any such business combination or be prevented from pursuing certain investment
    opportunities. For further details on this risk, it is discussed more fully beginning on page 60.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    approval of the China Securities Regulatory Commission is not required in connection with this offering, however, if required, we
    cannot predict whether we will be able to obtain such approval. For further details on this risk, it is discussed more fully beginning
    on page 68.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulations
    relating to the transfer of state-owned property rights in enterprises may increase the cost of our acquisitions and impose an additional
    administrative burden on us. For further details on this risk, it is discussed more fully beginning on page 65.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    controls that exist in the PRC may restrict or prevent us from using the proceeds of this offering to acquire a PRC Target
    Company and limit our ability to utilize our cash flow effectively following our initial business combination. For
    further details on this risk, it is discussed more fully beginning on page 65.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    we make equity compensation grants to persons who are PRC citizens, they may be required to register with the State Administration
    of Foreign Exchange of the PRC (&ldquo;SAFE&rdquo;). We may also face regulatory uncertainties that could restrict our ability to
    adopt equity compensation plans for our directors and employees and other parties under PRC laws. For further details on this risk,
    it is discussed more fully beginning on page 67.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
    may face difficulties in protecting your interests and exercising your rights as a shareholder if we were to conduct substantially
    all of our operations in China, and almost all of our officers and directors currently and will likely reside outside the U.S. For
    further details on this risk, it is discussed more fully beginning on page 71.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SUMMARY
FINANCIAL DATA</B></FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Actual</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Audited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">(Unaudited)</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Balance Sheet Data:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: left">Working capital (deficit)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">(49,362</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">74,491,138</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">65,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">77,116,138</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">49,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<SUP>$ </SUP>2,625,000 <SUP>(2)</SUP></FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value of ordinary shares subject to possible conversion/tender<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">76,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders&rsquo; (deficit) equity<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(2,008,862</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes the $4,500,000 we will receive from the sale of the
private units.</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &ldquo;as adjusted&rdquo; total liabilities represents
up to $2,625,000 of deferred underwriting discounts and commissions. The actual liabilities of $49,362 at December 31, 2021 represents
$49,362 of a related party loan from Luminous Success LLC, which will be repaid using the proceeds received from the offering on the
date the offering is consummated. The $2,625,000 of deferred underwriting discounts is not due until an initial business combination
is consummated, for which we have until 18 months from the closing of this offering to consummate (or up to 27 months if our time to
complete a business combination is extended as described herein).</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &ldquo;as adjusted&rdquo;
  value of ordinary shares which may be redeemed for cash equals the &ldquo;as adjusted&rdquo; total assets of $77,116,138 less
  the &ldquo;as adjusted&rdquo; total liabilities of $2,625,000 less the &ldquo;as adjusted&rdquo; shareholders&rsquo; deficit
  of $2,008,862. The amount represents net proceeds allocated to the ordinary shares less the allocated transaction costs related
  to 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.</FONT></TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
  <TD STYLE="text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes 7,500,000 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 &ldquo;as adjusted&rdquo; calculation equals the &ldquo;as adjusted&rdquo; total assets,
less the &ldquo;as adjusted&rdquo; total liabilities, less the value of ordinary shares that may be redeemed in connection with our initial
business combination.</FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;as adjusted&rdquo; working capital amount includes the $76,500,000 to be held in the trust account, plus $600,000 in cash held
outside the trust account, plus $16,138 of net book value at December 31, 2021, less the deferred underwriting discounts and commissions
of up to $2,625,000, which, except for limited situations described in this prospectus, will be available to us only upon the consummation
of our initial business combination within the time period described in this prospectus.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
&ldquo;as adjusted&rdquo; total assets amount includes the $76,500,000 to be held in the trust account, plus $600,000 in cash held outside
the trust account, plus $16,138 of net book value at December 31, 2021. If our initial business combination is not consummated, the trust
account, less amounts we are permitted to withdraw as described in this prospectus, will be distributed solely to our public shareholders
(subject to our obligations under Cayman Islands law to provide for claims of creditors). The actual deferred offering costs of $2,625,000
will be reclassified as a charge to additional paid-in capital from the gross proceeds in connection with the consummation of the offering.
Any additional offering costs will also be charged to additional paid-in capital.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 upon such consummation,
and, if we seek shareholder approval, a majority of the issued and outstanding ordinary shares voted are voted in favor of
the business combination.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_003"></A>RISK
FACTORS</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Associated with Our Business</B></FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, we had $0 of cash and a working capital deficit of $(49,362). Further, we have incurred and expect to continue
to incur significant costs in pursuit of our acquisition plans. Management&rsquo;s plans to address this need for capital through this
offering are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s Discussion and Analysis of Financial Condition
and Results of Operations.&rdquo; 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we are unable to consummate a business combination, our public shareholders may be forced to wait more than 18 months (or up to 27 months
if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have 18 months from the consummation of this offering in which to complete a business combination (or up to 27 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&rsquo; 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will have until 18 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 18 months,
we may extend the period of time to consummate a business combination up to three times, each by an additional three months (for a total
of up to 27 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 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 $750,000, or up to $862,500
if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 per share in either case) on or prior to the date of the
applicable deadline, for each three month extension (or up to an aggregate of $2,250,000 (or $2,587,500 if the underwriters&rsquo; over-allotment
option is exercised in full), or $0.30 per share if we extend for the full nine months. Public shareholders will not be offered the opportunity
to vote on or redeem their shares in connection with any such extension.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have 18 months from the consummation of this offering to complete an initial business combination (or up to 27 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 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 the SEC rules that 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 18 months from the closing of the offering (or up to 27
months if we have extended the period of time as described in this prospectus). 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 &ldquo;<I>Proposed Business &mdash; Comparison to offerings of blank check
companies subject to Rule 419</I>.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 (if duly created) preferred shares or debt securities, or a combination of thereof, to complete
a business combination. The issuance of additional ordinary shares or (if duly created) preferred shares:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    significantly reduce the equity interest of investors in this offering;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
    shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
    adversely affect prevailing market prices for our ordinary shares.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">default
    and foreclosure on our assets if our operating revenues after a business combination are insufficient to repay our debt obligations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acceleration
    of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we breach certain covenants
    that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation of that covenant;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to pay dividends on our ordinary shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
    on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations
    on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution
    of our strategy and other purposes; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    disadvantages compared to our competitors who have less debt.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20, plus interest, due to such claims.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20
per share.</FONT></P>

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

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

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

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

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 will expire and holders will not receive any of such proceeds with respect to the warrants or rights.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have no obligation to net cash settle the warrants.</I></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 cashless basis which would result in a fewer
number of shares being issued to the holder had such holder exercised the redeemable warrants for cash.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 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 for cash. 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 for cash 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 &ldquo;upside&rdquo;
of the holder&rsquo;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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
warrants will be exercisable for cash 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
unit offered in this offering contains one-half of one redeemable warrant. Pursuant to the warrant agreement, no fractional warrants
will be issued upon separation of the units, and only whole units will trade. This is different from other offerings similar to ours
whose units include one ordinary share and one whole warrant to purchase one whole share. We have established the components of the units
in this way in order to reduce the dilutive effect of the warrants upon completion of a business combination since the warrants will
be exercisable in the aggregate for one-half of the number of shares compared to units that each contain a whole warrant to purchase
one whole share, thus making us, we believe, a more attractive business combination partner for target businesses. Nevertheless, this
unit structure may cause our units to be worth less than if they included a warrant to purchase one whole share.</FONT></P>

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District of
New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants,
which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.</I></B></FONT></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we intend to focus our search for target businesses in 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.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 that we may complete such a business combination with.</I></B></FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 not join us following a business combination.</I></B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
role of our key personnel in the target business after the completion of our business 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be subject to risks related to businesses in the biotechnology or TMT industry.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
combinations with businesses in the biotechnology or TMT industry entail special considerations and risks. If we are successful in completing
a business combination with a target business in either of these industries, we will be subject to, and possibly adversely affected
by, the following risks after the business combination:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may invest in new lines of business that could fail to attract or retain users or generate revenue;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    will face significant competition and if we are not able to maintain or improve our market share, our business could suffer;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    loss of one or more members of our team, or our failure to attract and retain other highly qualified personnel in the future, could
    seriously harm our business;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    our security is compromised or if our platform is subjected to attacks that frustrate or thwart our users&rsquo; ability to access
    our products and services, our users, advertisers, and partners may cut back on or stop using our products and services altogether,
    which could seriously harm our business;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mobile
    malware, viruses, hacking and phishing attacks, spamming, and improper or illegal use of our products could seriously harm our business
    and reputation;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    we are unable to successfully grow our user base and further monetize our products, our business will suffer;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our
    business may be seriously harmed;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may be subject to regulatory investigations and proceedings in the future, which could cause us to incur substantial costs or require
    us to change our business practices in a way that could seriously harm our business;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to manage rapid change, increasing consumer expectations and growth;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to build strong brand identity and improve subscriber or customer satisfaction and loyalty;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to deal with subscribers&rsquo; or customers&rsquo; privacy concerns;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability to license or enforce intellectual property rights on which our business may depend;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    inability by us, or a refusal by third parties, to license content to us upon acceptable terms;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    liability for negligence, copyright, or trademark infringement or other claims based on the nature and content of materials that
    we may distribute;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    for the media and entertainment time and discretionary spending of subscribers or customers, which may intensify in part due to advances
    in technology and changes in consumer expectations and behavior;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption
    or failure of our networks, systems or technology as a result of misappropriation of data or other malfeasance, as well as outages,
    natural disasters, terrorist attacks, accidental releases of information or similar events; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    successful development of biotechnology product candidates will depend on several factors, including but not limited to, (i) successful
    and timely completion of preclinical studies and clinical trials for which the relevant regulatory authority, agree with the design,
    endpoints, or implementation, (ii) sufficiency of financial and other resources to complete the necessary preclinical studies and
    clinical trials, (iii) receiving regulatory approvals or authorizations for conducting future clinical trials, (iv) initiation and
    successful patient enrollment in, and completion of, clinical trials on a timely basis, (v) the biotechnology company&rsquo;s ability
    to demonstrate to the satisfaction of the relevant regulatory authority or any comparable foreign regulatory authority that the applicable
    product candidate is safe and efficacious as a treatment for the targeted indications or, in the case of an applicable product candidate
    which is regulated as a biological product, that the applicable product has suitable purity and is safe and potent for the targeted
    indications, (vi) the biotechnology company&rsquo;s ability to demonstrate to the satisfaction of the FDA or any comparable foreign
    regulatory authority that the applicable product candidate&rsquo;s risk-benefit ratio for its proposed indication is acceptable,
    (vii) timely receipt of marketing approvals for the biotechnology product candidates from applicable regulatory authorities, (viii)
    the extent of any required post-marketing approval commitments to applicable regulatory authorities, and (ix) establishing, scaling
    up and scaling out, either alone or with third-party manufacturers, manufacturing capabilities of clinical supply for the clinical
    trials and commercial manufacturing (including licensure), if any of the product candidates are approved. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of the foregoing could have an adverse impact on our operations following a business combination. However, our efforts in identifying
prospective target businesses will not be limited to the biotechnology or TMT industry. Accordingly, if we acquire a target business
in another industry, these risks we will be subject to risks attendant with the specific industry in which we operate or target business
which we acquire, which may or may not be different than those risks listed above.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we intend to focus our search for target businesses within the locations and industries as described in this prospectus, we may consummate
a business combination with a target business in any geographic location or industry we choose although we intend to focus on the Asia
and North America biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. 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&rsquo; best interests.</FONT></P>

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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; and directors&rsquo; other business affairs require them to devote 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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;<I>Management &mdash; Conflicts of Interest</I>.&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
officers&rsquo; and directors&rsquo; personal and financial interests may influence their motivation in determining whether a particular
target business is appropriate for a business combination.</I></B></FONT></P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consequently,
our directors&rsquo; and officers&rsquo; discretion in identifying and selecting a suitable target business may result in a conflict
of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and in our
shareholders&rsquo; 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s or our sponsor&rsquo;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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 require that we meet certain requirements relating to shareholders&rsquo; equity, market capitalization,
aggregate market value of publicly held shares and distribution requirements, we cannot assure you that our securities will 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.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited availability of market quotations for our securities;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
    liquidity with respect to our securities;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    determination that our ordinary shares are &ldquo;penny stock&rdquo; 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    limited amount of news and analyst coverage for our company; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    decreased ability to issue additional securities or obtain additional financing in the future.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">solely
    dependent upon the performance of a single business, or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if we determine to simultaneously acquire several businesses and such businesses are owned by different sellers, we will need  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.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 shares of the trust account or attempt to sell their shares in the open market.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 18 months (or up to 27 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> shares of the trust account for
their shares and suffer an entire loss on your investment.</FONT></P>

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

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

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

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

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

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s (&ldquo;DTC&rdquo;) DWAC (Deposit/Withdrawal At Custodian) System,
at the holder&rsquo;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&rsquo;s broker and/or clearing broker, DTC and our transfer agent will
need to act to facilitate this request. It is our understanding that shareholders should generally allow 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investors
may not have sufficient time to comply with the delivery requirements for conversion.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our amended and restated memorandum and articles of association, we are required to give a minimum of only ten days&rsquo; 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.</FONT></P>

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

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

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

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

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


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of our offering and the private placement, our initial shareholders will collectively own approximately 22.54% of our issued
and outstanding ordinary shares (assuming they do not purchase any units in this offering). 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 27 months. Accordingly, our initial
shareholders will continue to exert control at least until the consummation of a business combination.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 108.64% or $10.86 per share (the difference between the public offering price per share and the pro forma net
tangible book value per share of ($0.86 per share). In addition, because of the anti-dilution rights of the founder shares, any equity
or equity-linked securities issued or deemed issued in connection with our initial business combination would be disproportionately dilutive
to our common stock.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be issuing warrants that will result in the issuance of up to 3,750,000 ordinary shares as part of the units offered by this prospectus
and private warrants that will result in the issuance of an additional 225,000 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&rsquo;s discretion, up to $500,000 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 50,000 private
units and private warrants that will result in the issuance of an additional 25,000 ordinary shares. The potential for the issuance of
a substantial number of additional shares upon exercise of the warrants 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 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 could have an adverse effect on the market price for our securities or on our ability to obtain
future financing. If and to the extent these warrants are exercised, you may experience dilution to your holdings.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial shareholders are entitled to make a demand that we register the resale of their insider shares (2,156,250 ordinary shares, including
up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters&rsquo; 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 450,000 ordinary shares (or 495,000 ordinary shares if the over-allotment is exercised in full) underlying
the private units and 225,000 ordinary shares (or 247,500 ordinary shares if the over-allotment is exercised in full) underlying the
private warrants, 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 before 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. 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 under the Investment Company Act of 1940 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 under the Investment Company Act of 1940.</FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on the nature of our investments; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restrictions
    on the issuance of securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">registration
    as an investment company;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">adoption
    of a specific form of corporate structure; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 were negotiated between us and the representative of the underwriters. Factors considered in determining the prices and terms
of the units, including the ordinary shares and warrants underlying the units, include:</FONT></P>

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

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

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

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


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Because
we are incorporated under the laws of the Cayman Islands, you may face difficulties in protecting your interests, and your ability to
protect your rights through the U.S. federal courts may be limited. </I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 certain of our officers and directors are residents of
jurisdictions outside the United States. As a result, it may be difficult for investors to effect service of process within the United
States upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.</FONT></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
    or enforce against us judgments of courts of the United States based on certain civil liability provisions of U.S. securities laws;
    and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    given by a foreign court of competent jurisdiction;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposes
    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    final;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not in respect of taxes, a fine or a penalty; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
    not obtained by fraud; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not of a kind the enforcement of which is contrary to natural justice or the public policy of the Cayman Islands.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are an &ldquo;emerging growth company&rdquo; 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></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an &ldquo;emerging growth company,&rdquo; as defined in the JOBS Act. We will remain an &ldquo;emerging growth company&rdquo; for
up to five years. However, if our non-convertible debt issued within a three-year period 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. Additionally, as an emerging growth company, we have elected to delay the adoption of new or revised
accounting standards that have different effective dates for public and private companies until those standards apply to private companies.
As such, our financial statements may not be comparable to companies that comply with public company effective dates. 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.</FONT></P>

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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>An
investment in this offering may involve adverse U.S. federal income tax consequences.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s
entitlement to receive payments in excess of the investor&rsquo;s initial tax basis in our ordinary shares upon exercise of the investor&rsquo;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&rsquo;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
and warrants included in the units could be challenged by the IRS or the courts. See the section titled &ldquo;<I>Taxation United States
Federal Income Taxation</I>&rdquo; 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have also not sought a ruling from the Internal Revenue Service, or 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, we will be treated as a passive foreign investment company (&ldquo;PFIC&rdquo;) 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 &ldquo;<I>Taxation
&mdash; United States Federal Income Taxation &mdash; General</I>&rdquo;) 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 &ldquo;<I>Taxation
&mdash; United States Federal Income Taxation &mdash; U.S. Holders &mdash; Passive Foreign Investment Company Rules</I>&rdquo;). 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.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If,
following a business combination our management is unfamiliar</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>
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></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
restrictions on repatriation of earnings from the target business&rsquo; home jurisdiction to foreign entities are instituted, our business
following a business combination may be materially negatively affected.</I></B></FONT></P>

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

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

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

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

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

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

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

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

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




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 would apply to purchases by our sponsor, directors,
officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18 under the Exchange Act, 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.</FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Purchases
of ordinary shares in the open market or in privately negotiated transactions by our sponsor, directors, officers, advisors or their
affiliates may make it difficult for us to maintain the listing of our shares on a national securities exchange following the consummation
of an initial business combination.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our sponsor, directors, officers, advisors or their affiliates purchase ordinary shares in the open market or in privately negotiated
transactions, the public &ldquo;float&rdquo; of our ordinary shares and the number of beneficial holders of our securities would both
be reduced, possibly making it difficult to maintain the listing or trading of our securities on a national securities exchange following
consummation of the business combination.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 18 months (or up to 27 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 will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly, to liquidate
your investment, you may be forced to sell your public shares, potentially at a loss.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 18
months (or up to 27 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></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 18 months (or up
to 27 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 &ldquo;no-shop&rdquo; provision (a provision in letters of intent designed to keep target businesses from &ldquo;shopping&rdquo; 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 &ldquo;no shop&rdquo;
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 $10.20 per share) (whether or not the underwriters&rsquo;
over-allotment option is exercised in full) on our redemption.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. These charges may be non-cash
items and not have an immediate impact on our liquidity, but 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that the proceeds in the trust account are reduced below $10.20 per share (whether or not the underwriters&rsquo; 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 $10.20 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 the operations of any particular target business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have a stated focus on certain target businesses in a specific geographic location as indicated elsewhere in this prospectus, we may
pursue acquisition opportunities in any geographic region, but may rely upon our management team&rsquo;s background. While we may pursue
an acquisition opportunity in any business industry or sector, we intend to initially focus on those industries that complement our management
team&rsquo;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&rsquo;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 we
may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us
with no ability to control or reduce the chances that those risks will adversely impact a target business. 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may seek investment opportunities outside our management&rsquo;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></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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, and 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&rsquo;s expertise, our management&rsquo;s experience may not be directly applicable to the target business or their evaluation
of its operations.</FONT></P>

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

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20 per share or even less (whether or not
the underwriters&rsquo; over-allotment option is exercised in full) on our redemption, and our warrants will expire worthless.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Management&rsquo;s
flexibility in identifying and selecting a prospective acquisition candidate, along with our management&rsquo;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></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s ability to identify business combinations, evaluate their merits, conduct
or monitor diligence and conduct negotiations. Management&rsquo;s flexibility in identifying and selecting a prospective acquisition
candidate, along with management&rsquo;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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Resources
could be wasted in researching acquisitions that are not consummated.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20 per share or even less (whether or not the underwriters&rsquo; over-allotment option is exercised in full) on our redemption,
and our warrants will expire worthless.</FONT></P>

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

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

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

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

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

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




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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
public shareholder who fails to vote either in favor of or against a proposed business combination will not be able to have his or
her shares redeemed for cash.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order for a public shareholder to have his or her shares redeemed for cash in connection with any proposed business combination,
that public shareholder must vote either in favor of or against a proposed business combination. If a public shareholder fails to vote
in favor of or against a proposed business combination, whether that shareholder abstains from the vote or simply does not vote, that
shareholder would not be able to have his or her ordinary shares so redeemed to cash in connection with such business combination.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; governing jurisdiction, including any of the
following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">rules
    and regulations or currency redemption or corporate withholding taxes on individuals;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tariffs
    and trade barriers;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulations
    related to customs and import/export matters;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
    payment cycles than in the United States;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflation;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">economic
    policies and market conditions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">unexpected
    changes in regulatory requirements;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">challenges
    in managing and staffing international operations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax
    issues, such as tax law changes and variations in tax laws as compared to the United States;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency
    fluctuations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">challenges
    in collecting accounts receivable;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cultural
    and language differences;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">protection
    of intellectual property;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">employment
    regulations; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deterioration
    of political relations with the United States.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 to the extent we would in the United States.</I></B></FONT></P>

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

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

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



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


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 from certain countries. Such import quotas may
adversely affect political relations between the United States and such other affected countries and result in retaliatory countermeasures
by foreign governments 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 or move our any of our
manufacturing or service operations.</FONT></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. For example, the economies of Asian countries
differ from the economies of most developed countries in many respects. Such economic growth has been uneven, both geographically
and among various industries of the economy and such growth may not be sustained in the future. If in the future any given
country&rsquo;s economy experiences a downturn or grows at a slower rate than expected, there may be less demand for spending in
certain industries. A decrease in demand for spending in certain industries could materially and adversely affect our ability to find
an attractive target business with which to consummate our initial business combination and if we effect our initial business combination,
the ability of that target business to become profitable.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Currency
policies may cause a target business&rsquo; ability to succeed in the international markets to be diminished.</I></B></FONT></P>

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

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

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




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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governments
in many Asian countries have imposed regulations that limit foreign investors&rsquo; 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
a foreign country 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></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">levying
    fines;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    our business and other licenses;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    that we restructure our ownership or operations; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    that we discontinue any portion or all of our business.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
corporate governance standards in some Asian 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.</FONT></P>

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



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Associated with Acquiring and Operating a Target Business with its Primary Operation in China</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
set forth herein, our efforts in identifying a prospective target business will not be limited to a particular country, although we intend
to focus on Asia and North America in the biotechnology or TMT industries, evaluated based on, among other things, sustainability
and ESG imperatives. As a result, we may seek to acquire a company that is based in China or Hong Kong, or a PRC Target Company
which might require a VIE structure in an initial business combination. Because of such target company&rsquo;s ties to China or
Hong Kong, we may be subjected to the laws, rules and regulations of the PRC. Accordingly, in addition to the risk factors referred above,
we have set forth some of the primary risks we have identified in seeking to consummate our initial business combination with a company
having its primary operations in the PRC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do not
comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries 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, our initial business combination
target company may include a PRC Target Company which might require a VIE structure. The PRC Target Company, through contractual arrangements,
can consolidate the VIE the financial results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS,
if it has the power to direct activities that most significantly impact the economic performance of the VIE and it has the obligation
to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In that case, following
the consummation of a business combination with a PRC Target Company, our securities would be securities of an offshore holding company
instead of shares of the VIE in China. For a summary of the VIE contractual arrangements, see &ldquo;<I>Proposed Business &mdash; Initial
Business Combination with a Company Based in China or Hong Kong.</I>&rdquo;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we consummate a business combination with a WFOE based in the PRC, we</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
will rely on the WFOE&rsquo;s contractual arrangements with the VIE and its shareholders to operate the business. These contractual
arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. Under the contractual arrangements,
as a legal matter, if the VIE or any of its shareholders executing the VIE agreements fails to perform its, his or her respective
obligations under the contractual arrangements, we may have to incur substantial costs and resources to enforce such arrangements, and
rely on legal remedies available under PRC laws, including seeking specific performance or injunctive relief, and claiming damages, which
we cannot assure you will be effective. For example, if shareholders of a VIE were to refuse to transfer their equity interests
in such VIE to us or our designated persons when we exercise the purchase option pursuant to the contractual arrangements, we
may have to take  legal action to compel them to fulfill their contractual obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
(i) the applicable PRC authorities invalidate the relevant contractual arrangements for violation of PRC laws, rules and regulations,
(ii) any VIE or its shareholders terminate the relevant contractual arrangements, (iii) any VIE or its shareholders
fail to perform its/his/her obligations under the relevant contractual arrangements, or (iv) if these regulations change or are
interpreted differently in the future, the PRC Target Company&rsquo;s business operations in China would be materially and adversely
affected, and the value of your securities would substantially decrease or even become worthless. Further, if we fail to renew such
contractual arrangements upon their expiration, we would not be able to continue the business operations unless the then current
PRC law allows us to directly operate businesses in China.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, if any VIE or all or part of its assets become subject to liens or rights of third-party creditors, we may be unable to continue
some or all of our business activities, which could materially and adversely affect our business, financial condition and results of
operations. If any of the variable interest entities undergoes a voluntary or involuntary liquidation proceeding, its shareholders or
unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business,
which could materially and adversely affect our business and our ability to generate revenues.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the contractual arrangements will be governed by PRC law and provided for the resolution of disputes through arbitration in the PRC.
Accordingly, these contracts will be interpreted in accordance with PRC laws and any disputes will be resolved in accordance with PRC
legal procedures. The legal environment in the PRC is not as developed as in some other jurisdictions, such as the United States. As
a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. In the event
we are unable to enforce the contractual arrangements, we may not be able to exercise the power to direct activities that most impact
the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial results of the VIE
in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded from operating
our business, which would have a material adverse effect on our financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
based on industry practices, VIE contractual arrangements among the WFOE, the VIE and its shareholders governed by PRC laws are
valid, binding and enforceable, and will not result in any violation of PRC laws or regulations currently in effect, however, there are
substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. Accordingly,
the PRC regulatory authorities may ultimately take a view that is contrary to the accepted industry practices with respect to VIE contractual
arrangements. In addition, it is uncertain whether any new PRC laws or regulations relating to VIE structures will be adopted
or if adopted, what they would provide. PRC government authorities may deem that foreign ownership is directly or indirectly involved
in the VIE&rsquo;s shareholding structure. If our potential corporate structure and contractual arrangements are deemed by the Ministry
of Industry and Information Technology, the Ministry of Commerce, or other regulators having competent authority
to be illegal, either in whole or in part, we may lose control of the consolidated VIE and have to modify such structure to comply with
regulatory requirements. However, there can be no assurance that we can achieve this without material disruption to the PRC Target Company&rsquo;s
business. Furthermore, if we or the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain
or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action
in dealing with such violations or failures, including, without limitation:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">revoking
    the business license and/or operating licenses of the WFOE or the VIE;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discontinuing
    or placing restrictions or onerous conditions on our operations through any transactions among the WFOE, the VIE and its subsidiaries;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposing
    fines, confiscating the income from the WFOE, the VIE or its subsidiaries, or imposing other requirements with which we or
    the VIE may not be able to comply;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">placing
    restrictions on our right to collect revenues;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requiring
    us to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering
    the equity pledges of the VIE, which in turn would affect our ability to consolidate, exercises the power to direct activities that
    most impact the economic performance, bears the risks of, or enjoys the rewards normally associated with ownership of the entity;
    or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taking
    other regulatory or enforcement actions against us that could be harmful to our business.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
imposition of any of these penalties will result in a material and adverse effect on our potential ability to conduct the business. In
addition, it is unclear what impact the PRC government actions will have on us and on our ability to consolidate the financial results
of the VIE in our consolidated financial statements, if the PRC government authorities were to find our potential corporate structure
and contractual arrangements to be in violation of PRC laws and regulations. If the imposition of any of these government actions causes
us to lose our right to direct the activities of the VIE or our right to receive substantially all the economic benefits and residual
returns from the VIE and we are not able to restructure our ownership structure and operations in a timely and satisfactory manner, we
will no longer be able to consolidate the financial results of the VIE in our consolidated financial statements. Either of these results,
or any other significant penalties that might be imposed on us in this event,  will have a material adverse effect on our financial
condition, results of operations and our securities shares may decline in value or be worthless.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with the VIE,
and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contractual arrangements in respect of our relationship with the VIE may not be as effective as direct ownership. For example, the VIE and its shareholders could breach their contractual arrangements with us by, among
other things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests.
If we had direct ownership of the VIE, we would be able to exercise our rights as a shareholder to effect changes through the
board of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management
and operational level. However, under the VIE agreements, we rely on the performance by the VIE and its shareholders of their
obligations under the contracts to exercise control over the VIE. The shareholders of the consolidated VIE may not act in the best interests
of our company or may not perform their obligations under these contracts. Such risks exist throughout the period in which we intend
to operate certain portions of our business through the contractual arrangements with the VIE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the VIE or its shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur substantial
costs and expend additional resources to enforce such arrangements. For example, if the shareholders of the VIE refuse to transfer their
equity interest in the VIE to us or our designee if we exercise the purchase option pursuant to the contractual arrangements, or if they
otherwise act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations.
In addition, if any third parties claim any interest in such shareholders&rsquo; equity interests in the VIE, our ability to exercise
shareholders&rsquo; rights or foreclose the share pledge according to the relevant contractual arrangements may be impaired. If
these or other disputes between the shareholders of the VIE and third parties were to impair our relationship with the VIE, our ability
to consolidate the financial results of the VIE would be affected, which would in turn result in a material adverse effect on the business,
operations and financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
failure by the VIE or its shareholders to perform their obligations under our contractual arrangements with them would have a material
adverse effect on our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shareholders of the VIE are referred as its nominee shareholders because although they remain the holders of equity interests on record
in the VIE, pursuant to the terms of the relevant power of attorney, such shareholders have irrevocably authorized the individual appointed
by the WFOE to exercise their rights as a shareholder of the relevant VIE. If the VIE or any of its shareholders fail to perform
their respective obligations under these contractual arrangements, we may have to incur substantial costs and expend additional
resources to enforce such arrangements. We also may have to rely on legal remedies under PRC laws, including seeking specific
performance or injunctive relief, and claiming damages, which we cannot assure you will be effective under PRC laws. For example, if
the shareholders of the VIE were to refuse to transfer their equity interest in the VIE to us or our designee if we exercise the purchase
option pursuant to these contractual arrangements, or if they were otherwise to act in bad faith toward us, then we may have to take
legal actions to compel them to perform their contractual obligations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. See &ldquo;<I>Risks Associated with Acquiring and Operating a Target Business with its Primary
Operation in China &mdash; There are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal
protection available to you and us</I>.&rdquo; Meanwhile,
there are very few precedents and little formal guidance as to how contractual arrangements in the context of a consolidated VIE
should be interpreted or enforced under PRC laws. There remain significant uncertainties regarding the ultimate outcome of such arbitration
should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are final and parties cannot appeal arbitration
results in court unless such rulings are revoked or determined unenforceable by a competent court. If the losing parties fail to carry
out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts
through arbitration award recognition proceedings, which would require additional expenses and delay. In the event that we are unable
to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual
arrangements, we may not consolidate the financial results of the VIE in our consolidated financial statements in accordance with U.S.
GAAP or IFRS, and our ability to conduct our business may be negatively affected.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in the policies, regulations, rules, and the enforcement of laws of the PRC government may be abrupt with little advance notice
and could have a significant impact upon our ability to operate profitably in the PRC.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
post-combination entity may conduct most of its operations and generate most of its revenue in the PRC. Accordingly, economic, political
and legal developments in the PRC will significantly affect our post-combination entity&rsquo;s business, financial condition, results
of operations and prospects. PRC laws, regulations, rules and policies, and the interpretation and enforcement thereof
by the PRC government, can have significant effects on economic conditions in the PRC and the ability of businesses to operate
profitably. Our post-combination entity&rsquo;s ability to operate profitably in the PRC may be adversely affected by changes in policies
by the PRC government, including changes in laws, regulations or their interpretation, particularly those dealing with the internet,
including censorship and other restrictions on material which can be transmitted over the Internet, security, intellectual
property, money laundering, taxation and other laws that affect our post-combination entity&rsquo;s ability to operate its business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Chinese government may exercise significant oversight and discretion over the conduct of our post-combination entity&rsquo;s business
and may intervene in or influence its operations at any time, which could result in a material change in its operations and/or the value
of our securities. We are  currently not required to obtain approval from Chinese authorities to list on U.S. exchanges, however,
if the PRC Target Company and the VIE were required to obtain approval in the future and were denied permission from Chinese authorities
to list on U.S. exchanges, we would not be able to continue listing on U.S. exchange, which would materially affect the interest
of the investors.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through
regulation and state ownership. Our ability to operate through a PRC Target Company (whether with or without a VIE structure)
may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights,
property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic
reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies,
could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves
of any interest we then hold in Chinese properties.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, the Chinese cybersecurity regulator announced on July 2, 2021 that it had begun an investigation of Didi Global Inc. (NYSE:
DIDI) and two days later ordered that the company&rsquo;s app be removed from smartphone app stores. On July 24, 2021, the General
Office of the Communist Party of China Central Committee and the General Office of the State Council jointly released the Guidelines
for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education,
pursuant to which foreign investment in the education sector  via mergers and acquisitions, franchise development, and
variable interest entities are banned from this sector.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
such, the PRC Target Company&rsquo;s business segments may be subject to various government and regulatory interference throughout
the PRC and/or in the provinces in which they operate. The PRC Target Company could be subject to regulations by various political
and regulatory entities, including various local and municipal agencies and government sub-divisions, and these regulations may be interpreted
and applied inconsistently by different agencies or authorities. The PRC Target Company may incur increased costs necessary to comply
with existing and newly adopted laws and regulations or penalties for any failure to comply, and such compliance or any associated inquiries
or investigations or any other government actions may:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">delay
    or impede its development;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result
    in negative publicity or increase its operating costs;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    significant management time and attention; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject
    it to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed
    for our current or historical operations, or demands or orders that we modify or even cease our business practices.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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,
our initial business combination target company may include a PRC Target Company. Therefore, it is uncertain when and whether we and
our post-combination entity will be required to obtain permission from the PRC government to list on U.S. exchanges, and even
when such permission is obtained, whether it will be denied or rescinded, or whether the PRC laws will apply to it generally.
Further, the promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict
or otherwise unfavorably may impact the ability or way the post-combination entity may conduct its business and could require it to change
certain aspects of its business to ensure compliance, which could decrease demand for its products or services, reduce revenues, increase
costs, require us to obtain more licenses, permits, approvals or certificates, or subject it to additional liabilities. As such, the
post-combination entity&rsquo;s operations could be adversely affected, directly or indirectly, by existing or future PRC laws and regulations
relating to its business or industry, which could result in a material adverse change in the value of our securities, potentially rendering
them worthless. As a result, both you and we face uncertainty about future actions by the PRC government that could significantly
affect our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline
or be worthless.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>There
are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal protection available
to you and us.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
significant number of our executive officers and directors are located in or have significant ties to China or Hong Kong, and we may
seek to acquire a company that is based in China or Hong Kong in an initial business combination. The uncertainties in the interpretation
and enforcement of PRC laws, rules and regulations would apply to us if we were to acquire a company that is based in China or Hong Kong
regardless of whether we have a VIE structure or direct ownership structure post-business combination. Because of such ties to China
or Hong Kong, we may be governed by PRC laws and regulations. PRC companies and variable interests entities are generally subject to
laws and regulations applicable to foreign investments in China and, in particular, laws and regulations applicable to wholly foreign-owned
enterprises. The PRC legal system is based on statutes. Prior court decisions may be cited for reference but have limited precedential
value.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
1979, PRC legislation and regulations have significantly enhanced the protections afforded to various forms of foreign investments in
China. However, China has not developed a fully integrated legal system and recently enacted laws and regulations may not sufficiently
cover all aspects of economic activities in China. In particular, because these laws and regulations are relatively new, and because
of the limited volume of published decisions and their nonbinding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies and internal rules (some of which are
not published on a timely basis or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these
policies and rules until sometime after the violation. In addition, any litigation in China may be protracted and result in substantial
costs and diversion of resources and management attention.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
initial business combination may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection
and we may have to spend additional resources and incur additional time delays to complete any such business combination or be prevented
from pursuing certain investment opportunities.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
initial business combination may be subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of
confidential and private information, such as personal information and other data. These laws continue to develop, and the PRC government
may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
instance, various regulatory bodies in China, including the Cybersecurity Administration Committee, or CAC, the Ministry of Public Security
and the State Administration for Market Regulation, have enforced data privacy and protection laws and regulations with varying and evolving
standards and interpretations. In April 2020, the Chinese government implemented Cybersecurity Review Measures, which came into
effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a
cybersecurity review when purchasing network products and services which do or may affect national security.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2021, the CAC and other related authorities released the draft amendment to the Cybersecurity Review Measures for public comments
through July 25, 2021. The draft amendment proposes the following key changes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">companies
    who are engaged in data processing are also subject to the regulatory scope;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    CSRC is included as one of the regulatory authorities for purposes of jointly establishing the state cybersecurity review working
    mechanism;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    operators (including both operators of critical information infrastructure and relevant parties who are engaged in data processing)
    holding more than one million users/users&rsquo; (which to be further specified) individual information and seeking a listing outside
    China shall file for cybersecurity review with the Cybersecurity Review Office; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    risks of core data, material data or large amounts of personal information being stolen, leaked, destroyed, damaged, illegally used
    or transmitted to overseas parties and the risks of critical information infrastructure, core data, material data or large amounts
    of personal information being influenced, controlled or used maliciously shall be collectively taken into consideration during the
    cybersecurity review process.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the draft amendment is adopted into law in
the future, our business combination may become subject to enhanced cybersecurity review. Certain internet platforms in China
have been reportedly subject to heightened regulatory scrutiny in relation to cybersecurity matters. As of the date of this prospectus,
we have not been informed by any PRC governmental authority <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
any requirement that we file for a cybersecurity review. As a result, this issue will not affect our process of searching for
a business combination target until further certainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations.
However, if we or the combined company following a business combination are deemed to be a critical information infrastructure operator
or a company that is engaged in data processing and holds personal information of more than one million users, we could be subject to
PRC cybersecurity review.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations, we or
the combined company following a business combination could be subject to cybersecurity review, and if so, it is uncertain whether we
can or how long it will take us to obtain such approval or complete such procedures and any such approval could be rescinded and we may
not be able to pass such review in relation to this offering, searching for a business combination target, or a business combination.
In addition, we could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future. Any
failure or delay in the completion of the cybersecurity review procedures or any other non-compliance with the related laws and regulations
may result in fines or other penalties, including suspension of business, website closure, and revocation of prerequisite licenses, as
well as reputational damage or legal proceedings or actions, which may have material adverse effect on our business, financial condition
or results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 10, 2021, the Standing Committee of the PRC National People&rsquo;s Congress, or SCNPC, implemented the PRC Data Security
Law, which will take effect in September 2021. The PRC Data Security Law imposes data security and privacy obligations on entities and
individuals carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance
of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate
rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used.
The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national security
and imposes export restrictions on certain data an information. On August 20, 2021, the SCNPC adopted the Personal Information Protection
Law, which shall come into force as of November 1, 2021. The Personal Information Protection Law includes the basic rules for personal
information processing, the rules for cross-border provision of personal information, the rights of individuals in personal information
processing activities, the obligations of personal information processors, and the legal responsibilities for illegal collection, processing,
and use of personal information.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
rules could result in us not being able to acquire a potential target in the PRC, or our using time and working capital to pursue a transaction
that cannot be completed because of the actions of regulators.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
uncertainties remain regarding the interpretation and implementation of these laws and regulations, we cannot assure you that we or the
combined company following a business combination will comply with such regulations in all respects and we or the combined company following
a business combination may be ordered to rectify or terminate any actions that are deemed illegal by regulatory authorities. We or the
combined company following a business combination may also become subject to fines and/or other sanctions which may have material adverse
effect on our business, operations and financial condition.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Trading
in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect
or fully investigate our auditor. In that case, Nasdaq would delist our securities. The delisting of our securities, or the threat of
their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct
inspections may deprive our investors with the benefits of such inspections.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that
we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit our shares or other securities from being traded on a national securities
exchange or in the over the counter trading market in the U.S. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which,
if signed into law, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock
exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our current auditor, the independent registered
public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded
publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB
conducts regular inspections to assess its compliance with the applicable professional standards. However, if it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction,
Nasdaq would delist our securities, including our units, ordinary shares and redeemable warrants being <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">offered
in this offering, and the SEC would prohibit them from being traded on a national securities exchange or in the over the counter
trading market in the U.S. If our
securities are delisted and prohibited from being traded on a national securities exchange or in the over the counter trading market
in the U.S. due to the PCAOB not being able to conduct inspections or full investigations of our auditor, it would substantially impair
your ability to sell or purchase our securities when you wish to do so, and the risk and uncertainty associated with potential delisting
and prohibition would have a negative impact on the price of our securities. Also, such delisting and prohibition could significantly
affect the Company&rsquo;s ability to raise capital on acceptable terms, or at all, which would have a material adverse effect on the
Company&rsquo;s business, financial condition and prospects.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2013, the PCAOB announced that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the CSRC and the
PRC Ministry of Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents
relevant to investigations undertaken by the PCAOB in the PRC or by the CSRC or the PRC Ministry of Finance in the United States. The
PCAOB continues to be in discussions with the CSRC and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms
that are registered with the PCAOB and audit Chinese companies that trade on U.S. exchanges.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. We will be required to comply with these rules if the SEC identifies us as having a &ldquo;non-inspection&rdquo; year,
under a process to be subsequently established by the SEC. On June 22, 2021, the U.S. Senate passed a bill which, if passed by the
U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two years. On November 5, 2021, the SEC approved the PCAOB&rsquo;s Rule 6100,
Board Determinations Under the HFCAA. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under
the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction
because of a position taken by one or more authorities in that jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the Holding
Foreign Companies Accountable Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit
report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or
investigate completely because of a position taken by an authority in foreign jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on
August 6, 2020, the President&rsquo;s Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors
from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five
recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory
mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations
were more stringent than those in the HFCAA. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has announced that the SEC staff is preparing a consolidated proposal for the rules regarding the implementation of the HFCAA and
to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become
effective and what, if any, of the PWG recommendations will be adopted. The SEC has also announced amendments to various annual report
forms to accommodate the certification and disclosure requirements of the HFCAA. There could be additional regulatory or legislative
requirements or guidance that could impact us if our auditor is not subject to PCAOB inspection. The implications of these possible regulations
in addition to the requirements of the HFCAA are uncertain, and such uncertainty could cause the market price of our securities to be
materially and adversely affected. If, for whatever reason, the PCAOB is unable to conduct inspections or full investigations of our
auditor post business combination, the Company could be delisted or prohibited from being traded over the counter earlier than
would be required by the HFCAA. If our securities are unable to be listed on another securities exchange by then, such delisting and
prohibition would substantially impair your ability to sell or purchase our securities when you wish to do so, and the risk and uncertainty
associated with potential delisting and prohibition would have a negative impact on the price of our securities. Also, such delisting
and prohibition could significantly affect the Company&rsquo;s ability to raise capital on acceptable terms, or at all, which would have
a material adverse effect on the Company&rsquo;s business, financial condition and prospects.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections
of audit firms that the PCAOB has conducted have identified deficiencies in those firms&rsquo; audit procedures and quality control procedures,
which may be addressed as part of the inspection process to improve future audit quality. If the PCAOB were unable to conduct inspections
or full investigations of the Company&rsquo;s auditor, investors in our securities would be deprived of the benefits of such PCAOB inspections.
In addition, the inability of the PCAOB to conduct inspections or full investigations of auditors would may make it more difficult to
evaluate the effectiveness of the Company&rsquo;s independent registered public accounting firm&rsquo;s audit procedures or quality control
procedures as compared to auditors that are subject to the PCAOB inspections, which could cause investors and potential investors in
our stock to lose confidence in the audit procedures of our auditor and reported financial information and the quality of our financial
statements.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies Accountable
Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition
candidates with substantial operations in China or Hong Kong.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PCAOB is currently unable to conduct inspections on accounting firms in the PRC or Hong Kong without the approval of the Chinese government
authorities. The auditor and its audit work in the PRC or Hong Kong may not be inspected fully by the PCAOB. Inspections of other auditors
conducted by the PCAOB outside China have at times identified deficiencies in those auditors&rsquo; audit procedures and quality control
procedures, which may be addressed as part of the inspection process to improve future audit quality. The lack of PCAOB inspections of
audit work undertaken in China prevents the PCAOB from regularly evaluating the PRC or Hong Kong auditor&rsquo;s audits and its quality
control procedures. As a result, shareholders may be deprived of the benefits of PCAOB inspections if we complete a business combination
with such companies.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For instance,
the enacted Holding Foreign Companies Accountable Act (the &ldquo;HFCAA&rdquo;) would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from U.S. national
securities exchanges if the PCAOB is unable to inspect its public accounting firm for three consecutive years. The HFCAA also requires
public companies to disclose, among other things, whether they are owned or controlled by a foreign government, specifically, those based
in China. We may not be able to consummate a business combination with a favored target business due to these laws. Furthermore, on June
22, 2021, the U.S. Senate passed the AHFCAA, which, if signed
into law, would amend the HFCAA and require the SEC to prohibit an issuer&rsquo;s securities from trading on any U.S. stock exchanges
if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On December 2, 2021,
the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies
Accountable Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued
by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely
because of a position taken by an authority in foreign jurisdictions.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
documentation we may be required to submit to the SEC proving certain beneficial ownership requirements and establishing that we are
not owned or controlled by a foreign government in the event that we use a foreign public accounting firm not subject to inspection by
the PCAOB or where the PCAOB is unable to completely inspect or investigate our accounting practices or financial statements because
of a position taken by an authority in the foreign jurisdiction could be onerous and time consuming to prepare. The HFCAA mandates the
SEC to identify issuers of SEC-registered securities whose audited financial reports are prepared by an accounting firm that the PCAOB
is unable to inspect due to restrictions imposed by an authority in the foreign jurisdiction where the audits are performed. If such
identified issuer&rsquo;s auditor cannot be inspected by the PCAOB for three consecutive years, the trading of such issuer&rsquo;s securities
on any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited.</FONT></P>

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a &ldquo;non-inspection&rdquo;
year, under a process to be subsequently established by the SEC. On November 5, 2021, the SEC approved the PCAOB&rsquo;s Rule
6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when
determining, as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in China and  Hong Kong. Our auditor, Friedman LLP, headquartered in Manhattan,
New York with no branches or offices outside the United States, is an independent registered public accounting firm registered with the
PCAOB and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman LLP&rsquo;s
compliance with applicable professional standards. The PCAOB currently has access to inspect the working papers of our auditor. Our auditor
is not headquartered in China or Hong Kong and was not identified in this report as a firm subject to the PCAOB&rsquo;s determination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we complete a business combination with a company with substantial operations in China or Hong Kong, and PCAOB
is not able to fully conduct inspections of our auditor&rsquo;s work papers in China or Hong Kong, it could cause us to fail to be in
compliance with U.S. securities laws and regulations; we could cease to be listed on a U.S. securities exchange; and U.S.
trading of our shares could be prohibited under the HFCAA. Any of these actions, or uncertainties in the market about the possibility
of such actions, could adversely affect our prospects to successfully complete a business combination with a China or Hong Kong-based
company, our access to the U.S. capital markets, and the price of our shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
developments in respect of increased U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process, and the regulatory developments are subject to the rule-making process and other administrative
procedures.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
developments in U.S. laws and regulatory environment, including but not limited to executive orders such as Executive Order (E.O.) 13959,
&ldquo;Addressing the Threat from Securities Investments That Finance Communist Chinese Military Companies,&rdquo; may further restrict
our ability to complete a business combination with certain China-based businesses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>As
a result of merger and acquisition regulations implemented on September 8, 2006 (amended on June 22, 2009) relating to acquisitions of
assets and equity interests of Chinese companies by foreign persons, it is expected that acquisitions will take longer and be subject
to economic scrutiny by the PRC government authorities such that we may not be able to complete a transaction.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 8, 2006, the PRC Ministry
of Commerce, together with several other government agencies, implemented the Regulations on Merger and Acquisition of Domestic
Enterprises by Foreign Investors (the &ldquo;M&amp;A Regulations&rdquo;), including its amendment on June 22, 2009), which implemented
a comprehensive set of regulations governing the approval process by which a Chinese company may participate in an acquisition of its
assets or its equity interests and by which a Chinese company may obtain public trading of its securities on a securities exchange outside
the PRC. Although there was a complex series of regulations in place prior to September 8, 2006 for approval of Chinese enterprises that
were administered by a combination of provincial and centralized agencies, the M&amp;A Regulations have largely centralized and expanded
the approval process to the Ministry of Commerce, the State Administration of Industry and Commerce, SAFE or its branch offices, the State Asset Supervision and Administration Commission, and the CSRC. Depending on the structure of the transaction, these M&amp;A Regulations will require the Chinese parties
to make a series of applications and supplemental applications to one or more of the aforementioned agencies, some of which must be made
within strict time limits and depending on approvals from one or the other of the aforementioned agencies. The application process has
been supplemented to require the presentation of economic data concerning a transaction, including appraisals of the business to be acquired
and evaluations of the acquirer which will permit the government to assess the economics of a transaction in addition to the compliance
with legal requirements. If obtained, approvals will have expiration dates by which a transaction must be completed. Also, completed
transactions must be reported to the Ministry of Commerce and some of the other agencies within a short period after closing or be subject
<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to an unwinding of the transaction. Therefore, acquisitions
in China may not be able to be completed because the terms of the transaction may not satisfy aspects of the approval process and may
not be completed, even if approved, if they are not consummated within the time permitted by the approvals granted.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
PRC government may intervene in or influence the Target Operating Entity&rsquo;s business operations at any time or may exert
more control over offerings conducted overseas and foreign investment in China based issuers, which could result in a material change
in the Target Operating Entity&rsquo;s business operations post business combination and/or the value of our securities. Additionally, governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer
securities to investors post business combination and cause the value of such securities to significantly decline or be worthless.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Statements
by the Chinese government in 2021 have indicated an intent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investments in China-based issuers. The PRC has proposed new rules in 2021 that would require companies collecting or
holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly
tighten oversight over China based internet giants. On November 14, 2021, the Cyberspace Administration of China has publicly solicited
opinion on the Regulation on Network Data Security Management (Consultation Draft), which stipulates that data processor that undertakes
data processing activities using internet networks within China shall apply for the cybersecurity review if it conducts data processing
activities that will or may have an impact on the national security. The review is mandatory if the data processor controls more than
1 million users&rsquo; personal information and intends to be listed in a foreign country, or if the data processor that will or may
impact the national security seeks to be listed in Hong Kong. As of the date of this prospectus, the Draft Regulation on Network Data
Security Management has not been formally adopted. On December 28, 2021, the Cyberspace Administration of China, jointly with 12 departments
under the State Council, implemented the Measures for Cybersecurity Review, which became effective on February 15, 2022.
According to the Measures for Cybersecurity Review, operators of critical information infrastructure purchasing network products and
services, and data processors carrying out data processing activities that affect or may affect national security, shall conduct cybersecurity
review. An operator, including operators of critical information infrastructure and data processors, who controls more than 1
million users&rsquo; personal information must report to the Cyber Security Review Office for a cybersecurity review if it intends to
be listed in a foreign country.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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,
our initial business combination target company may include a PRC Target Company. Therefore, it is uncertain whether such PRC Target
Company will be involved in the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Based
on our understanding of currently applicable PRC laws and regulations, our registered public offering in the U.S. is not subject to the
review or prior approval of the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or
policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries
and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly
decline or be worthless.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Compliance
with the PRC Antitrust law may limit our ability to effect our initial business combination.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC Antitrust Law became effective on August 1, 2008. The government authorities in charge of antitrust matters in China are the Antitrust
Commission and other antitrust authorities under the State Council. The PRC Antitrust Law regulates (1) monopoly agreements, including
decisions or actions in concert that preclude or impede competition, entered into by business operators; (2) abuse of dominant market
position by business operators; and (3) concentration of business operators that may have the effect of precluding or impeding competition.
To implement the Antitrust Law, in 2008, the State Council formulated the regulations that require filing of concentration of business
operators, pursuant to which concentration of business operators refers to (1) merger with other business operators; (2) gaining control
over other business operators through acquisition of equity interest or assets of other business operators; and (3) gaining control over
other business operators through exerting influence on other business operators through contracts or other means. In 2009, the Ministry
of Commerce, to which the Antitrust Commission is affiliated, implemented the Measures for Filing of Concentration of Business
Operators (amended by the Guidelines for Filing of Concentration of Business Operators in 2014), which set forth the criteria of concentration
and the requirement of miscellaneous documents for the purpose of filing. The business combination we contemplate may be considered the
concentration of business operators, and to the extent required by the Antitrust Law and the criteria established by the State Council,
we must file with the antitrust authority under the PRC State Council prior to conducting the contemplated business combination. If the
antitrust authority decides not to further investigate whether the contemplated business combination has the effect of precluding or
impeding competition or fails to make a decision within 30 days from receipt of relevant materials, we may proceed to consummate the
contemplated business combination. If antitrust authority decides to prohibit the contemplated business combination after further investigation,
we must terminate such business combination and would then be forced to either attempt to complete a new business combination if it was
prior to 15 wait months from the closing of this offering or we would be required to return any amounts which were held in the trust
account to our shareholders. When we evaluate a potential business combination, we will consider the need to comply with the Antitrust
Law and other relevant regulations which may limit our ability to effect an acquisition or may result in our modifying or not pursuing
a particular transaction.</FONT></P>

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have
to expend significant resources to investigate and resolve the matter which could harm our business operations, this offering and our
reputation and could result in a loss of your investment in our ordinary shares, especially if such matter cannot be addressed and resolved
favorably.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recently,
U.S. public companies that have substantially all of their operations in China have been subjected to intense scrutiny, criticism and
negative publicity by investors, financial commentators and regulatory agencies. Much of the scrutiny, criticism and negative publicity
has centered around financial and accounting irregularities, a lack of effective internal controls over financial accounting, inadequate
corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism
and negative publicity, the publicly traded stock of many U.S. listed Chinese companies has sharply decreased in value and, in some cases,
has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions or
are conducting internal and external investigations into allegations made against them. It is not clear what effect this sector-wide
scrutiny, criticism and negative publicity will have on us if we target a PRC company with respect to the initial business combination.
If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend
significant resources to investigate such allegations and/or defend ourselves. This situation may be a major distraction to our
management. If such allegations are not proven to be groundless, we will be severely hampered and your investment in our securities post
business combination could be rendered worthless.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Regulations
relating to the transfer of state-owned property rights in enterprises may increase the cost of our acquisitions and impose an additional
administrative burden on us.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
legislation governing the acquisition of a China state-owned company contains stringent governmental regulations. The transfer of state-owned
property rights in enterprises must take place through a government approved &ldquo;state-owned asset exchange,&rdquo; and the value
of the transferred property rights must be evaluated by those Chinese appraisal firms qualified to do &ldquo;state-owned assets evaluation.&rdquo;
The final price must not be less than 90% of the appraisal price. Additionally, bidding/auction procedures are essential in the event
that there is more than one potential transferee. In the case of an acquisition by foreign investors of state-owned enterprises, the
acquirer and the seller must make a resettlement plan to properly resettle the employees, and the resettlement plan must be approved
by the Employees&rsquo; Representative Congress. The seller must pay all unpaid wages and social welfare payments from the existing assets
of the target company to the employees. These regulations may adversely affect our ability to acquire a state-owned business or
state-owned assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Exchange
controls that exist in the PRC may restrict or prevent us from using the proceeds of this offering to acquire a PRC Target Company and
limit our ability to utilize our cash flow effectively following our initial business combination.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SAFE implemented the Notice of the State
Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises,
or Circular 19, effective on June 1, 2015. According to Circular 19, the flow and use of the RMB capital
converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not
be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of bank loans that have been
transferred to a third party. Although Circular 19 allows RMB capital converted from foreign currency-denominated registered capital
of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted
from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond
its business scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in the PRC in actual
practice. SAFE implemented the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign
Exchange Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016, which reiterates some of the rules
set forth in Circular 19, but <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes the prohibition against
using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted
loans to a prohibition against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular
16 could result in administrative penalties.</FONT></P>

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
such, Circular 19 and Circular 16 may significantly limit our ability to transfer the proceeds of this offering to a PRC target company
and the use of such proceeds by the PRC target company.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, following our initial business combination with a PRC target company, we will be subject to the PRC&rsquo;s rules and regulations
on currency conversion. In the PRC, the SAFE regulates the conversion of RMB into foreign currencies. Currently, foreign invested
enterprises, or FIEs, are required to apply to the SAFE for &ldquo;Foreign Exchange Registration Certificates for FIEs.&rdquo;
Following our initial business combination, we will likely be an FIE as a result of our ownership structure. With such registration certificates,
which need to be renewed annually, FIEs are allowed to open foreign currency accounts including a &ldquo;basic account&rdquo; and &ldquo;capital
account.&rdquo; Currency conversion within the scope of the &ldquo;basic account,&rdquo; such as remittance of foreign currencies for
payment of dividends, can be effected without requiring the approval of the SAFE. However, conversion of currency in the &ldquo;capital
account,&rdquo; including capital items such as direct investment, loans and securities, still require approval of the SAFE.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you the PRC regulatory authorities will not impose further restrictions on the convertibility of the Renminbi. Any future
restrictions on currency exchanges may limit our ability to use the proceeds of this offering in an initial business combination with
a PRC target company and the use our cash flow for the distribution of dividends to our shareholders or to fund operations we may have
outside of the PRC.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
initial business combination may be subject to national security review by the PRC government and we may have to spend additional resources
and incur additional time delays to complete any such business combination or be prevented from pursuing certain investment opportunities.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On February 3, 2011, the PRC government issued
a Notice Concerning the Establishment of Security Review Procedure on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors,
or Security Review Regulations, which became effective on March 5, 2011. The Security Review Regulations cover acquisitions by foreign
investors in a broad range of PRC enterprises if such acquisitions could result in de facto control by foreign investors and the
enterprises are relating to military, national defense, important agriculture products, important energy and natural resources, important
infrastructures, important transportation services, key technologies and important equipment manufacturing operations. The scope
of the review includes whether the acquisition will impact the national security, economic and social stability, and the research and
development capabilities on key national security related technologies. Foreign investors should submit a security review application
to the Department of Commerce for its initial review for contemplated acquisition. If the acquisition is considered to be within the
scope of the Security Review Regulations, the Department of Commerce will transfer the application to a joint security review committee
within five business days for further review. The joint security review committee, consisting of members from various PRC government
agencies, will conduct a general review and seek comments from relevant government agencies. The joint security review committee may
initiate a further special review and request the termination or restructuring of the contemplated acquisition if it determines that
the acquisition will result in significant national security issue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Security Review Regulations will potentially subject a large number of mergers and acquisitions transactions by foreign investors in
China to an additional layer of regulatory review. Currently, there is significant uncertainty as to the implication of the Security
Review Regulations. Neither the Department of Commerce nor other PRC government agencies have issued any detailed rules for the implementation
of the Security Review Regulations. If, for example, our potential initial business combination is with a target company operating in
the PRC in any of the sensitive industries identified above, the transaction will be subject to the Security Review Regulations,
and we may have to spend additional resources and incur additional time delays to complete any such acquisition. We may also be prevented
from pursuing certain investment opportunities if the PRC government considers that the potential investments will result in a significant
national security issue.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>In
the event we successfully consummate a business combination with a PRC Target Company, we will be subject to subsequent
restrictions on dividend payments.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">After we consummate our initial business combination,
we may rely on dividends and other distributions from our operating company to provide us with cash flow and to meet our other obligations.
Current regulations in China would <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">permit our operating company
in China to pay dividends to us only out of its accumulated distributable profits, if any, determined in accordance with Chinese accounting
standards and regulations. In addition, our operating company in China will be required to set aside at least 10% (and up to an
aggregate maximum amount equal to half of its registered capital) of its accumulated profits each year. Such cash reserve may
not be distributed as cash dividends. In addition, if our operating company in China incurs debt on its own behalf in the future, the
instruments governing the debt may restrict its ability to pay dividends or make other payments to us.</FONT></P>

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, The PRC Enterprise Income Tax Law, or the EIT Law, and its implementation rules provide that a withholding tax rate of up to
10% will be applicable to dividends payable by Chinese companies to non PRC-resident enterprises unless otherwise exempted or reduced
according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC-resident
enterprises are incorporated.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
response to the persistent capital outflow in China and the RMB&rsquo;s depreciation against the U.S. dollar in the fourth quarter of
2016, the People&rsquo;s Bank of China and SAFE implemented a series of capital control measures in early 2017, including stricter
vetting procedures for domestic companies to remit foreign currency for overseas investments, dividend payments and shareholder loan
repayments. The PRC government may continue to strengthen its capital controls, and more restrictive and substantial vetting processes
may be put forward by SAFE for cross-border transactions falling under both a company&rsquo;s current account and  capital
account. Any limitation on the ability of our PRC subsidiary to pay dividends or make other kinds of payments to us could materially
and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or
otherwise fund and conduct our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we make equity compensation grants to persons who are PRC citizens, they may be required to register with SAFE. We may also face regulatory uncertainties that could restrict our ability to adopt
equity compensation plans for our directors and employees and other parties under PRC laws.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 6, 2007, SAFE issued the Operating Procedures for Administration of Domestic Individuals Participating in the Employee Stock Ownership
Plan or Stock Option Plan of An Overseas Listed Company, also known as Circular 78. It is not clear whether Circular 78 covers all forms
of equity compensation plans or only those which provide for the granting of share options. For any plans which are so covered and are
adopted by a non-PRC listed company, such as our company in the event we consummate a business combination with a PRC Target Company,
 Circular 78 requires all plan participants who are PRC citizens to register with and obtain approvals from SAFE prior to
their participation in the subject plan. We believe that the registration and approval requirements contemplated in Circular 78 will be burdensome and time
consuming.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
consummation of business combination with a PRC Target Company, we may adopt an equity incentive plan and make share option grants
under the plan to our officers, directors and employees, whom may be PRC citizens and be required to register with SAFE. If it is determined
that any of our equity compensation plans are subject to Circular 78, failure to comply with such provisions may subject us and participants
of our equity incentive plan who are PRC citizens to fines and legal sanctions and prevent us from being able to grant equity compensation
to our PRC employees. In that case, our ability to compensate our employees and directors through equity compensation would be hindered
and our business operations may be adversely affected.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue
in the future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of certain taxable assets, including, in particular,
equity interests in a PRC resident enterprise, by a non-resident enterprise by promulgating and implementing SAT Circular 59 and Circular
698, which became effective in January 2008, and a Circular 7 in replacement of some of the existing rules in Circular 698, which became
effective in February 2015.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Under
Circular 698, where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring the equity interests of a PRC
&ldquo;resident enterprise&rdquo; indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise,
being the transferor, may be subject to PRC corporate income tax, if the indirect transfer is considered to be an abusive use of company
structure without reasonable commercial purposes. As a result, gains <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">derived
from such indirect transfer may be subject to PRC tax at a rate of up to 10%. Circular 698 also provides that, where a non-PRC resident
enterprise transfers its equity interests in a PRC resident enterprise to its related parties at a price lower than the fair market value,
the relevant tax authority has the power to make a reasonable adjustment to the taxable income of the transaction.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2015, the SAT issued Circular 7 to replace the rules relating to indirect transfers in Circular 698. Circular 7 has introduced
a new tax regime that is significantly different from that under Circular 698. Circular 7 extends its tax jurisdiction to not only indirect
transfers set forth under Circular 698 but also transactions involving transfer of other taxable assets, through the offshore transfer
of a foreign intermediate holding company. In addition, Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public
securities market. Circular 7 also brings challenges to both the foreign transferor and transferee (or other person who is obligated
to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an &ldquo;indirect transfer&rdquo; by transferring
taxable assets indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise being the
transferor, or the transferee, or the PRC entity which directly owned the taxable assets may be required to report such indirect
transfer to the relevant tax authority. Using a &ldquo;substance over form&rdquo; principle, the PRC tax authority may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC corporate income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may face uncertainties on the reporting and consequences on future private equity financing transactions, share exchanges or other
transactions involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities
may pursue such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and request
our PRC subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become at risk of
being subject to filing obligations or being taxed, under Circular 59 or Circular 698 and Circular 7, and may be required to expend valuable
resources to comply with Circular 59, Circular 698 and Circular 7 or to establish that we and our non-resident enterprises should not
be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC tax authorities have the discretion under SAT Circular 59, Circular 698 and Circular 7 to make adjustments to the taxable capital
gains based on the difference between the fair value of the taxable assets transferred and the cost of investment. Although we currently
have no plans to pursue any acquisitions in China or elsewhere in the world, we may pursue acquisitions in the future that may involve
complex corporate structures. If we are considered a non-resident enterprise under the PRC corporate income tax law and if the PRC tax
authorities make adjustments to the taxable income of the transactions under SAT Circular 59 or Circular 698 and Circular 7, our income
tax costs associated with such potential acquisitions will be increased, which may have an adverse effect on our financial condition
and results of operations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
approval of the China Securities Regulatory Commission is not required in connection with this offering, however, if required, we cannot
predict whether we will be able to obtain such approval.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
M&amp;A Regulations include, among other things, provisions that purport to require any offshore special purpose vehicle that is controlled
by PRC companies or individuals and formed for the purpose of seeking a public listing on an overseas stock exchange through acquisition
of PRC domestic companies to obtain the approval of the CSRC prior to the listing and trading of its securities on an overseas stock
exchange. On September 21, 2006, the CSRC published on its official website procedures specifying documents and materials required to
be submitted to it by any such special purpose vehicle seeking CSRC&rsquo;s approval of overseas listings. However, substantial uncertainty
remains regarding the scope and applicability of the M&amp;A Regulations and the CSRC approval requirement to offshore special purpose
vehicles.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Opinions jointly issued by the General Office of the Central Committee of the Communist Party of China and the General
Office of the State Council, which were made available to the public on July 6, 2021, call for strengthened regulation over illegal securities
activities and supervision of overseas listings by China-based companies and propose to take effective measures, such as promoting the
development of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. The Opinions
also provide that the State Council will revise provisions regarding the overseas issuance and listing of shares by companies limited
by shares and <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will
clarify the duties of domestic regulatory authorities. As of the date of this prospectus, no official guidance and related implementation
rules have been issued in relation to the recently issued Opinions and the interpretation and implementation of the Opinions remain unclear
at this stage.</FONT></FONT></P>

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




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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our understanding of the current PRC laws and regulations, our company is not required to obtain any prior permission under the M&amp;A
Regulations or the Opinions from any PRC governmental authorities (including the CSRC) for consummating this offering, given that: (a)
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus
are subject to the M&amp;A Regulations; and (b) our company is a blank check company newly incorporated in the Cayman Islands rather
than in China and currently our company does not own or control any equity interest in any PRC company or operate any business in China.
As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions or regulatory objection to this offering
from the CSRC or any other PRC governmental authorities. However, there remains some uncertainty and no assurance as to how our interpretations
to the M&amp;A Rules and the Opinions will be interpreted or implemented by the relevant PRC governmental authorities, including the
CSRC, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or adopt new interpretation of existing
rules that would require us to obtain CSRC or other PRC governmental approvals for this offering or, in the context of an overseas offering
or if we decide to consummate the business combination with a target business based in and primarily operating in China.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
CAC, issued the draft amendment to the Cybersecurity Review Measures in July 2021, which provides, among other things, that an application
for cybersecurity review shall be made by an issuer who is a critical information infrastructure operator or a data processing operator
as defined therein before such issuer&rsquo;s listing in a foreign country if the issuer possesses personal information of more than
one million users, and that the relevant governmental authorities in the PRC may initiate cybersecurity review if such governmental authorities
determine an operator&rsquo;s cyber products or services, data processing or potential listing in a foreign country affect or may affect
national security. Such draft amendment was released for public comment, and its provisions and anticipated adoption or effective date
are subject to changes and thus its interpretation and implementation remain substantially uncertain.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the application of the M&amp;A Rules remains unclear, we believe that the CSRC approval will not be required in the context
of this offering. However, there can be no assurance that the relevant PRC government agencies, including the CSRC, will reach
the same conclusion. If the CSRC or another PRC governmental authority subsequently determines that its approval is needed for this offering,
or for our business combination with PRC Target Company, or approval obtained for the business combination is subsequently rescinded,
we may face adverse actions or sanctions by the CSRC or other PRC governmental authorities. These governmental authorities may delay
this offering or a potential business combination, impose fines and penalties, limit our operations in China, or take other actions that
could result in our inability to consummate an initial business combination with a China-based business, or materially adversely affect
our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our securities or
the continued listing on U.S. exchange.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we decide to consummate our business combination with a target business based in and primarily operating in China, the combined company&rsquo;s
business operations in China through its subsidiaries, as applicable, will be subject to relevant requirements to obtain applicable
licenses from PRC governmental authorities under relevant PRC laws and regulations.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in China&rsquo;s economic, political or social conditions or government policies could have a material adverse effect on the PRC or Hong
Kong target company&rsquo;s business and results of operations we may pursue in the future.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our initial business combination target is a PRC or Hong Kong company with operations in China or Hong Kong, its business, prospects,
financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions
in China generally and by continued economic growth in China as a whole.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. To date, the government still owns a substantial
portion of productive assets in China. Although the Chinese government has implemented measures emphasizing the utilization of market
forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate governance
in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the Chinese
government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese government
also exercises significant control over China&rsquo;s economic growth through allocating resources, controlling payment of foreign currency-denominated
obligations, setting monetary policy, and providing preferential treatment to particular industries or companies. Given the Chinese government&rsquo;s
significant oversight and discretion over the conduct of business of any China based company that we may target for an initial business
combination, the Chinese government may intervene or influence the operations of our target at any time, which could result in a material
change in our operations and/or value of our ordinary shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
the Chinese economy has experienced significant growth over past decades, growth has been uneven, both geographically and among various
industries of the economy. Any adverse changes in economic conditions in China, in the policies of the Chinese government or in
the laws and regulations in China could materially adversely affect the overall economic growth of China. Such developments could adversely
affect our business and operating results, reducing demand for our services and adversely affecting our competitive position.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures may benefit the overall Chinese economy, but may negatively affect us. In the past the Chinese government has implemented certain
measures, including interest rate adjustments, to control the pace of economic growth. These measures may decrease economic activity
in China, which may adversely affect our business and operating results.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>You
may face difficulties in protecting your interests and exercising your rights as a shareholder if we were to conduct substantially all
of our operations in China, and almost all of our officers and directors currently and will likely reside outside the U.S.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we are incorporated in the Cayman Islands, our initial business combination target may be a PRC or Hong Kong company with substantially
all of its operations in China. Further, all of our current officers and almost all of our directors reside outside the U.S. and substantially
all of the assets of those persons are located outside of the U.S. It may be difficult for you to conduct due diligence on the Company
or such directors in your election of the directors and attend shareholders meeting if the meeting is held in China. We would likely
have one shareholder meeting each year at a location to be determined by us, potentially in China. As a result of all of the above,
our public shareholders may have more difficulty in protecting their interests through actions against our management, directors or major
shareholders than would shareholders of a corporation doing business entirely or predominantly within the U.S.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Governmental
control of currency conversion may affect the value of your investment.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
out of China. Our initial business combination target may be a PRC company with substantially all of its revenues in RMB. If a VIE structure
is required for the PRC Target Company, all of our income will be primarily derived from dividend payments from PRC subsidiaries. Shortages
in the availability of foreign currency may restrict the ability of the PRC subsidiaries to remit sufficient foreign currency to pay
dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. Under existing PRC foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. However,
approval from appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China
to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion
restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents
us from obtaining sufficient foreign currency to satisfy our currency demands post business combination, we may not be able to pay dividends
in foreign currencies to our security-holders</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we were to acquire a PRC company, the PRC regulation on loans to, and direct investment in, our PRC subsidiary by offshore holding companies
and governmental control in currency conversion may restrict our ability to make loans to or capital contributions to our PRC subsidiary,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to acquire a PRC-based company, it may become necessary or desirable for us to make loans or capital contributions to our
PRC subsidiary after the completion of our initial business combination. Our ability to make such loans or capital contributions may
be restricted by certain PRC laws and regulations, including but not limited to SAFE Circular 19 or SAFE Circular 16,
each implemented by SAFE, each of which imposes limitations on offshore entities in transferring foreign
currencies to PRC persons.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of the various requirements imposed by PRC regulations, for example, SAFE Circular 19 and SAFE Circular 16, on loans to, and direct
investment in, our PRC subsidiary by offshore holding companies, and the fact that the PRC government may at its discretion restrict
access to foreign currencies for current account transactions in the future, we cannot assure you that we will be able to complete the
necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future
loans by us to our PRC subsidiary or with respect to future capital contributions by us to our PRC subsidiary. If we fail to complete
such registrations or obtain such approvals, our ability to conduct our business post business combination and to capitalize or otherwise
fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund
and expand our business.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_004"></A>CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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



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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_005"></A>ENFORCEABILITY
OF CIVIL LIABILITIES</B></FONT></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">recognize
    or enforce against us judgments of U.S. courts based on certain civil liability provisions of U.S. securities laws; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    given by a foreign court of competent jurisdiction;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">imposes
    on the judgment debtor a liability to pay a liquidated sum for which the judgment has been given;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    final;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    not in respect of taxes, a fine or a penalty; </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
    not obtained by fraud; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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

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

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

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




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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="j_006"></A><B>USE
OF PROCEEDS</B></FONT></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Without </B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Over-Allotment</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Option</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Over-Allotment Option Exercised</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross proceeds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: left">From offering</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">75,000,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">86,250,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">From private placement</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,500,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">4,950,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total gross proceeds</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">79,500,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">91,200,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offering expenses<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Non-contingent underwriting discount (2.0% of gross proceeds from offering, which excludes the deferred underwriting discounts and commissions of up to 3.5% of gross proceeds from offering)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,500,000</FONT></TD><TD STYLE="text-align: left">(2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 1,725,000</FONT></TD><TD STYLE="text-align: left"> <SUP>(2)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Initial trustee fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">D&amp;O insurance fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Nasdaq listing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">SEC registration fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,593</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,593</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Miscellaneous expenses</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">115,030</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">115,030</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total offering expenses (not including deferred underwriting discounts and commissions)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,400,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,625,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net proceeds of the offering and private placement<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Held in trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 76,500,000</FONT></TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,975,000</FONT></TD><TD STYLE="text-align: left"><SUP>(3)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Not held in trust</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">600,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">600,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total net proceeds (including deferred underwriting discounts and commissions)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">77,100,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">88,575,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use of net proceeds not held in trust<SUP>(4)(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Legal, accounting and other third-party expenses attendant to the search for target businesses and to the due diligence investigation, structuring and negotiation of a business combination</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">250,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.67</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Due diligence of prospective target businesses by officers, directors and initial shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.66</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Payment of administrative fee to Luminous Success LLC ($10,000 per month for up to 18 months), subject to deferral as described herein</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">180,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.00</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Working capital to cover miscellaneous expenses, D&amp;O insurance, general corporate purposes, liquidation obligations and reserves</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">100,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16.67</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">600,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100.00</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 24pt"></TD></TR></TABLE>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the non-refundable portion of the Nasdaq
    listing fee and a portion of the legal and audit fees, have 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No discounts or commissions
    will be paid with respect to the purchase of the private units.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 underwriters in an amount of up to 3.5% of the total gross proceeds raised
    in the offering described below.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of proceeds
    not held in trust will remain constant at $600,000 even if the over-allotment is exercised.</FONT></TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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. The amount in the table
    above does not include interest available to us from the trust account. Based on current interest rates, we would expect approximately
    $7,650 (or approximately $8,796 if over-allotment option is exercised) to be available to us annually from interest earned on the
    funds held in the trust account; however, we can provide no assurances regarding this amount. This estimate assumes an interest rate
    of [0.01]% per annum based upon current yields of securities in which the trust account may be invested.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has agreed to purchase an aggregate of 450,000 private units at a price of $10.00 per private unit ($4,500,000 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 underwriters, 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 495,000 private units) <I>pro rata</I> with the amount of the over-allotment option exercised so that at least
$10.20 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is exercised in
full or part. These additional private units will be purchased in a private placement that will occur simultaneously with the purchase
of units resulting from the exercise of the over-allotment option. All of the proceeds we receive from these purchases will be placed
in the trust account described below.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$76,500,000,
or $87,975,000 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 implemented under the Investment Company Act
of 1940 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.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment to Luminous Success LLC of a monthly fee of $10,000 is for general and administrative services including office space, utilities
and secretarial support. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination
by our audit committee that we lack sufficient funds held outside the trust account to pay actual or anticipated expenses in connection
with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date
of the consummation of our initial business combination. This arrangement is being agreed to by Luminous Success LLC for our benefit.
We believe that the fee charged by Luminous Success LLC is at least as favorable as we could have obtained from an unaffiliated person.
This arrangement will terminate upon completion of our initial business combination or the distribution of the trust account to our public
shareholders. Other than the $10,000 per month fee, no compensation of any kind (including finder&rsquo;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.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regardless
of whether the over-allotment option is exercised in full, 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 $600,000. 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.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 underwriters in an amount up to 3.5% 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&rsquo; operations, for strategic acquisitions and for marketing, research and development of existing or new products.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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, Luminous Success LLC, has agreed to advance us the funds necessary
to complete such liquidation (currently anticipated to be no more than $18,500) and has agreed not to seek repayment of such expenses.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, Luminous Success LLC, had loaned to us an aggregate of $49,362 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. If we
determine not to proceed with the offering, such amounts would not be repaid.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 the Company funds as may be required (&ldquo;Working Capital Loans&rdquo;), from
time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced by a promissory
note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender&rsquo;s
discretion, up to $500,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. 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.</FONT></P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="j_007"></A><B>DIVIDEND
POLICY</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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&rsquo; ownership at 20% 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.</FONT></P>

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><A NAME="j_008"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DILUTION</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, our net tangible book value was a deficit of $(49,362) or approximately $(0.03) per share. After giving
effect to the issuance of additional founder shares in January 2022 and sale of 7,500,000 (or 8,625,000 if the underwriters exercise
their over-allotment option in full) ordinary shares included in the units we are offering by this prospectus, and the deduction of underwriting
discounts and estimated expenses of this offering, and the sale of the private units, our pro forma net tangible book value at December
31, 2021 would have been ($0.86) per share, representing an immediate decrease in net tangible book value of $(0.83) per share
to our insiders and an immediate dilution of 108.64% per share or $10.86 to new investors not exercising their redemption rights. For
purposes of presentation, our pro forma net tangible book value after this offering is $76,500,000 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 7,500,000 shares sold in this offering.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">No exercise of over-allotment <BR>option</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Exercise of <BR>over-allotment option in full</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%">Public offering price</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">10.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net tangible book value before this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.03</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.02</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decrease attributable to public shareholders and sale of the private placement warrants<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.83</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.89</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Pro forma net tangible book value after this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.86</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.91</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dilution to public shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.91</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Percentage of dilution to public shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108.86</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">109.10</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 0.5in">(1)</TD>
    <TD> Calculation also accounts for decrease attributable to public shares subject to redemption.</TD></TR>
  </TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 underwriters&rsquo;
over-allotment option) by $76,500,000 because holders of up to 100% of our public shares may redeem their shares for a pro rata shares
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to
the commencement of our tender offer or shareholders meeting, including interest 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.</FONT></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shares Purchased</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total Consideration</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average <BR> Price <BR> Per Share</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Amount</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Percentage</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Initial shareholders<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,875,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">19.08</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.03</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.013</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shares underlying private unit</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">450,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.58</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.66</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10.00</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">New investors</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">7,500,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">76.34</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">75,000,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">94.31</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">$</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">10.00</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,825,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">79,525,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">100</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>



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

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

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; vertical-align: top; width: 0.5in">(1)</TD>
    <TD> Assumes the over-allotment option has not been exercised and an aggregate of 281,250 ordinary shares held by our initial shareholders have been forfeited as a result thereof.</TD></TR>
  </TABLE>


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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Without Over- <BR>allotment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">With Over- <BR>allotment</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Numerator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 60%; text-align: left">Net tangible book deficit before this offering</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">(49,362</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">(49,362</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net proceeds from this offering and sale of the private placement warrants, net of expenses<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,100,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,575,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Plus: Offering costs paid in advance, excluded from tangible book value</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Less: Deferred underwriters&rsquo; commissions payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,625,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,018,750</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less: Proceeds held in trust subject to redemption</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(76,500,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(87,975,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,008,862</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(2,402,612</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Denominator:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Shares of ordinary shares outstanding prior to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Less: Shares of ordinary shares forfeited if over-allotment is not exercised</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(281,250</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Shares of ordinary shares included in the units offered</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,500,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,625,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Shares of ordinary shares issued to Private Units shareholder</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">450,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">495,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Less: Shares subject to redemption</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,500,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,625,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,325,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,651,250</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_009"></A>CAPITALIZATION</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our capitalization at December 31, 2021 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">As at December 31, 2021</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Actual</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>As Adjusted<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">(Unaudited)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Promissory Note &ndash; related party<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">49,362</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 16%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Deferred underwriting discounts and commissions payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,625,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ordinary shares, $0.0001 par value, 500,000,000 shares authorized; 0 and 7,500,000 shares are subject to possible redemption, actual and as adjusted, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,500,000</TD><TD STYLE="text-align: left"><SUP>(2)</SUP></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, $0.0001, 500,000,000 shares authorized, 2,156,250 shares issued and outstanding as of December 31, 2021; 2,325,000 <SUP>(3) </SUP>shares issued and outstanding (excluding 281,250 shares subject to possible conversion/tender), as adjusted</FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">233</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,009,095</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total shareholders&rsquo; (deficit) equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,138</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,008,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total capitalization</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">65,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">77,116,138</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2021,
    Luminous Success LLC had loaned to us an aggregate of $49,362 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 subsequently accredited at redemption value.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actual
share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted amount assumes no exercise of the underwriters&rsquo;
over-allotment option and, consequently, forfeiture of an aggregate of 281,250 insider shares by our sponsor.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><A NAME="j_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MANAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS OF </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a blank check company incorporated in the Cayman Islands on August 20, 2021 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may significantly reduce
    the equity interest of our shareholders;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may
subordinate the rights of holders of ordinary shares if we issue preferred shares with rights senior to those afforded to our ordinary
shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may have the effect of
    delaying or preventing a change of control of us by diluting the share ownership or voting rights of a person seeking to obtain control
    of us; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">may adversely affect prevailing
    market prices for our securities.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
if we issue debt securities, it could result in:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">default and foreclosure
    on our assets if our operating revenues after a business combination are insufficient to pay our debt obligations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">acceleration
    of our obligations to repay our 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our immediate payment of
    all principal and accrued interest, if any, if the debt security is payable on demand;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our inability to pay dividends
    on our ordinary shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations on our flexibility
    in planning for and reacting to changes in our business and in the industry in which we operate;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased vulnerability
    to adverse changes in general economic, industry and competitive conditions and adverse changes in government regulation; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limitations on our ability
    to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements, execution of our strategy
    and other purposes and other disadvantages compared to our competitors who have less debt</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
indicated in the accompanying financial statements, at December 31, 2021, we had $0 of cash and a working capital deficit of $49,362.
Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management&rsquo;s
plans to address this uncertainty through this offering are discussed above. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
liquidity needs have been satisfied to date through receipt of $25,000 in August 2021 and October 2021 from the sale of
the insider shares and a loan from our sponsor, in an aggregate amount of approximately $49,362 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 $900,000
and underwriting discounts and commissions of $1,500,000 (or $1,725,000 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 $4,500,000 (or
$4,950,000 if the over-allotment option is exercised in full), will be $77,100,000 (or $88,875,000 if the over-allotment option is exercised
in full) (including the deferred underwriting discounts and commissions). Of this amount, $76,500,000 (or $87,975,000 if the over-allotment
option is exercised in full) will be held in the trust account. The remaining $600,000 (whether or not the over-allotment option is exercised
in full) will not be held in the trust account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 underwriters in an amount up to 3.5% 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&rsquo; operations, for strategic acquisitions and for marketing, research and development of existing or new products.
Such funds could also be used to repay any operating expenses or finders&rsquo; fees which we had incurred prior to the completion of
our initial business combination if the funds available to us outside of the trust account were insufficient to cover such expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Over
the next 18 months (or up to 27 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$70,000
    of expenses for the due diligence and investigation of and negotiation with a target business by our officers, directors and
    initial shareholders;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$250,000 of expenses in
    legal and accounting fees relating to our SEC reporting obligations; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$180,000
    for the payment of the administrative fee to Luminous Success LLC (of $10,000 per month for up to 18 months), subject to deferral
    as described in this prospectus; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,000 for general working
    capital that will be used for miscellaneous expenses, including director and officer liability insurance premiums.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our estimates of the costs of undertaking 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 if 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Related
Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">In September
2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021,
Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares to our
sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate of
110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider
shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred the
bonus shares that they received to our sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, Luminous Success LLC loaned to us an aggregate amount of $49,362, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obligated, commencing from the date that our securities are first listed on Nasdaq through the earlier of our consummation
of a business combination and our liquidation, to pay Luminous Success LLC, our sponsor, a monthly fee of $10,000 for general
and administrative services. Our sponsor, Luminous Success LLC, will agree to make available to us certain general and administrative
services, including office space, administrative and support services, as we may require from time to time. 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,
amount up to $500,000 may be converted into private units at a price of $10.00 per unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters, 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 495,000 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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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&rsquo;s discretion, up to $500,000 of the notes may be converted upon consummation of our business combination into private units
at a price of $10.00 per unit. 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 718 &mdash; Compensation &mdash; Stock Compensation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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&rsquo;s discretion, up to $500,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Controls
and Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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,
2023. As of the date of this prospectus, we have not completed an assessment of internal controls, nor have our auditors
tested our systems. 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">staffing for financial, accounting and external reporting
    areas, including segregation of duties;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reconciliation of accounts;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">proper recording of expenses and liabilities in the
    period to which they relate;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evidence of internal review and approval of accounting
    transactions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">documentation of processes, assumptions and conclusions
    underlying significant estimates; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">documentation of accounting policies and procedures.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
our management&rsquo;s report on internal controls is complete, we will retain our independent auditors to audit and render an opinion
on such report when, or if, required by Section 404 of the Sarbanes-Oxley Act. The independent auditors may identify additional
issues concerning a target business&rsquo;s internal controls while performing their audit of internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quantitative
and Qualitative Disclosures about Market Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 implemented
under the Investment Company Act of 1940 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>JOBS
Act</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 &ldquo;emerging growth company&rdquo; and under the JOBS Act will be allowed to
comply with new or revised accounting pronouncements based on the effective date for private (not publicly traded) companies. We are
electing to delay the adoption of new or revised accounting standards, and as a result, we may not comply with new or revised accounting
standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. As such, our financial
statements may not be comparable to companies that comply with public company effective dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 &ldquo;emerging growth company&rdquo;, we choose to rely on such exemptions
we may not be required to, among other things, (i) provide an independent registered public accounting firm&rsquo;s attestation report
on our system of internal controls over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure
that may be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor&rsquo;s
report providing additional information about the audit and the financial statements(auditor discussion and analysis), and (iv) disclose
certain executive compensation related items such as the correlation between executive compensation and performance and comparisons of
the CEO&rsquo;s compensation to median employee compensation. These exemptions will apply for a period of five years following the completion
of this offering or until we are no longer an &ldquo;emerging growth company,&rdquo; whichever is earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="j_011"></A><B>PROPOSED
BUSINESS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Introduction</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a newly incorporated blank check company 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&rsquo;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, reorganization or similar business combination with one or more businesses, which we refer to throughout
this prospectus as our initial business combination. Although we reserve the right to pursue opportunities in other industries and regions,
the Company intends to focus on operating businesses in the biotechnology or TMT industries in Asia or North America evaluated
based on, among other things, sustainability and ESG imperatives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Industry
Overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search on biotechnology
or TMT industries in Asia, evaluated based on, among other things, sustainability and ESG imperatives. We believe our target industries
are attractive for a number of reasons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">global biotechnology market size is expected to
reach $2.44 trillion by 2028, where Asia Pacific is expected to expand at the fastest compound annual growth rate, or CAGR, of approximately
16.8% from 2021 to 2028, owing to favorable government initiatives and changes in drug approval regulations in India and China. The health
application segment accounted for approximately 48.6% of the global biotechnology market in 2020, owing to the COVID-19
impact, prevalence of diseases, increasing focus on the development of regenerative medicines, and improving healthcare infrastructure.
The increasing expenditures on research and development, or R&amp;D, by biotechnology companies are predicted to contribute to
the growth of the biotechnology services market. The worldwide pharmaceutical R&amp;D spend is expected to reach over $230 billion
by 2026, an approximately 50% increase from 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">The
global telecommunications, media and technology market size is expected to reach $2.47 trillion by 2028, and to expand at a CAGR
of approximately 5.4% from 2021 to 2028. In 2020, Asia Pacific accounted for the largest revenue share of the global market at over 32.0%
and is anticipated to maintain its lead over the forecast period. This is mainly due to the rapidly growing population, rising internet
penetration rate, and significant increase in adoption of smartphones. There was a dramatic uptake of digital technologies across
key economies in Southeast Asia, with approximately 40 million people coming online for the first time in 2020 alone, bringing the total
number of SEA internet users to 400 million. Furthermore, time spent online per day rose by an average of one hour across
ASEAN countries, with the highest spike in the Philippines, where consumers spent more than five hours a day online. The
unique mobile subscriber penetration rate in the Asia-Pacific region (excluding China) was at approximately 58% in 2020. Statista forecasts
that this number will reach approximately 62% by 2025, which translates to a 4% CAGR between 2020 and 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strong
venture capital, or VC, investment trends are expected to continue in Asia, particularly in areas such as fintech, e-commerce, edtech,
logistics, health and biotechnology, which we believe will support our pursuit of a business combination in our aforementioned target
industries. According to KPMG, funding levels continued at a robust pace throughout the Asia-Pacific ecosystem in the first half
of 2021, with approximately $38 billion invested across 1,998 deals. The highly competitive Southeast Asia market attracted a
number of large deals, including Indonesia-based express delivery company J&amp;T Express&rsquo; approximately $2 billion raise. In addition,  mergers and acquisitions, or M&amp;A, activities in the Asia-Pacific
region also hit an all-time high in the first half of 2021, amid market recovery from the COVID-19 pandemic. M&amp;A values targeting
the region rose to approximately $535 billion, while cross-border transactions have also increased by almost 3 times year on year to
approximately $159 billion. The technology sector led deal activities in the region, accounting for 28% of the cumulative deal value
in the first half-year period. Furthermore, the appetite for deals in Asia-Pacific is at its highest level since 2010, with almost
90% of companies in the region indicating that they are on the lookout for cross-border acquisitions in the next 12 months, compared
with approximately 65% of companies globally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special-purpose
acquisition companies, or SPACs, are also gaining attention in Asia, with the Singapore Exchange (SGX-ST) announcing new rules
that enable SPACs to list on its mainboard, effective from September 3, 2021. Similarly, the Hong Kong Stock Exchange (HKEX) has announced
new rules that enable SPACs to list on its stock exchange, effective from January 1, 2022. We believe these developments signal
a robust untapped universe of potential target businesses in Asia looking for a SPAC like ours, with a respected and experienced management
team uniquely positioned to connect an IPO-ready capital-seeking target with long-term value-seeking investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
potential target businesses will be evaluated based on, among other things, sustainability and ESG imperatives, as we believe that these
will be key to enhancing value creation, ensuring long-term risk mitigation and identifying sustainable growth opportunities for the
post-combination entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Competitive Advantages</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management team consists of directors and officers that have significant operational and leadership experience in the biotechnology and
TMT industries in North America and Asia, as well as expertise in SPACs. Our team is led by Mr. Wai-Lun William Ip, our chief
executive officer, and Mr. Satoshi Tominaga, our chief financial officer. Please refer to the section titled &ldquo;<I>Management</I>&rdquo;
for information on the experience of our officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
aim to leverage the following competitive advantages to find a suitable business combination target:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Experienced
Leadership</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management consists of</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> a strong team of enterprise-builders
and value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
chief executive officer, Mr. Ip, has over 26 years of investment banking experience in Asia, with emphasis on East and Southeast Asia,
the U.S. and Western Europe, covering cross-border M&amp;A, initial public offering, or IPO, sponsorship, pre-IPO fund raising,
equity capital market and financial advisory transactions. We believe that his deal origination and fundraising experience, as well as
his extensive networks, will be of significant advantage to us in sourcing a target that ensures the success of the business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Tominaga, our chief financial officer, has been involved in multiple SPACs, including serving as an independent director of Tottenham
Acquisition I Limited, which successfully merged with clinical-stage biopharmaceutical company Clene Nanomedicine, Inc., or Clene, in
December 2020. We believe Mr. Tominaga&rsquo;s first-hand experience will be valuable throughout the entire SPAC IPO process and in selecting
target companies for acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Accomplished
Board of Directors  with Industry Knowledge and Expertise</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors  have highly relevant industry expertise dealing with private equity markets, regulatory bodies, due diligence,
and IPO processes in North America, Europe, Asia, and the Middle East.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Michael L. Coyne, one of our independent directors, has spent over half a decade in capital market investment, business development,
and deal origination, having dealt with a portfolio of companies ranging from technology to biotechnology to SPACs and closed-end funds.
He has participated in various SPAC transactions in a variety of roles, from underwriting to private investment in public equity,
or PIPE, and risk capital sourcing, and is well-versed with every stage of the SPAC lifecycle. His expertise and advice will be invaluable
for us in executing a successful business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Gable F. Gao, one of our independent directors, has extensive investment banking and private equity experience spanning over 27 years
across North America, the Middle East and East Asia. Mr. Gao is currently the chairman and co-founder of MTech (Shanghai) Information
Technology Co. Ltd., a technology accelerator and investment company, and has invested in and worked with many promising companies in
technological fields such as gaming, artificial intelligence, fintech, and biomedical technology. In addition to his tenure with some
of the largest conglomerates in China, such as Fosun Group, he was also single-handedly responsible for setting up one of the first China
offices among sovereign wealth funds and active financial institutions from the Middle East during his time with Dubai-headquartered
state-run investment firm Istithmar World. We believe his experience and extensive network will be key in securing and successfully merging
with the right business combination target.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Song Jing, one of our independent directors, has over 19 years of experience in international finance and management spanning
across North America and Asia. He is currently the chief financial officer of Guolian Securities, a mid-sized securities firm based in
Wuxi, China. Mr. Jing also previously served as the chief financial officer of China Renaissance, a leading boutique Chinese bank investment
bank in Shanghai, China. He also previously served as the Vice President at Merrill Lynch &amp; Co., Inc., in New York,
under the hedge fund development management group as well as the strategy, planning and business development division. Mr. Jing&rsquo;s
network and management expertise will enable us to execute our business combination successfully.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe their experience will be crucial to effectively position our investment strategy, assess potential acquisition candidates and
complete our business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Extensive
Network Across Global TMT Industries</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our team&rsquo;s operating and transaction experiences and relationships with investors, regulatory bodies and financial institutions
will provide us with many potential business combination targets. Over the course of their careers, they have served in a variety of
capacities in some of the largest and most prestigious institutions around the globe. Our chief executive officer Mr. Ip, for instance,
spent nearly nine years as an executive director of M&amp;A at SMBC Nikko Securities (Hong Kong) Limited, a core member of Sumitomo
Mitsui Financial Group, the second-largest listed financial institution in Japan, where his past experience at the Hong Kong
Stock Exchange and knowledge of the listing and takeover rules have been crucial in structuring deals. Our chief financial officer, Mr.
Tominaga, has also worked for SBI Holdings Inc., an internet-based financial conglomerate spun off from tech giant Softbank, and NTT
DoCoMo Inc., the largest telecommunications company in Japan. We believe the extensive network our directors collectively possess in
TMT-related industries across the globe will give us a competitive advantage when exploring potential business combination opportunities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Successful
Serial De-SPAC Experience</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to Mr. Tominaga&rsquo;s and Mr. Coyne&rsquo;s experiences with SPAC listings and transactions, our sponsor, Luminous Success
LLC, comprises of experienced managers, one of whom is Mr. Jason Wong. Mr. Wong is a seasoned SPAC expert, having been in the management
team of multiple SPACs and SPAC sponsors since 2014. He also has over 25 years of experience in fund management and capital markets investment
experience in Asia-Pacific.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wong is the chairman and the chief executive officer of Norwich Investment Limited, which sponsored Tottenham Acquisition I Limited,
a Nasdaq-listed SPAC that later merged with Clene in December 2020. He is also the chief executive officer of Ace Global Investment
Limited, which sponsored Ace Global Business Acquisition Limited, a Nasdaq-listed SPAC that announced its merger with DDC Enterprise
Limited in August 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Wong is also a founding partner and investment committee member of  Whiz Partners Asia Limited, a private equity fund dedicated to
investing in small to medium technology companies in Japan and other Asian countries, as well as Sony China Hero Fund, the first console
(PlayStation 4 and PlayStation Virtual Reality) game fund in China.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe Mr. Wong will be invaluable with his strong SPAC track record and expertise in identifying and evaluating business combination
targets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strong
Financial Position and Flexibility</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 an efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, if a business combination requires us to use substantially all of our cash to pay for the purchase
price, we may need to arrange third party financing to help fund our business combination. Since we have no specific business combination
under consideration, we have not taken any steps to secure third party financing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Strong
M&amp;A Expertise and IPO Experience</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
team consists of professionals with significant M&amp;A, capital markets, finance and private equity experience across a wide variety
of industries and market conditions and have proven track records of producing high returns for investors. We have a unique advantage
as our chief executive officer, Mr. Ip, who has previous financial regulatory experience, and the majority of the team have extensive
M&amp;A experience. Their experience will be extremely valuable as we pursue our business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe our management team gives us the technical, operational, and financial expertise that will boost our ability to identify, evaluate,
and source a target company that is ready to go public; and our team&rsquo;s breadth of experience and deep knowledge in
the biotechnology and TMT industries will support the soundness of our strategies and quality of execution. We expect to
conduct careful technology and business due diligence to identify and acquire businesses with robust value creation, healthy capacity
for cash flow generation, strong company fundamentals, and opportunities for operational improvement. Combined with the huge market potential,
we believe we will be able to streamline the target company&rsquo;s operations, improve its service offerings and product development,
and ultimately provide the capital market support needed to guide the company to obtain additional funding required for its continuous
growth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, our officers and directors are not required to commit their full time to our affairs and will allocate their time to other
businesses, and the collective experience of our officers and with blank check companies like ours is not significant. We currently 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). The past successes of our executive officers and directors do not guarantee that
we will successfully consummate an initial business combination. In addition, the members of the management team may not remain with
us subsequent to the consummation of a business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
more fully discussed in &ldquo;<I>Management &mdash; Conflicts of Interest</I>,&rdquo; if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under  Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acquisition
Strategy and Investment Criteria</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although we intend
to capitalize on the management team&rsquo;s network and focus our search on target businesses operating in the Asia and North America,
focusing on the biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. We will seek
to capitalize on the comprehensive industry experience and network of our management team to help us in sourcing, identifying, structuring
and consummating the initial business combination. Our selection process will leverage our management team&rsquo;s broad network of contacts
and relationships with various unaffiliated sources including, among others, government bodies, investment bankers, investment professionals
at private equity firms, other financial sponsors, owners of private businesses, consultants, accounting and legal firms, to provide
us with a strong pipeline of potential acquisition leads.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">Consistent
with our business strategy, we have identified a list of guidelines that we believe are important in evaluating prospective target businesses.
We will use these criteria in evaluating acquisition opportunities, but we may decide to enter into a business combination with a target
business that does not meet these guidelines. In addition to having a strong equity story, we intend to acquire a company with the following
attributes: </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Unique
    capabilities to address unmet needs</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are seeking a target company focused on innovating to solve unaddressed problems in the biotechnology or TMT industry. We seek to
    acquire a company committed to achieving results to improve its industry through ground breaking products, technologies, or
    services.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Competitive
    position in a sizeable market</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will analyze the strengths of the target company and choose a target company that has demonstrated the ability to stand out from
    its peers in a large addressable market. The company should have novel and enduring qualities that will allow it to disrupt
    market incumbents or deter the entry of new competitors. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Value-oriented
    and experienced management team</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    seek a leadership team with a track record of creating shareholder value, driving profitability and improving operating margins in
    the firm. We also look for a team that is versatile and passionate about what their company has brings to the market. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Latent
    growth and market value </I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    will identify a firm that has significant latent growth from underexploited potential and opportunities as it expands
    into new markets. We want to enable the company to tap into new drivers of revenue. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Track
    record of generating recurring revenue</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    seek to acquire a company that has the potential for, or history of, strong cash flow generation. We want to select a firm that has
    an attractive business model with a predictable revenue stream. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Readiness
    to become a publicly-traded company </I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to choose a company that is prepared to become a public company from a management and operational standpoint. We want it
    to be able to handle the requirements of being a publicly-traded company and generate consistent revenues  after the business
    combination. </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.25in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Growth-oriented
    company </I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    seek a target that has a clear growth strategy and is focused on building its presence across the globe. We want a
    target that will benefit from the additional capital to achieve its growth strategy. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
criteria listed above are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based on this list but may also include other factors and criteria that our management team deems relevant. We believe in the
ability of our management team and our sponsor to lead rigorous sourcing and due diligence processes to seek for a target that will meet
the shareholders&rsquo; expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we intend to use these criteria in evaluating the attractiveness of potential business combination opportunities, we may ultimately decide
to enter into an initial business combination with a target business that does not meet these criteria. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose
that the target business does not meet the above criteria and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of tender offer documents or proxy solicitation materials that
we would file with the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things,
meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities,
as well as reviewing financial and other information which will be made available to us. We will also utilize our operational and capital
allocation experience. Our acquisition criteria, due diligence processes and value creation methods are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general
guidelines as well as other considerations, factors and criteria that our management may deem relevant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
Acquisition Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers or directors.
In the event we seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm 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
our initial business combination is fair to our company from a financial point of view.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Members
of our management team and our independent directors and their affiliates will directly or indirectly own ordinary shares, private units
and private warrants following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target
business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such
officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.
Additionally, each of our officers and directors presently has, and any of them in the future may have, additional fiduciary
or contractual obligations to another entity, including other blank check companies similar to our company, pursuant to which such officer
or director may be required to present a business combination opportunity to such entity. Specifically, our executive officers are affiliated
with our sponsor and other entities that make, or are looking to make, investments in companies. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has fiduciary or
contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the fiduciary duties
or contractual obligations of our executive officers will materially affect our ability to complete our business combination. For additional
information regarding our executive officers&rsquo; and directors&rsquo; business affiliations and potential conflicts of interest, see
&ldquo;<I>Management &mdash; Directors and Executive Officers&rdquo; and &ldquo;Management &mdash; Conflicts of Interest</I>.&rdquo;
Our amended and restated memorandum and articles of association provides that, subject to fiduciary duties under Cayman Islands law,
we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered
to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Initial
Business Combination with a Company Based in China or Hong Kong</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries, and although 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,
we may pursue or consummate an initial business combination with a company located or doing business in the PRC Target Company.
If our target company is a PRC Target Company, we are subjected to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to cybersecurity reviews, anti-monopoly enforcement, and regulatory review
of overseas listing of PRC companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries evaluated based on, among other things, sustainability and ESG imperatives, 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, we may pursue or consummate an initial business combination with a PRC Target
Company or with a company located or doing business in Hong Kong. If our target company is a PRC Target Company, we are subjected
to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to cybersecurity
reviews, anti-monopoly enforcement, limitation on foreign ownership of companies in certain industries, regulatory review of overseas
listing of PRC companies through a special purpose vehicle and the validity and enforcement of the VIE agreements, if the PRC Target
Company requires any of these legal requirements post business combination by us. Due to PRC legal restrictions on foreign ownership
in certain industries, neither we nor our subsidiaries may own any direct equity interest in the Target Operating Entity in a restricted
industry. Instead, we may conduct operations in China through a series of contractual arrangements with a VIE in China. Such contractual
arrangements by and among PRC subsidiaries, the VIE, and the VIE&rsquo;s shareholders may include (i) certain power of attorney agreements,
a share pledge agreement and certain loan agreements; (ii) an exclusive business cooperation agreement which allows us to receive substantially
all of the economic benefits from the VIE; and (iii) certain exclusive option agreements and certain spouse consent letters which provide
us with an exclusive option to purchase all or part of the equity interests in and/or assets of the VIE when and to the extent permitted
by PRC laws. The PRC Target Company, through contractual arrangements, can consolidate the VIE the financial results of the VIE in our
consolidated financial statements in accordance with U.S. GAAP or IFRS, if it has the power to direct activities that most significantly
impact the economic performance of the VIE and it has the obligation to absorb losses or the right to receive benefits from the VIE that
could potentially be significant to the VIE.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
contractual arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. If the VIE or its shareholders
fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the VIE may be
indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal
remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties regarding the interpretation
and enforcement of the relevant laws and regulations. Furthermore, in connection with litigation, arbitration or other judicial or dispute
resolution proceedings, assets under the name of any of record holder of equity interest in the VIE, including such equity interest of
such record holder, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed
pursuant to the contractual arrangement or that the ownership by the record holder of such equity interest will be unchallenged. See
&ldquo;<I>Risk Factors &mdash; Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China &mdash;
If the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE,
do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations</I>.&rdquo; In addition, if we acquire a target company that operates its business in the PRC through contractual arrangements,
investors in our ordinary shares following a business combination would not hold equity interests in the VIE domiciled in China that
is under our control and would instead hold equity interests in a Cayman Islands holding company. You may never directly hold equity
interests in PRC operating companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. In the event we are unable to enforce the contractual arrangements with the PRC Target
Company or the VIE entity of the PRC Target Company post business combination, we may not be able to exercise the power to direct activities
that most impact the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded
from operating the business, which will have a material adverse effect on our financial condition and results of operations. In addition,
there is uncertainty as to whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against
us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state. For a description
of the uncertainties of the VIE arrangements, see &ldquo;<I>Risk Factors</I> &mdash; <I>Risks Associated with Acquiring and Operating
a Target Business with its Primary Operation in China</I>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Effecting
a Business Combination</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 that 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
Have Not Identified a Target Business</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Sources
of Target Businesses</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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&rsquo;s fee, consulting fee or other compensation to be determined in an arm&rsquo;s
length negotiation based on the terms of the transaction. In no event, however, will any of our existing officers, directors,  or initial shareholders, or any entity with which they are affiliated, be paid any finder&rsquo;s fee, consulting fee or other
compensation prior to, or for any services they render in order to effectuate, the consummation of 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 or
another independent firm that commonly renders valuation opinions 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe the above acquisition strategy and investment criteria 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. For a
summary of the acquisition strategy and investment criteria factors, please refer to &ldquo;<I>Proposed Business &mdash; Acquisition
Strategy and Investment Criteria.</I>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 expect to conduct an extensive due diligence review which will encompass, among
other things, meetings with incumbent management and inspection of facilities, as well as review of financial and other information which
is made available to us. This due diligence review will be conducted either by our management or by unaffiliated third parties we may
engage, although we have no current intention to engage any such third parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Fair
Market Value of Target Business</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Lack
of Business Diversification</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">subject us to numerous
    economic, competitive and regulatory developments, any or all of which may have a substantial adverse impact upon the particular
    industry in which we may operate subsequent to a business combination, and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">result in our dependency
    upon the performance of a single operating business or the development or market acceptance of a single or limited number of products,
    processes or services.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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  each of
such sellers to agree that our purchase of its business is contingent on the simultaneous closings of the other acquisitions, which may
make it more difficult for us, and delay our ability to complete the business combination. With multiple acquisitions, we could also
face additional risks, including additional burdens and costs with respect to possible multiple negotiations and due diligence investigations
(if there are multiple sellers) and the additional risks associated with the subsequent assimilation of the operations and services or
products of the acquired companies in a single operating business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Limited
Ability to Evaluate the Target Business&rsquo; Management</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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&rsquo; management will prove to be correct. In addition, we cannot assure
you that the future management will have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the
future role of our officers and directors, if any, in the target business following a business combination cannot presently be stated
with any certainty. While it is possible that some of our key personnel will remain associated in senior management or advisory positions
with us following a business combination, it is unlikely that they will devote their full-time efforts to our affairs subsequent to a
business combination. Moreover, they would only be able to remain with the company after the consummation of a business combination if
they are able to negotiate employment or consulting agreements in connection with the business combination. Such negotiations would take
place simultaneously with the negotiation of the business combination and could provide for them to receive compensation in the form
of cash payments and/or our securities for services they would render to the company after the consummation of the business combination.
While the personal and financial interests of our key personnel may influence their motivation in identifying and selecting a target
business, their ability to remain with the company after the consummation of a business combination will not be the determining factor
in our decision as to whether or not we will proceed with any potential business combination. Additionally, our officers and directors
may not have significant experience or knowledge relating to the operations of the particular target business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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> shares 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> shares
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> shares 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&rsquo;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, if we seek
shareholder approval, a majority of the issued and outstanding ordinary shares voted are voted in favor of the business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 implemented 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 18 months from the closing of this offering (or up to 27 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> shares of the trust account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 131,251 of our public shares (or approximately
1.75% of our public shares) to be voted in favor of the transaction in order to have such transaction approved (assuming that only
the minimum number of issued and outstanding shares representing a quorum is present in person or by proxy at a meeting, the over-allotment
option is not exercised and the initial shareholders do not purchase any units in this offering or units or shares in the aftermarket).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 under the Exchange Act, which are rules designed to stop potential manipulation of a company&rsquo;s stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ability
to Extend Time to Complete Business Combination</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we anticipate that we may not be able to consummate our initial business combination within 18 months, we may, but are not obligated
to, extend the period of time to consummate a business combination three times by an additional three months each time (for a total of
up to 27 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, LLC 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 three month extension $750,000,
or $862,500 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 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&rsquo;s discretion, converted upon consummation of our business combination into additional private units at a price of $10.20
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion/Tender
Rights</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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> shares 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>
shares 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
his shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 &ldquo;street name,&rdquo; 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&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the holder&rsquo;s option, at any time at or prior to the vote on the
business combination. 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. 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&rsquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 his, her or 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, such shareholder may simply request that the transfer agent return the
certificate (physically or electronically).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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> shares of the trust
account. In such case, we will promptly return any shares delivered by public holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemption
of Public Shares and Liquidation if No Business Combination </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not complete a business combination within 18 months (or up to 27 months, if we extend the time to complete a business
combination as described in this prospectus) from the date that the registration statement of which this prospectus is a part of
is declared effective, our amended and restated memorandum and articles of association provide 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&rsquo; rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of 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 18 months, we may, but are not obligated to, extend the period of time to
consummate a business combination three times by an additional three months each time (for a total of up to 27 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, LLC 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 three month extension
$750,000, or $862,500 if the underwriters&rsquo; over-allotment option is exercised in full ($0.10 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&rsquo;s discretion, converted upon consummation of our business combination into additional private
units at a price of $10.20 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
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 warrants will expire and will be worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of our initial shareholders and our officers and directors has agreed to waive all 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, which will expire worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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 $10.20.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
proceeds deposited in the trust account could, however, become subject to 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luminous
Success LLC, 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 $10.20 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 $10.20 per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Competition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following also may not be viewed favorably by certain target businesses:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our obligation to redeem
    public shares held by our public shareholders may reduce the resources available to us for a business combination;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our outstanding warrants
    and the potential future dilution they represent;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our obligation to pay the
    deferred underwriting discounts and commissions to the underwriters upon consummation of our initial business combination;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    obligation to either repay or issue units upon conversion of up to $500,000 of Working Capital Loans that may be made to us
    by our initial shareholders, officers, directors or their affiliates;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD>&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the impact on the target
    business&rsquo; assets as a result of unknown liabilities under the securities laws or otherwise depending on developments involving
    us prior to the consummation of a business combination.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Facilities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
maintain our principal executive office at 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong. The cost
for this space is provided to us by Luminous Success LLC, as part of the $10,000 per month payment we make to it for office space and
related services. We consider our current office space adequate for our current operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Employees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Periodic
Reporting and Audited Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have registered our units, ordinary shares, and warrants under the Exchange Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual
report will contain financial statements audited and reported on by our independent registered public accountants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT 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, 2023. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">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 &ldquo;emerging growth companies&rdquo; 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 <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, if our non-convertible debt issued 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal
Proceedings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Comparison
to Offerings of Blank Check Companies Subject to Rule 419</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 assuming that the gross proceeds, underwriting discounts and underwriting expenses for the Rule 419 offering are
the same as this offering and that the underwriters will not exercise their 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    of the Offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    Under a Rule 419 Offering</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Escrow
    of offering proceeds</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$76,500,000
    (or $87,975,000 if the underwriters&rsquo; 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, LLC, acting as trustee.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$66,150,000
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of the offering proceeds would be required to
    be deposited into either an escrow account with an insured depositary institution or in a separate bank account established by a
    broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial interests in the account.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Investment
    of net proceeds</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    $76,500,000 (or $87,975,000 if the underwriters&rsquo; 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 of
    the Investment Company Act of 1940 and that invest solely in United States government treasuries.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Proceeds
    could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act of 1940
    or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</FONT></TD></TR>
  </TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    of the Offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    Under a Rule 419 Offering</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation
    on fair value or net assets of target business</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    of securities issued</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    units may commence trading on or promptly after the date of this prospectus. The ordinary shares and warrants comprising the units
    will begin to trade separately on the 52<SUP>nd</SUP> day after the date of this prospectus unless the underwriters inform 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exercise
    of the warrants</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    warrants could be exercised prior to the completion of a business combination, but securities received and cash paid in connection
    with the exercise would be deposited in the escrow or trust account.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Election
    to remain an investor</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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> shares 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</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    of the Offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    Under a Rule 419 Offering</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Business
    combination deadline</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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
    18 months from the date that the registration statement of which this prospectus is a part of is declared effective (or up
    to 27 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&rsquo; rights as shareholders (including the right to receive further liquidation
    distributions, if any); and (iii) as promptly as reasonably possible following such redemption, subject to the approval of 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    an acquisition has not been consummated within 18 months after the effective date of the initial registration statement, funds held
    in the trust or escrow account would be returned to investors.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interest
    earned on the funds in the trust account</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    of the Offering</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Terms
    Under a Rule 419 Offering</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Release
    of funds</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_012"></A>MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors
and Executive Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current directors and executive officers, their ages and positions are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    Wai-Lun Ip</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Chief Executive Officer</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satoshi
    Tominaga</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">43</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gable
    F. Gao</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">53</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Song
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    L. Coyne</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-executive Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Below
is a summary of the business experience of each our executive officers and directors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>William
Wai-Lun Ip</I></B>. Mr. Ip is our Chief Executive Officer. He has extensive investment banking experience spanning over 26 years in Asia,
with emphasis on Greater China, Japan, and Southeast Asia, covering cross-border M&amp;A, IPO sponsorship, pre-IPO fund raising, equity
capital markets and financial advisory transactions. Since December 2021, Mr. Ip has been an independent non-executive director of
Kantone Holdings Limited (HK:1059). Since July 2021, Mr. Ip has been serving as a director at Pine Peak Corporate Finance Limited,
working closely in the origination and assessment of investment opportunities with the private equity fund of Pine Peak Capital Group,
based in Hong Kong. Since June 2021, Mr. Ip has been serving as an independent non-executive director at Hopson Development Holdings
Limited, a major real estate development company listed on the Hong Kong Stock Exchange under the symbol 0754. From April 2012 to January
2021, Mr. Ip served as an executive director of the M&amp;A department of Nikko Securities (Hong Kong) Limited (&ldquo;SMBC Nikko HK&rdquo;),
a company which provides investment banking services, and has originated, overseen and executed many cross-border M&amp;A transactions
between Japan, Greater China, North America and Europe. During which time, Mr. Ip has worked closely with many major and active global
private equity funds. Together with Sumitomo Mitsui Banking Corporation (&ldquo;SMBC&rdquo;), the corporate banking arm, and SMBC
Nikko Securities Inc. (of which SMBC Nikko HK is a wholly owned subsidiary), the investment banking arm, are both core
members of Sumitomo Mitsui Financial Group (&ldquo;SMFG&rdquo;), the second-largest listed financial institution in Japan. SMBC Nikko
Securities Inc, and SMBC have fostered very close working relations to leverage the combined vast domestic and global networks
and resources of the investment banking and corporate banking arm within SMFG. From March 2010 to February 2012, Mr. Ip served as Managing
Director and Head of the Investment Banking Department at Cantor Fitzgerald (HK) Capital Markets Limited, a subsidiary of New York-headquartered
Cantor Fitzgerald, a financial services company. He has also been a Hong Kong Securities and Futures Commission license holder
(Type 1, 4, and 6) since 2003. During the tenure of Mr. Ip in the Listing Division of the Hong Kong Stock Exchange from March 1994 to
September 1996, he passed the Hong Kong Securities Brokers Examination, Options Trading Officer and Representative Examination, and Options
Clearing Officer Examination in 1996. Mr. Ip has been a Chartered Financial Analyst since 1995. Mr. Ip earned a Bachelor of Science degree
from the London School of Economics, a Master of Science degree from the University of London, and a Master of Business Administration
degree from Wharton School of Finance, University of Pennsylvania in 1980, 1981 and 1985, respectively. We believe that Mr. Ip is qualified
to serve on our board of directors based on his extensive experience in investment banking as well as his extensive business and personal
networks in Hong Kong, China, Japan, U.S. and Western Europe, South Korea and ASEAN countries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Satoshi Tominaga</I></B>.
Mr. <FONT STYLE="font-family: Times New Roman, Times, Serif">Tominaga is our Chief Financial Officer.
He has 19 years of extensive experience in investment and private equity specializing in the TMT sector. Since May 2016, Mr. Tominaga
has been serving as a managing partner of DeTiger Equity Fund in Asia, an equity fund. As a managing partner of DeTiger Equity Fund, he
has led DT Asia Investments Limited to list on the Nasdaq and invested in more than 60 fintech and blockchain technology projects, including
projects in DeFi, exchanges, payments, lending, crypto trading, healthcare, data science, supply chain, internet of things (IoT), artificial
intelligence (AI), machine learning, big data analysis, and other fintech related projects. From November 2017 to December 2020, Mr. Tominaga
served as an independent director of Tottenham Acquisition I Limited, a SPAC that successfully completed a merger with Clene Nanomedicine
Inc., a clinical-stage biopharmaceutical company. From November 2014 to February 2016, Mr. Tominaga served as a managing director and
investment head of Japan for Fosun International Limited, an investment holding company which is listed on the Hong Kong Main Board (
</FONT><FONT STYLE="font-family: Times New Roman PS Std,serif">HKEx: 656</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">).
From October 2010 to September 2014, Mr. Tominaga worked at SBI Holdings Inc., a fintech conglomerate spun off from Softbank, where he
served as an executive director and expatriate investment representative in Hong Kong. He led the first listing of a Japanese company,
SBI Holdings Inc. (HK.6488), on the Hong Kong Main Board. Before SBI Holdings Inc., Mr. Tominaga was an assistant vice president and expatriate
at Daiwa Capital Markets Hong Kong Limited, an overseas branch under Daiwa Securities Group, where he acted as a relationship manager
from September 2008 to September 2010. Mr. Tominaga earned his bachelor of science degree in electrical engineering from the University
of California, Los Angeles (UCLA) and a joint master&rsquo;s degree in global finance from New York University and Hong Kong University
of Science and Technology in 2003 and 2012,rRespectively. We believe that Mr. Tominaga is qualified to serve on our board of directors
based on his extensive experience in investment and private equity specializing in TMT sector as well as his experience in completion
of a successful de-SPAC. </FONT></FONT><FONT STYLE="font-size: 10pt"> </FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Gable
F. Gao</I></B>. Mr. Gao is one of our independent directors. He has extensive investment banking and private equity experience
spanning over 27 years across North America, Middle East and the Far East. Since June 2016, Mr. Gao has been the chairman and co-founder
of MTech (Shanghai) Information Technology Co. Ltd., a technology accelerator and investment company. As the co-founder of MTech, Mr.
Gao established a venture capital and private equity fund to invest in selected accelerated companies and other promising companies in
technological fields such as gaming, AI, fintech and biomedicine. From January 2015 to May 2016, Mr. Gao served as a founding
managing partner and member of the investment committee at Zhejiang United Investment Group, the largest provincial investment conglomerate
initiated by the Zhejiang Association of Industry and Commerce. From September 2011 to October 2013, Mr. Gao served as an assistant president
of Fosun Group, and as a head of Fosun Capital Group, a private equity firm of Fosun Group, one of the largest privately owned conglomerates
in China. From July 2007 to September 2011, Mr. Gao was a managing director, chief representative and a founding head of Istithmar World,
an investment firm under the state-owned holding company Dubai World, where he led a team for evaluating private equity opportunities
and making investments in the consumer, industrial, financial and real estate industries for China and the Far East. Mr. Gao earned
his diploma in English from China Foreign Affairs University, a bachelor of business and administration degree from Saint Mary&rsquo;s
University, and a master of business administration degree from Yale School of Management in Connecticut in 1988, 1991 and 1994, respectively.
We believe that Mr. Gao is qualified to serve on our board of directors based on his extensive experience in investment banking and private
equity specializing in the TMT sector.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Song
</I></B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Jing</I></B>. Mr. Jing is one of our
independent directors. He has over 19 years of extensive experience in finance management with in-depth knowledge of global capital markets,
capital market operation, investment, and acquisitions. From April 2019 to March 2021, Mr. Jing was the chief financial officer
of Guolian Securities, a Wuxi-based securities firm in China, where he oversaw the firm&rsquo;s overall finance and treasury functions,
and was responsible for the firm&rsquo;s IPO listing process. From July 2016 to February 2018, Mr. Jing served as a deputy chief financial
officer of Chinese Renaissance, a Shanghai-based leading boutique Chinese investment bank, where he was in charge of capital raising
efforts, funding, and liquidity management. From April 2011 to June 2016, Mr. Jing was an executive director of Citic Securities, an
investment bank in China. Mr. Jing previously also served as the vice president of the Hedge Fund Development Management Group
and vice president of the Strategy, Planning &amp; Business Development office for Merrill Lynch &amp; Co., Inc., in New York
from September 2006 to October 2010 and September 2002 to August 2006, respectively. Mr. Jing obtained a bachelor of science degree
in economics and finance from Kutztown University of Pennsylvania and a master of business administration degree in finance and accounting
from the University of Rochester in in 1995 and 2002, respectively. We believe that Mr. Jing is qualified to serve on our board of directors
based on his extensive experience in global capital markets, capital market operation, investment, and acquisition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Michael
L. Coyne</I></B>. Mr. Coyne is one of our independent directors. He has six years of extensive capital markets, business
development, and deal origination experience. Since June 2021, Mr. Coyne has been serving as the founder and a managing member of Twin
Grove Investments, LLC, an investment services company. Since February 2018, Mr. Coyne has been serving as a senior vice president and
head of capital markets at Ingalls &amp; Snyder, LLC, an investment advisory firm. From August 2015 to February 2018, Mr. Coyne served
as a vice president and head of syndicate of Capital Integration Systems LLC, an online financial services platform based in New York.
From February 2012 to July 2019, Mr. Coyne served as first lieutenant, executive officer, task force officer-in-charge
and platoon leader and operations officer of the Army National Guard and the U.S. Army. Mr. Coyne passed the Financial Industry Regulatory
Authority (FINRA) Series 7, 63, 24, 79 examinations and obtained a Securities Industry Essentials (SIE) license in September 2,
2015; January 25, 2016; September 24, 2018; August 22, 2018 and October 1, 2018, respectively. Mr. Coyne obtained a bachelor of arts
degree in political science and international affairs from Northeastern University and a master of business administration degree from
Leonard N. Stern School of Business, New York University in 2011 and 2019, respectively. We believe that Mr. Coyne is qualified to serve
on our board of directors based on his extensive experience in capitals markets, business development, deal origination specializing
in TMT sector as well as his SPAC expertise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Executive
Officer and Director Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the $10,000 per month administrative fee paid to Luminous Success LLC, the sponsor, no compensation of any kind, including
finders, consulting or other similar fees, has been paid or 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. However, such individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s motivation in identifying or selecting
a target business but we do not believe that the ability of our management to remain with us after the consummation of our initial business
combination will be a determining factor in our decision to proceed with any potential business combination. We are not party to any
agreements with our executive officers and directors that provide for benefits upon termination of employment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Director
Independence</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nasdaq
</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">requires that a majority of our board must be composed
of &ldquo;Independent Directors.&rdquo; Currently, Mr. Gao, Mr. Jing, and Mr. Coyne would each be considered an &ldquo;Independent Director&rdquo;
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&rsquo;s board of directors would interfere
with the director&rsquo;s exercise of independent judgment in carrying out the responsibilities of a director. Our Independent Directors
will have regularly scheduled meetings at which only Independent Directors are present.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit
Committee</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; 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. Gao, Mr. Jing, and Mr. Coyne, each of whom is an Independent Director under Nasdaq&rsquo;s listing
standards. Mr. Jing is the Chairperson of the audit committee. The audit committee&rsquo;s duties, which are specified in our Audit Committee
Charter, include, but are not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    with management and the independent auditor significant financial reporting issues and judgments made in connection with the preparation
    of our financial statements;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">discussing
    with management major risk assessment and risk management policies;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">monitoring
    the independence of the independent auditor;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving all related party transactions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inquiring
    and discussing with management our compliance with applicable laws and regulations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">appointing
    or replacing the independent auditor;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial
Experts on Audit Committee</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee will at all times be composed exclusively of Independent Directors who are &ldquo;financially literate&rdquo;
as defined under Nasdaq listing standards. Nasdaq listing standards define &ldquo;financially literate&rdquo; as being
able to read and understand fundamental financial statements, including a company&rsquo;s balance sheet, income statement and cash flow
statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s financial sophistication. The board of directors has determined that Mr. Jing is qualified as
an &ldquo;audit committee financial expert,&rdquo; as defined under rules and regulations of the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate
Governance and Nominating Committee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. Gao, Mr. Jing, and Mr. Coyne, each of whom is an independent director under Nasdaq&rsquo;s listing standards.
Mr. Gao 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Guidelines
for Selecting Director Nominees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">should
    have demonstrated notable or significant achievements in business, education or public service;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
Committee</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. Gao,
Mr. Jing, and Mr. Coyne, each of whom is an Independent Director under Nasdaq&rsquo;s listing standards. Mr. Coyne is the
Chairperson of the compensation committee. The compensation committee&rsquo;s duties, which are specified in our Compensation Committee
Charter, include, but are not limited to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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&rsquo;s compensation,
    evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives and determining and approving the
    remuneration (if any) of our Chief Executive Officer&rsquo;s based on such evaluation;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    and approving the compensation of all of our other executive officers;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing
    our executive compensation policies and plans;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">implementing
    and administering our incentive compensation equity-based remuneration plans;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">assisting
    management in complying with our proxy statement and annual report disclosure requirements;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">approving
    all special perquisites, special cash payments and other special compensation and benefit arrangements for our executive officers
    and employees;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    required, producing a report on executive compensation to be included in our annual proxy statement; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reviewing,
    evaluating and recommending changes, if appropriate, to the remuneration for directors.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code
of Ethics</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conflicts
of Interest</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Potential
investors should be aware of the following potential conflicts of interest:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">None
    of our officers and directors is required to commit his full time to our affairs and, accordingly, they may have conflicts
    of interest in allocating their time among various business activities.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, directors owe the following fiduciary duties:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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="width: 0.5in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duty
    to</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> not improperly fetter the exercise of future
    discretion;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">duty
    to exercise independent judgment.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. Further, our insiders agreed that
they will offer all suitable business combination opportunities to the Company before any other person or company until the consummation
by the Company of a business combination, subject to any pre-existing contractual or fiduciary obligations or contractual obligations
they may have.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the other relevant pre-existing fiduciary or contractual obligations of our officers and directors:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Individual</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of Affiliated Company</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Affiliation</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    William Wai-Lun Ip</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pine
    Peak Corporate Finance Limited</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hopson
    Development Holdings Limited</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Non-Executive Director</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Kantone Holdings Limited</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Independent Non-Executive Director</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Satoshi Tominaga</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DeTiger
    Equity Fund </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing
    Partner</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Gable F. Gao</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MTech
    (Shanghai) Information Technology Co. Ltd</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    and Co-founder</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Mr. Jing Song</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">N/A</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">N/A</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Michael L. Coyne </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Twin
    Grove Investments, LLC</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder
    and Managing Member </FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ingalls
    &amp; Snyder, LLC</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Senior
    Vice President and Head of Capital Markets </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 disinterested 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 or another independent firm that commonly renders valuation opinions 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 Independent Directors (if we
have any at that time). Furthermore, in no event will any of our initial shareholders, officers, directors,  or their
respective affiliates be paid any finder&rsquo;s fee, consulting fee or other similar compensation prior to, or for any services they
render in order to effectuate, the consummation of our initial business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitation
on Liability and Indemnification of Officers and Directors.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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, willful default or willful neglect, sufficient for the purposes
of the memorandum and articles of association will be determinative, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; and officers&rsquo; liability insurance that insures our officers and directors against the cost of defense,
settlement or payment of a judgment in some circumstances and insures us against our obligations to indemnify our officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s investment may be adversely affected
to the extent we pay the costs of settlement and damage awards against officers and directors pursuant to these indemnification provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_013"></A>PRINCIPAL
SHAREHOLDERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    person known by us to be the beneficial owner of more than 5% of our issued and outstanding ordinary shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">each
    of our officers and directors; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    of our officers and directors as a group.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Prior to Offering</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>After Offering<SUP>(2)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name and Address of Beneficial Owner<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount and Nature of Beneficial Ownership</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Approximate Percentage of Outstanding Ordinary Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Amount and Nature of Beneficial Ownership</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Approximate Percentage of Outstanding Ordinary Shares</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 36%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luminous Success LLC<SUP>(3)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,046,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">94.90</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,215,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">22.54</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">William Wai-Lun Ip</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.62</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Satoshi Tominaga</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.39</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gable F. Gao</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Song Jing</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Michael L. Coyne</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All directors and executive officers (five individuals) as a group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.10</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Five Percent or Greater Shareholders</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luminous Success LLC<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,046,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,215,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.54</TD><TD STYLE="text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">All initial shareholders (six individuals) as a group</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,325,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.66</TD><TD STYLE="text-align: left">%</TD></TR>
  </TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Less than 1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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 Heroic Empire Acquisition Limited, 10/F Tower A, Billion
    Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assumes
    no exercise of the over-allotment option and includes 450,000 ordinary shares in the private placement, therefore, an aggregate of
    281,250 ordinary shares held by our initial shareholders are forfeited.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
    Jason Kon Man Wong owns and controls, Luminous Success LLC, our sponsor.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
after this offering, our initial shareholders will beneficially own approximately 23.66% 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 intends to purchase securities in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters do not exercise all or a portion of the over-allotment option, our initial shareholders will have up to an aggregate
of 281,250 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% ownership interest in our ordinary shares (excluding
the private units) after giving effect to the offering and the exercise, if any, of the underwriters&rsquo; over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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, 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 will be released from the Lock-Up
on the earlier of (1) 150 calendar 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000) or, if the underwriters&rsquo; over-allotment option is exercised in full, 495,000 private units at $10.00 per private
unit (for a total purchase price of $4,950,000 in the aggregate). These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. A portion of the proceeds we receive from these purchases will be placed in the trust account
described below. The private warrants have terms and provisions that are identical to the warrants included in the units sold in this
offering. 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 if a registration statement covering the ordinary shares issuable upon exercise
of such warrants is not effective and receive unregistered ordinary shares within 90 days after the closing of the initial business combination,
in such event, each holder would surrendering such 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 &ldquo;fair market value&rdquo;
(defined below) over the warrant price by (y) the fair market value; provided, however, that no cashless exercise shall be permitted
unless the fair market value is equal to or higher than the warrant price. The &ldquo;fair market value&rdquo; 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 of exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares included in the private units in favor
of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed not to transfer, assign or sell
any of their insider shares (except to the same permitted transferees as the insider shares and provided the transferees agree
to the same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above) until the
earlier of the Lock-Up 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. Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1)
150 calendar 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. Further, our sponsor has also agreed to place the private units and the underlying securities
into escrow with Continental Stock Transfer &amp; Trust Company, as escrow agent, until the date of the consummation of our initial business
combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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, make Working Capital Loans to us, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each Working Capital Loan would be evidenced by a promissory
note. The notes would either be paid upon consummation of our initial business combination, without interest, or, at the lender&rsquo;s
discretion, up to $500,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor and our executive officers and directors are deemed to be our &ldquo;promoters,&rdquo; as that term is defined under the federal
securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_014"></A>CERTAIN
TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In September 2021, we issued 10,000 insider
shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000
insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares to our sponsor for a purchase price
of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate of 110,000 insider shares to certain
directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider shares as bonus shares on a pro
rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred the bonus shares that they received
to our sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters do not exercise all or a portion of their over-allotment option, our initial shareholders have agreed that up to an
aggregate of 281,250 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters determine the size of the offering should be increased (including pursuant to Rule 462(b) under the Securities Act)
or decreased, a share capitalization or a contribution back to capital, as applicable, would be effectuated in order to maintain our
initial shareholder&rsquo;s ownership at a percentage of the number of shares to be sold in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000). 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 underwriters, 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 495,000 private units) <I>pro rata</I> with the amount of the over-allotment
option exercised so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or part. These additional private units will be purchased in a private placement that will occur simultaneously
with the purchase of units resulting from the exercise of the over-allotment option. The 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 be held
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 calendar days after the completion
of our initial business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s discretion, up to $500,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;piggy-back&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, Luminous Success LLC, our sponsor, had loaned us an aggregate of $49,362 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luminous
Success LLC has agreed that, commencing on the date of this prospectus through the earlier of our consummation
of our initial business combination or our liquidation, it will make available to us certain general and administrative services, including
office space, utilities and administrative support, as we may require from time to time. We have agreed to pay $10,000 per month for
these services. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our
audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our initial
business combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation
of our initial business combination. We believe that the fee charged by Luminous Success LLC is at least as favorable as we could have
obtained from an unaffiliated person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the fees described above, no compensation or fees of any kind, including finder&rsquo;s fees, consulting fees or other similar compensation,
will be paid to 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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 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 none, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Related
Party Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 interest, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also require each of our directors and executive officers to annually complete a directors&rsquo; and officers&rsquo; questionnaire that
elicits information about related party transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 disinterested 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
&ldquo;independent&rdquo; directors determine that the terms of such transaction are no less favorable to us than those that would be
available to us with respect to such a transaction from unaffiliated third parties. Additionally, we require each of our directors and
executive officers to annually complete a directors&rsquo; and officers&rsquo; questionnaire that elicits information about related
party transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 or another independent
firm that commonly renders valuation opinions 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_015"></A>DESCRIPTION
OF SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>General</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands exempted company (company number 380263) 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, 2,156,250 ordinary shares are issued and outstanding, held by our initial shareholders. No preferred shares
are issued or outstanding. The following description summarizes certain terms of our shares as set out more particularly in our memorandum
and articles of association. Because it is only a summary, it may not contain all the information that is important to you.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
unit consists of one ordinary share and one-half of one redeemable warrant. Only whole warrants are exercisable. Each whole
redeemable warrant entitles the holder thereof to purchase one ordinary share. Each whole redeemable warrant has an exercise price
$11.50 per whole share and will become exercisable on the later of (i) the Company&rsquo;s completion of a merger, share
exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more
businesses or entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of is
declared effective by the Securities and Exchange Commission, 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. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
two units, you will not be able to receive or trade a whole warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ordinary shares and warrants will begin to trade separately on the 52<SUP>nd</SUP> day after the date of this prospectus unless the underwriters
determine 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 underwriters allow separate trading of the ordinary shares and warrants until we file an audited balance sheet reflecting
our receipt of the gross proceeds of this offering. No fractional warrants will be issued upon separation of the units and only whole
warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 and warrants has commenced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Ordinary
Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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, with the result that the holders of more than 50% of the shares eligible to vote for the election of directors can elect
all of the directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate a business combination by 18 months
(as such period may be extended up to 27 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&rsquo;s shareholders in accordance with
our memorandum and articles of association) from the consummation of this offering, we will, as promptly as reasonably possible but not
more than ten business days thereafter, 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 redemption of their shares and cease all operations except for the purposes
of winding up of our affairs. This redemption of public shareholders from the trust account shall be effected as required by function
of our memorandum and articles of association and prior to commencing any voluntary liquidation. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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> shares 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Register
of Members</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Redeemable
Warrants</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
warrants are currently outstanding. Each whole redeemable warrant entitles the registered holder to purchase one ordinary share at a
price of $11.50 per whole share, subject to adjustment as discussed below, at any time commencing on the later of (i) the
Company&rsquo;s completion of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities or (ii) 12 months from the date that the registration statement
of which this prospectus is a part of is declared effective by the Securities and Exchange Commission. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of warrant. This means that only a whole warrant may
be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only
whole warrants will trade. As a result, you must exercise warrants in multiples of at least two warrants, at a price of $11.50 per
whole share, subject to adjustment as described in this prospectus, to validly exercise your warrants. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may call the warrants for redemption, in whole and not in part, at a price of $0.01 per warrant:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    any time while the warrants are exercisable,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    not less than 30 days&rsquo; prior written notice of redemption to each warrant holder,</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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-days trading period referred to above and continuing each day thereafter until the date
    of redemption.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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&rsquo;s
warrant upon surrender of such warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we call the warrants for redemption as described above, our management will have the option to require all holders that wish to exercise
warrants to do so on a cashless basis. In 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 &ldquo;fair market value&rdquo; (defined below) over the exercise price of the
warrants by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price of the 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;Market Price&rdquo;) 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 value, 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 value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 to 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. Notwithstanding
the foregoing, any person who acquires a warrant with the purpose or effect of changing or influencing the control of our company, or
in connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition will be deemed
to be the beneficial owner of the underlying ordinary shares and not be able to take advantage of this provision.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;Risk Factors &mdash; General Risk Factors &mdash; Our warrant agreement will designate the courts of
the State of New York or the United States District Court for the Southern District of New York, as the sole and exclusive forum for
certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders
to obtain a favorable judicial forum for disputes with our company.&rdquo; This provision applies to claims under the Securities Act
but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America
are the sole and exclusive forum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Private
Warrants</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 the later of (i) the Company&rsquo;s completion of a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or
entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of is declared effective
by the SEC (except for permitted transferees and as described herein). The permitted transferees
shall mean (i) among the initial shareholders or to the initial shareholders&rsquo; or our officers, directors or their respective
affiliates (including for transfers to an entity&rsquo;s members upon its liquidation), (ii) to a holder&rsquo;s shareholders or
members upon the holder&rsquo;s liquidation, in each case if the holder is an entity, (iii) by bona fide gift to a member of the
holder&rsquo;s immediate family or to a trust, the beneficiary of which is the holder or a member of the holder&rsquo;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, the Company completes 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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividends</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Transfer Agent and Warrant Agent</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer &amp; Trust Company, LLC, 1
State Street 30th Floor, New York, NY 10004-1561.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing
of our Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;[ ]U,&rdquo; &ldquo;[ ],&rdquo; and &ldquo;[
]W,&rdquo; 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&rsquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Differences in Corporate Law</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated
in the United States and their shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s articles
of association. No shareholder resolution is required for a merger between a parent company (i.e., a company that owns at least 90% of
the 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;scheme of arrangement&rdquo; which may be tantamount to a merger. In the event
that a merger was sought pursuant to a scheme of arrangement (the 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholders have been fairly represented at the meeting in question;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrangement is such as a businessman would reasonably approve; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;fraud on the minority.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Shareholders&rsquo;
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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    company is acting, or proposing to act, illegally or beyond the scope of its authority;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    act complained of, although not beyond the scope of the authority, could be effected if duly authorized by more than the number of
    votes which have actually been obtained; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">those
    who control the company are perpetrating a &ldquo;fraud on the minority.&rdquo;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company&rsquo;s register of members is not open to inspection;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company does not have to hold an annual general meeting;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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);</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a limited duration company; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
    exempted company may register as a segregated portfolio company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Amended and Restated Memorandum and Articles of Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s articles of association) of a company&rsquo;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&rsquo;s articles of association, by a unanimous written
resolution of all of the company&rsquo;s shareholders. Our amended and restated memorandum and articles of association 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
sponsor, which will beneficially own 22.54% 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 281,250 shares due to no exercise
of the underwriter&rsquo;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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
    we are unable to complete our initial business combination within 18 months from the date that the registration statement of which
    this prospectus is a part of is declared effective (or up to 27 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) divided by the number of then issued and outstanding
    public shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right
    to receive further 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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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 18 months from the date that the registration statement of which this prospectus is a part of is declared effective
    (or up to 27 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&rsquo; 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    will not effectuate our initial business combination with another blank check company or a similar company with nominal operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s shareholders who, being
entitled to do so, attend and vote at a general meeting or by way of unanimous written resolution. A company&rsquo;s articles of association
may specify that the approval of a higher majority is required in which case the approval of such required majority will need to be obtained
for that Cayman Islands exempted company to amend its memorandum and articles of association. Accordingly, although we could amend
any of the provisions relating to our proposed offering, structure and business plan which are contained in our amended and restated
memorandum and articles of association, we view all of these provisions as binding obligations to our shareholders and neither we, nor
our officers or directors, will take any action to amend or waive any of these provisions unless we provide dissenting public shareholders
with the opportunity to redeem their public shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anti-Money
Laundering &mdash; Cayman Islands</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;Regulations&rdquo;) or any other applicable law. Depending
on the circumstances of each application, a detailed verification of identity might not be required where:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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&rsquo;s name at a recognized financial institution;
    or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 (&ldquo;FRA&rdquo;)
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Anti-Takeover Provisions of our Amended and Restated Memorandum and Articles of Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Data
Protection in the Cayman Islands &ndash; Privacy Notice</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 implemented pursuant thereto (&ldquo;DPA&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &lsquo;data controller&rsquo;, whilst certain of the company&rsquo;s service providers, affiliates and delegates may
act as &lsquo;data processors&rsquo; under the DPA. These service providers may process personal information for their own lawful purposes
in connection with services provided to the company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s service providers may collect, record, store, transfer and otherwise process personal data by which individuals may be
directly or indirectly identified.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate that we will share your personal data with the company&rsquo;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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
you consider that your personal data has not been handled correctly, or you are not satisfied with the company&rsquo;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&rsquo; Ombudsman.
The Ombudsman can be contacted by calling +1 (345) 946-6283 or by email at info@ombudsman.ky.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_016"></A>SHARES
ELIGIBLE FOR FUTURE SALE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Immediately
after this offering, we will have 9,825,000 ordinary shares issued and outstanding, or 11,276,250 shares if the over-allotment option
is exercised in full. Of these shares, the 7,500,000 shares sold in this offering, or 8,625,000 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Rule
144</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1%
    of the number of ordinary shares then issued and outstanding, which will equal 98,250 shares immediately after this offering (or
    112,763 if the over-allotment option is exercised in full); and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SEC has provided an important exception to this prohibition, however, if the following conditions are met:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
issuer of the securities that was formerly a shell company has ceased to be a shell company;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as
an entity that is not a shell company.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Registration
Rights</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;piggy-back&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_017"></A>TAXATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;securities,&rdquo;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cayman
Islands Taxation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a discussion on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general
summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any
investor&rsquo;s particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Under
Existing Cayman Islands Laws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Tax Concessions Act (Revised)<BR>
Undertaking as to Tax Concessions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with the provision of section 6 of The Tax Concessions Act (Revised), the Financial Secretary undertakes with Heroic Empire
Acquisition Limited (&ldquo;the Company&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That
    no law which is hereafter enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations
    shall apply to the Company or its operations; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
    tax shall be payable:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
    or in respect of the shares, debentures or other obligations of the Company;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OR</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    way of the withholding in whole or part, of any relevant payment as defined in the Tax Concessions Act (Revised).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    concessions shall be for a period of twenty years from [&nbsp;&nbsp;], 2022. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United
States Federal Income Taxation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section is a general summary of the material U.S. federal income tax provisions relating to the acquisition, ownership and disposition
of our securities (each consisting of one ordinary share and one-half of one redeemable warrant to purchase one-half of an ordinary share)
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 and
warrant 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 and warrants should also apply to holders of units (as the deemed owners of the underlying
ordinary shares and warrants that comprise the units).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion below of the U.S. federal income tax consequences to &ldquo;U.S. Holders&rdquo; will apply to a beneficial owner of our securities
that is for U.S. federal income tax purposes:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
individual citizen or resident of the United States as determined for United States federal income tax purposes;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
estate whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
trust if (i) a U.S. court can exercise primary supervision over the trust&rsquo;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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 &ldquo;Non-U.S. Holder.&rdquo; 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 &ldquo;Non-U.S. Holders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), its legislative history, Treasury regulations
implemented 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion assumes that the ordinary shares and warrants 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&rsquo;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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financial
institutions or financial services entities;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">broker-dealers;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">taxpayers
that are subject to the mark-to-market accounting rules under Section 475 of the Code;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">tax-exempt
entities;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">governments
or agencies or instrumentalities thereof;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">insurance
companies;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulated
investment companies;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">real
estate investment trusts;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
liable for alternative minimum tax;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">expatriates
or former long-term residents of the United States;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
that actually or constructively own 5 percent or more of our voting shares;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
that acquired our securities pursuant to an exercise of employee share options, in connection with employee share incentive plans or
otherwise as compensation;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
that hold our securities as part of a straddle, constructive sale, hedging, conversion or other integrated transaction;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">persons
    whose functional currency is not the U.S. dollar;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">controlled
foreign corporations; or</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">passive
    foreign investment companies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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, 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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 such that upon conversion of the warrants
into ordinary shares, the holder will acquire only a whole number of ordinary shares and will not forfeit any fractional securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Allocation
of Purchase Price and Characterization of a Unit</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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-half of one warrant to acquire one-half of an ordinary share. 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 and one-half of one warrant
based on the relative fair market value of each at the time of issuance. The price allocated to each ordinary share and warrant generally
will be the holder&rsquo;s tax basis in such share or warrant, as the case may be.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
foregoing treatment of our ordinary shares, warrants and a holder&rsquo;s purchase price allocation are not binding on the IRS or the
courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that
the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>U.S.
Holders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Tax
Reporting Transfers of Property</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Taxation
of Distributions Paid on Ordinary Shares</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company (&ldquo;PFIC&rdquo;) 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&rsquo;s
shares or rights to acquire the Company&rsquo;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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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&rsquo;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 &ldquo;specified 10-percent owned foreign corporation&rdquo; 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 &ldquo;&mdash; Taxation on the Disposition
of Securities&rdquo; below) if our ordinary shares are readily tradeable on an established securities market in the United States, we
are not 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Possible
Constructive Distributions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; 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 &ldquo;&mdash; Taxation of Distributions Paid on Ordinary Shares&rdquo;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Taxation
on the Disposition of Securities</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 or warrants 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 or warrants based on the then fair market values of the ordinary shares
and warrants constituting the units) and (ii) the U.S. Holder&rsquo;s adjusted tax basis in the securities so disposed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder&rsquo;s adjusted tax basis in its securities generally will equal the U.S. Holder&rsquo;s acquisition cost (that is, the
portion of the purchase price of a unit allocated the holder&rsquo;s ordinary shares and/or warrants, as described above under &ldquo;&mdash;
Allocation of Purchase Price and Characterization of a Unit&rdquo;) reduced, in the case of an ordinary share, by any prior distributions
treated as a return of capital.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
gain or loss will constitute long-term capital gain or loss if the U.S. Holder&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Redemption
of Ordinary Shares</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;&mdash; Taxation on the Disposition of Securities&rdquo; 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 &ldquo;Taxation of Distributions Paid on Ordinary Shares&rdquo; 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 &ldquo;substantially disproportionate&rdquo; with respect to a U.S. Holder, (ii) results
in a &ldquo;complete termination&rdquo; of such holder&rsquo;s interest in us or (iii) is &ldquo;not essentially equivalent to a dividend&rdquo;
with respect to such holder. These tests are explained more fully below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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. 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&rsquo;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 &ldquo;meaningful
reduction&rdquo; of a U.S. Holder&rsquo;s proportionate interest in us. Whether the redemption will result in a meaningful reduction
in a U.S. Holder&rsquo;s proportionate interest in us will depend on the particular facts and circumstances. However, the IRS has indicated
in a published ruling that even a small reduction in the proportionate interest of a small minority shareholder in a publicly held corporation
who exercises no control over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;&mdash; Taxation of Distributions Paid on Ordinary Shares,&rdquo; 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Exercise
or Lapse of a Warrant</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 one warrant for cash. An ordinary share
acquired pursuant to the exercise of one warrant for cash generally will have a tax basis equal to the U.S. Holder&rsquo;s initial investment
in the warrant (that is, the portion of the U.S. Holder&rsquo;s purchase price for the units that is allocated to the warrant, as described
above under &ldquo;Allocation of Purchase Price and Characterization of a Unit&rdquo;), increased by the exercise price of the warrant.
It is unclear whether a U.S. Holder&rsquo;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&rsquo;s tax basis in the warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
tax consequences of a cashless exercise of warrants are not clear under current tax law. 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&rsquo;s basis in the
ordinary shares received would equal the holder&rsquo;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&rsquo;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 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, 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&rsquo;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&rsquo;s holding period in the warrants. In this case, a U.S.
Holder&rsquo;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&rsquo;s tax basis in the warrants deemed exercised. It is unclear whether
a U.S. Holder&rsquo;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&rsquo;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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Unearned
Income Medicare Tax</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 regulations, in the absence of a special
election, such unearned income generally would not include income inclusions under the qualified election fund (&ldquo;QEF&rdquo;) rules
discussed below under &ldquo;Passive Foreign Investment Company Rules,&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Passive
Foreign Investment Company Rules</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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> shares 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> shares 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;mark-to-market&rdquo; 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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
gain recognized by the U.S. Holder on the sale or other disposition of our securities; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
&ldquo;excess distribution&rdquo; made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of
the U.S. Holder that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of our securities
during the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder&rsquo;s holding period for our securities).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these rules,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
U.S. Holder&rsquo;s gain or excess distribution will be allocated ratably over the U.S. Holder&rsquo;s holding period for our securities;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
amount allocated to the U.S. Holder&rsquo;s taxable year in which the U.S. Holder recognized the gain or received the excess distribution,
or to the period in the U.S. Holder&rsquo;s holding period before the first day of our first taxable year in which we are a PFIC, will
be taxed as ordinary income;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
amount allocated to other taxable years (or portions thereof) of the U.S. Holder and included in its holding period will be taxed at
the highest tax rate in effect for that year and applicable to the U.S. Holder; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 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> shares 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s shares in a QEF will
be increased by amounts that are included in income, and decreased by amounts distributed but not taxed as dividends, under the above
rules. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 &ldquo;qualification date.&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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 warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;marketable stock&rdquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 have 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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Non-U.S.
Holders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
section applies to you if you are a &ldquo;Non-U.S. Holder.&rdquo; As used herein, the term &ldquo;Non-U.S. Holder&rdquo; means a beneficial
owner of our units, ordinary shares or warrants that is for United States federal income tax purposes</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
non-resident alien individual (other than certain former citizens and residents of the United States subject to U.S. tax as expatriates)</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
foreign corporation; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">an
estate or trust that is not a U.S. Holder;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
(including constructive distributions treated as 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&rsquo;s
conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent
establishment or fixed base that such holder maintains or maintained in the United States).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
(including constructive distributions treated as dividends) and gains that are effectively connected with the Non-U.S. Holder&rsquo;s
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent
establishment or fixed base 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Backup
Withholding and Information Reporting</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders who are individuals and certain entities will be required to report information with respect to such U.S. Holder&rsquo;s investment
in &ldquo;specified foreign financial assets&rdquo; on IRS Form 8938 (Statement of Specified Foreign Financial Assets), subject to certain
exceptions. Specified foreign financial assets generally include any financial account maintained with a non-U.S. financial institution
and should also include the ordinary shares and warrants 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 and warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to provide an accurate taxpayer identification number;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    notified by the IRS that backup withholding is required; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fails
    to comply with applicable certification requirements.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s or a Non-U.S. Holder&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="j_018"></A><B>UNDERWRITING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms and conditions of the underwriting agreement dated the date of this prospectus, each underwriter named below has severally
agreed to purchase, and we have agreed to sell to that underwriter, the number of units set forth opposite the underwriter&rsquo;s name.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Underwriter</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Number of Units</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">EF Hutton, division of Benchmark Investments, LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Brookline Capital Markets, a division of Arcadia Securities LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 10pt; width: 82%; padding-bottom: 2.5pt">Total</TD><TD STYLE="width: 2%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; border-bottom: Black 2.5pt double; text-align: right">7,500,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriting agreement provides that the obligations of the underwriters to purchase the units included in this offering are subject
to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than
those covered by the over-allotment option described below) if they purchase any of the units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
offering of the units by the underwriters is subject to receipt and acceptance and subject to the underwriters&rsquo; right to reject
any order in whole or in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pricing
of the Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Units
sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this
prospectus. Upon the execution of the underwriting agreement, the underwriters will be obligated to purchase the units at the prices
and upon the terms stated therein, and, as a result, will thereafter bear any risk associated with changing the offering price to the
public or other selling terms after completion of the initial public offering. The underwriters reserve the right to withdraw, cancel
or modify orders to the public and to reject orders in whole or in part.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 underwriters. 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Over-allotment
Option</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the underwriters sell more units than the total number set forth in the table above, we have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 1,125,000 additional units at the public offering price less the underwriting
discount. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this
offering. To the extent the option is exercised, each underwriter must purchase a number of additional units approximately proportionate
to that underwriter&rsquo;s initial purchase commitment. Any units issued or sold under the option will be issued and sold on the same
terms and conditions as the other units that are the subject of this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Lock-up</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
insider shares are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
and directors and officers have agreed not to transfer, assign or sell any of the insider shares (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. Notwithstanding
the foregoing, the insider shares will be released from the Lock-Up (1) on the earlier of 150 calendar 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 at least 150 days 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. The underwriters in their sole discretion may release any of the securities subject to these lock-up agreements at
any time without notice, other than in the case of the officers and directors, which shall be with notice. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
private warrants will not be transferable, assignable or saleable until the later of (i) the Company&rsquo;s completion of a merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one
or more businesses or entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of
is declared effective by the SEC (except for permitted transferees and as described herein). (except
with respect to permitted transferees as described herein under the section of this prospectus entitled &ldquo;Description of
Securities &mdash;Private Warrants&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;[&nbsp;&nbsp;]U,&rdquo; &ldquo;[&nbsp;&nbsp;],&rdquo; and &ldquo;[&nbsp;&nbsp;] W,&rdquo; 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&rsquo; 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Discounts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table shows the underwriting discounts that we are to pay to the underwriters in connection with this offering. These amounts
are shown assuming both no exercise and full exercise of the underwriters&rsquo; over-allotment option.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Payable
                                            by</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Heroic
                                            Empire Acquisition Limited</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">No Exercise</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Full Exercise</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">$</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center">$</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per Unit<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">0.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">0.55</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,125,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,743,750</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></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; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
    </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    $0.35 per unit, or $2,625,000 (or up to $3,018,750 if the over-allotment option is exercised in full) in the aggregate payable to
    the underwriters for deferred underwriting discounts to be placed in a trust account located in the United States as described herein.
    The deferred discounts will be released to the underwriters only on completion of an initial business combination, in an amount equal
    to $0.35 multiplied by the number of public shares sold as part of the units in this offering, as described in this prospectus.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, we have agreed to pay or reimburse the underwriters for travel, lodging and other &ldquo;road show&rdquo; expenses; certain
diligence and other fees including background checks on our directors, directors and executive officers; the preparation, binding and
delivery of bound volumes in form and style reasonably satisfactory to the representative; transaction Lucite cubes or similar commemorative
items in a style as reasonably requested by the representative; SEC filing fees, FINRA filing fees, transfer and warrant agent and registrar
fees and any expenses and fees incurred by underwriters&rsquo; counsel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deferred
Underwriting Discounts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we do not complete our initial business combination and we subsequently liquidate, the trustee and the underwriters have agreed that
(i) they will forfeit any rights or claims to their deferred underwriting discounts, including any accrued interest thereon, then in
the trust account upon liquidation, and (ii) that the deferred underwriting discounts will be distributed on a pro rata basis,
including interest earned on the funds held in the trust account, and not previously released to us to pay our taxes, to the public
shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Regulatory
Restrictions on Purchase of Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the offering, the underwriters may purchase and sell units in the open market. These transactions may include short sales,
stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of
a greater number of units than they are required to purchase in the offering, and a short position represents the amount of such sales
that have not been covered by subsequent purchases. A &ldquo;covered short position&rdquo; is a short position that is not greater than
the amount of additional units for which the underwriters&rsquo; option described above may be exercised. The underwriters may cover
any covered short position by either exercising their option to purchase additional units or purchasing units in the open market. In
determining the source of units to cover the covered short position, the underwriters will consider, among other things, the price of
units available for purchase in the open market as compared to the price at which they may purchase additional units pursuant to the
option described above. &ldquo;Naked&rdquo; short sales are any short sales that create a short position greater than the amount of additional
units for which the option described above may be exercised. The underwriters must cover any such naked short position by purchasing
units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward
pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in the offering.
Stabilizing transactions consist of various bids for or purchases of units made by the underwriters in the open market prior to the completion
of the offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting
discount received by it because an underwriter has repurchased units sold by or for the account of such underwriter in stabilizing or
short covering transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have
the effect of preventing or retarding a decline in the market price of the units, and together with the imposition of the penalty bid,
may stabilize, maintain or otherwise affect the market price of the units. As a result, the price of the units may be higher than the
price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any
of these activities at any time. These transactions may be effected on The Nasdaq Stock Market, in the over-the- counter market or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with this offering, the underwriters may engage in passive market making transactions in the units on The Nasdaq Stock Market
in accordance with Rule 103 of Regulation M under the Exchange Act during a period before the commencement of offers or sales of the
units and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the
highest independent bid of that security. However, if all independent bids are lowered below the passive market maker&rsquo;s bid, that
bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of the units to be higher
than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters are not required
to engage in passive market making and may end passive market making activities at any time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act, or to
contribute to payments the underwriters may be required to make because of any of those liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Other
Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that our portion of the total expenses of this offering payable by us will be $900,000, excluding underwriting discount
and commissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not under any contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have
no present intent to do so. However, any of the underwriters may introduce us to potential target businesses or assist us in raising
additional capital in the future. If any of the underwriters provide services to us after this offering, we may pay such underwriter
fair and reasonable fees that would be determined at that time in an arm&rsquo;s length negotiation; provided that no agreement will
be entered into with any of the underwriters and no fees for such services will be paid to any of the underwriters prior to the date
that is 90 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed underwriters&rsquo; compensation
in connection with this offering and we may pay the underwriters of this offering or any entity with which they are affiliated a finder&rsquo;s
fee or other compensation for services rendered to us in connection with the completion of a business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include
sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging,
market making, brokerage and other financial and non-financial activities and services. Some of the underwriters and their affiliates
have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business
with us or our affiliates, including in connection with acting in an advisory capacity or as a potential financing source in conjunction
with our potential acquisition of a company. In the ordinary course of their various business activities, the underwriters and their
respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities,
derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts
of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the
issuer (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the issuer.
The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading
ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold,
or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Electronic
Distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more
of the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place
orders online. The underwriters may agree with us to allocate a specific number of ordinary shares for sale to online brokerage account
holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other
than the prospectus in electronic format, the information on the underwriters&rsquo; web sites and any information contained in any other
web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters
and should not be relied upon by investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Selling
Restrictions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered
by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be
offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with
the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are
advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in
any jurisdiction in which such an offer or a solicitation is unlawful.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in the European Economic Area</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
relation to each member state of the European Economic Area the Prospectus Regulation lays down requirements for the drawing up, approval
and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market
situated or operating within a member state. An offer of units described in this prospectus may not be made to the public in that member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that relevant
member state or, where appropriate, approved in another relevant member state and notified to the competent authority in that relevant
member state, all in accordance with the Prospectus Regulation, except that, an offer of our units may be made to the public in that
relevant member state at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    any legal entity which is a qualified investor as defined in the Prospectus Regulation;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), as permitted under
    the Prospectus Regulation, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the issuer for any
    such offer; or</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    any other circumstances that do not require the publication by us of a prospectus pursuant to Article 1(4) of the Prospectus Regulation.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">provided
that no such offer of units referred to in the bullet points above shall require us or any underwriter to publish a prospectus pursuant
to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
purchaser of units described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged
and agreed that it is a &ldquo;qualified investor&rdquo; within the meaning of Article 2(e) of the Prospectus Regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of this provision, the expression an &ldquo;offer of units to the public&rdquo; in any member state means the communication
in any form and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an investor
to decide to purchase or subscribe for the units and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not authorized and do not authorize the making of any offer of units through any financial intermediary on their behalf, other than
offers made by the underwriters with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser
of the units, other than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in the United Kingdom</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the
meaning of Article 2(e) of the Prospectus Regulation that are also (i) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;) or (ii) high net worth entities, and other persons
to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a
&ldquo;relevant person&rdquo;). The units are only available to, and any invitation, offer or agreement to purchase or otherwise acquire
such units will be engaged in only with, relevant persons. This prospectus and its contents are confidential and should not be distributed,
published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the
United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in Canada</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to section 3A.3 of National Instrument 33-105 <I>Underwriting Conflicts</I> (NI 33-105), the underwriters are not required to comply
with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Resale
Restrictions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to distribute our units in the Province of Ontario, Canada (the &ldquo;Canadian Offering Jurisdiction&rdquo;) by way of a private
placement and exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in such Canadian
Offering Jurisdiction. Any resale of our units in Canada must be made under applicable securities laws that will vary depending on the
relevant jurisdiction and which may require resales to be made under available statutory exemptions or under a discretionary exemption
granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions in some circumstances may apply to resales
of interests made outside of Canada. Canadian purchasers are advised to seek legal advice prior to any resale of our units. We may never
be a &ldquo;reporting issuer&rdquo;, as such term is defined under applicable Canadian securities legislation, in any province or territory
of Canada in which our units will be offered and there currently is no public market for any of the securities in Canada, and one may
never develop. Canadian investors are advised that we have no intention to file a prospectus or similar document with any securities
regulatory authority in Canada qualifying the resale of the securities to the public in any province or territory in Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Representations
of Purchasers</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Canadian purchaser will be required to represent to us and the dealer from whom the purchase confirmation is received that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purchaser is entitled under applicable provincial securities laws to purchase our units without the benefit of a prospectus qualified
    under those securities laws;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    required by law, that the purchaser is purchasing as principal and not as agent;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purchaser has reviewed the text above under Resale Restrictions; and</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    purchaser acknowledges and consents to the provision of specified information concerning its purchase of our units to the regulatory
    authority that by law is entitled to collect the information.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Rights
of Action &mdash; Ontario Purchasers Only</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Ontario securities legislation, certain purchasers who purchase a security offered by this prospectus during the period of distribution
will have a statutory right of action for damages, or while still the owner of our units, for rescission against us in the event that
this prospectus contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation. The right of action
for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving
rise to the cause of action and three years from the date on which payment is made for our units. The right of action for rescission
is exercisable not later than 180 days from the date on which payment is made for our units. If a purchaser elects to exercise the right
of action for rescission, the purchaser will have no right of action for damages against us. In no case will the amount recoverable in
any action exceed the price at which our units were offered to the purchaser and, if the purchaser is shown to have purchased the securities
with knowledge of the misrepresentation, we will have no liability. In the case of an action for damages, we will not be liable for all
or any portion of the damages that are proven to not represent the depreciation in value of our units as a result of the misrepresentation
relied upon. These rights are in addition to, and without derogation from, any other rights or remedies available at law to an Ontario
purchaser. The foregoing is a summary of the rights available to an Ontario purchaser. Ontario purchasers should refer to the complete
text of the relevant statutory provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Enforcement
of Legal Rights</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of our directors and officers as well as the experts named herein are located outside of Canada and, as a result, it may not be possible
for Canadian purchasers to effect service of process within Canada upon us or those persons. All of our assets and the assets of those
persons are located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada
or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Collection
of Personal Information</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a Canadian purchaser is resident in or otherwise subject to the securities laws of the Province of Ontario, the purchaser authorizes
the indirect collection of personal information pertaining to the Canadian purchaser by the Ontario Securities Commission (the &ldquo;OSC&rdquo;)
and each Canadian purchaser will be required to acknowledge and agree that the Canadian purchaser has been notified by us (i) of the
delivery to the OSC of personal information pertaining to the Canadian purchaser, including, without limitation, the full name, residential
address and telephone number of the Canadian purchaser, the number and type of securities purchased and the total purchase price paid
in respect of the securities, (ii) that this information is being collected indirectly by the OSC under the authority granted to it in
securities legislation, (iii) that this information is being collected for the purposes of the administration and enforcement of the
securities legislation of Ontario, and (iv) that the title, business address and business telephone number of the public official in
Ontario who can answer questions about the OSC&rsquo;s indirect collection of the information is the Administrative Assistant to the
Director of Corporate Finance, the Ontario Securities Commission, Suite 1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8,
Telephone: (416) 593-8086, Facsimile: (416) 593-8252.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in Hong Kong</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
units may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer
to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other
circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the Companies Ordinance (Cap.
32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units may be issued or may be in the possession of
any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which
are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with
respect to units which are or are intended to be disposed of only to persons outside Hong Kong or only to &ldquo;professional investors&rdquo;
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation
to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in Singapore</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated
or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act,
Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section
275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the
SFA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
the units are subscribed or purchased under Section 275 of the SFA by a relevant person which is:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shares,
    debentures and debentures of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described) in that trust
    shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made
    under Section 275 of the SFA except:</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the
    SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and debentures of that corporation
    or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign
    currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further
    for corporations, in accordance with the conditions specified in Section 275 of the SFA;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    no consideration is or will be given for the transfer; or</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">where
    the transfer is by operation of law.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notification
under Section 309B(1)(c) of the Securities and Futures Act:</B> Solely for the purposes of its obligations pursuant to sections 309B(1)(a)
and 309B(1)(c) of the Securities and Futures Act and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the &ldquo;CMP Regulations 2018&rdquo;), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section
309A of the SFA) that the notes are (A) prescribed capital markets products (as defined in the CMP Regulations 2018) and (B) Excluded
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in Switzerland</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
units may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange
or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance
prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under
art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither
this prospectus nor any other offering or marketing material relating to the units or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither
this prospectus nor any other offering or marketing material relating to the offering, the company or the securities have been or will
be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of
securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has
not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded
to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of units.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in the Cayman Islands</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not licensed to conduct investment business in the Cayman Islands by the Cayman Islands Monetary Authority and this prospectus does
not constitute an offer to members of the public of our units, whether by way of sale or subscription, in the Cayman Islands. Our units
have not been offered or sold, will not be offered or sold and no invitation to subscribe for our Units will be made, directly or indirectly,
to members of the public in the Cayman Islands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notice
to Prospective Investors in Italy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
prospectus has not been submitted to the Commissione Nazionale per le Societ&agrave; e la Borsa, the Italian Securities Exchange Commission
(&ldquo;CONSOB&rdquo;), for clearance and will not be subject to formal review or clearance by CONSOB.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
the Units may not be offered, and copies of this prospectus or any other document relating to the shares may not be distributed in Italy
except:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">to
    &ldquo;qualified investors&rdquo; (investitori qualificati), as defined pursuant to Article 34-ter, first paragraph, letter b), of
    CONSOB regulation No. 11971 of May 14, 1999, as amended, concerning issuers (&ldquo;Regulation No. 11971&rdquo;), but excluding (i)
    small and medium enterprises and natural persons indicated in Regulation No. 11971 that have not been included in the register of
    qualified investors, (ii) management companies and financial intermediaries authorized to manage individual portfolios on behalf
    of third parties and (iii) fiduciary companies managing portfolio investments regulated by Article 60, paragraph 4 of Legislative
    Decree No. 415 of July 23, 1996; or</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    other circumstances that are exempt from the rules on public offers pursuant to Article 100 of the Legislative Decree No. 58 of February
    24, 1998, as amended (the &ldquo;Italian Financial Act&rdquo;), and its implementing CONSOB regulations, including Regulation No.
    11971.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
such offer, sale or delivery of the Units offered hereby or distribution of copies of this Prospectus, or any other document relating
to the offering in the Republic of Italy must be in compliance with the selling restrictions under</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">made
    by soggetti abilitati (including investment firms (imprese di investimento), banks or financial intermediaries, as defined by Article
    1, first paragraph, letter r), of the Italian Financial Act), to the extent duly authorized to engage in the offering and/or underwriting
    and/or purchase of financial instruments in the Republic of Italy in accordance with the relevant provisions of the Italian Financial
    Act, CONSOB Regulation 16190 of October 29, 2007, as amended, Legislative Decree No. 385 of September 1, 1993, as amended (the &ldquo;Italian
    Banking Act&rdquo;) and any other applicable laws and regulations; and</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    compliance with any other applicable requirements or limitations which may be imposed by CONSOB, the Bank of Italy or any other Italian
    regulatory authority.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
investor purchasing the Units offered hereby is solely responsible for ensuring that any offer or resale of the shares it purchased occurs
in compliance with applicable laws and regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Article 100-bis of the Italian Financial Act, the subsequent resale on the secondary market in the Republic of Italy
of the Units offered hereby (which were part of an offer made pursuant to an exemption from the obligation to publish a prospectus) constitutes
a distinct and autonomous offer that must be made in compliance with the public offer and prospectus requirement rules provided under
the Italian Financial Act and the Regulation No. 11971 unless an exemption applies. Failure to comply with such rules may result in the
subsequent resale of such shares being declared null and void and the intermediary transferring the shares may be liable for any damage
suffered by the investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_019"></A>LEGAL
MATTERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 offered in the prospectus. Legal matters as to Cayman Islands&rsquo; 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. Mayer Brown is acting
as counsel for the underwriters in this offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="j_020"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXPERTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements of Heroic Empire Acquisition Limited as of December 31, 2021 and for the period from August 20, 2021 (inception)
through December 31, 2021 appearing in this prospectus have been audited by Friedman 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 Heroic
Empire Acquisition Limited 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_021"></A>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Heroic
Empire ACQUISITION LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_022"></A>INDEX
TO FINANCIAL STATEMENTS</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></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="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#vi_001">Report of Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_023">Balance Sheet</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_024">Statement of Operations</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_025">Statement of Changes in Shareholders&rsquo; Deficit</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_026">Statement of Cash Flows</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#j_027">Notes to Financial Statements</A></FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><IMG SRC="audit_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><A NAME="vi_001"></A>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Board of Directors and Shareholders of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Heroic Empire Acquisition Limited</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Opinion on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying balance sheet
of Heroic Empire Acquisition Limited (the &ldquo;Company&rdquo;) as of December 31, 2021 and the related statements of operations, changes
in shareholders&rsquo; equity and cash flows for the period from August 20, 2021 (inception) through December 31, 2021 and the related
notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2021 and the results of its operations and its cash
flows for the period from August 20, 2021 (inception) through December 31, 2021, in conformity with accounting principles generally accepted
in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Explanatory Paragraph &mdash; Going Concern</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">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, its business
plan is dependent on the completion of a financing and the Company&rsquo;s cash and working capital as of December 31, 2021 are not sufficient
to complete its planned activities. These conditions raise substantial doubt about the Company&rsquo;s ability to continue as a going
concern. Management&rsquo;s plans in regard to these matters are also described in Notes 1 and 3. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Basis for Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These financial statements are the responsibility
of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s financial statements based on our
audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (&ldquo;PCAOB&rdquo;)
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&rsquo;s
internal control over financial reporting. Accordingly, we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audit included performing procedures to assess
the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as
evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>/s/ Friedman LLP</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Friedman LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">February 25, 2022</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_004.jpg" ALT="" STYLE="height: 58px; width: 620px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEROIC
EMPIRE ACQUISITION LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_023"></A>BALANCE
SHEET</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AS
OF DECEMBER 31, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Currency
expressed in United States Dollars (&ldquo;US$&rdquo;), except for number of shares)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; width: 78%; text-align: left; padding-bottom: 1.5pt">Deferred offering costs</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; text-align: right">65,500</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL ASSETS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">65,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Current liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Advances from a related party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,362</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total Current Liabilities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,362</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt">TOTAL LIABILITIES</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">49,362</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commitments and Contingencies</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Shareholders&rsquo; Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ordinary shares, $0.0001 par
    value; 50,000,000 shares authorized; no shares issued and outstanding; 2,156,250 shares issued and outstanding <SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">216</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,784</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Total Shareholders&rsquo; Equity</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16,138</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">65,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEROIC
EMPIRE ACQUISITION LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
THE PERIOD FROM AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_024"></A>STATEMENT
OF OPERATIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Currency
expressed in United States Dollars (&ldquo;US$&rdquo;), except for number of shares)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; text-align: left; padding-bottom: 1.5pt">Formation and operating costs</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="width: 18%; border-bottom: Black 1.5pt solid; text-align: right">(8,862</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">NET LOSS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">(8,862</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic and diluted weighted average shares outstanding <SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,875,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Basic and diluted net loss per share</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.00</TD><TD STYLE="text-align: left">)</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEROIC
EMPIRE ACQUISITION LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_025"></A>STATEMENT
OF CHANGES IN SHAREHOLDERS&rsquo; EQUITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FOR
THE PERIOD FROM AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Currency
expressed in United States Dollars (&ldquo;US$&rdquo;), except for number of shares)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center; text-indent: -6.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <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">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center">Additional </TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center"></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center">Total </TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">No. of shares</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">paid-in capital</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">Accumulated deficit</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center">shareholders&rsquo; equity</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance of ordinary shares to founder <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">2,156,250</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">216</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">24,784</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">25,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net loss for the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,862</TD><TD STYLE="text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Balance as of December 31, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,156,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">216</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">24,784</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(8,862</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">16,138</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center; text-indent: -6.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Includes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></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%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEROIC
EMPIRE ACQUISITION LIMITED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_026"></A>STATEMENT
OF CASH FLOWS FOR THE PERIOD</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FROM
AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 1.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Currency
expressed in United States Dollars (&ldquo;US$&rdquo;))</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 78%; text-align: left">Net loss</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">(8,862</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Change in operating assets and liabilities:</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Net cash used in operating activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(8,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Advance from related party</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt">Net cash provided by financing activities</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,862</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">NET CHANGE IN CASH</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">CASH, BEGINNING OF PERIOD</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">CASH, END OF PERIOD</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Non-cash investing and financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Deferred offering costs paid by a related party</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">65,500</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Capital contribution paid to deferred offering cost</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">25,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center; text-indent: -6.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
accompanying notes to financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6.7pt; text-align: center; text-indent: -6.7pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="j_027"></A>NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Heroic
Empire Acquisition Limited (the &ldquo;Company&rdquo; or &ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo;) is a blank check company incorporated on August 20, 2021, under the laws of the Cayman Islands for the purpose of acquiring, engaging in a
share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination with one or more businesses or entities (Business Combination&rdquo;).
Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the Company had not commenced any operations. All activity through December 31, 2021 relates to the Company&rsquo;s
formation and the proposed public offering as described below. The Company has selected December 31 as its fiscal year end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public offering
of 7,500,000 units (&ldquo;Units&rdquo;) (or 8,625,000 Units if the underwriters&rsquo; over-allotment option is exercised in full),
at $10.00 per Unit, which is discussed in Note 3 (the &ldquo;Proposed Public Offering&rdquo;), and the sale of 450,000 Units at a price
of $10.00 per Unit in a private placement to Luminous Success LLC (the &ldquo;Sponsor&rdquo;) (or 495,000 Units if the overallotment
is exercised in full) to the Sponsors (the &ldquo;Private Units&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company intends to list the Units on the Nasdaq Global Market (&ldquo;Nasdaq&rdquo;). The Company&rsquo;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 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 &ldquo;Investment Company Act&rdquo;). There is no assurance that the Company
will be able to successfully effect a Business Combination. Upon the closing of the Proposed Public Offering, management has agreed that
$10.20 per Unit sold in the Proposed Public Offering, including the proceeds of the sale of the Private Warrant, will be held in a trust
account (&ldquo;Trust Account&rdquo;) and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of
the Investment Company Act, with a maturity of 180 days or less, or in any open-ended investment company that holds itself out as a money
market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i)
the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company&rsquo;s shareholders,
as described below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20 per share, plus any pro rata interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters
(as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company&rsquo;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 Accounting Standards Codification (&ldquo;ASC&rdquo;) Topic 480 &ldquo;<I>Distinguishing
Liabilities from Equity.</I>&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 (&ldquo;SEC&rdquo;), and file tender offer documents containing
substantially the same information as would be included in a proxy statement with the SEC prior to completing a Business Combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s initial shareholders (the &ldquo;initial shareholders&rdquo;) have agreed (a) to vote their founder shares, the ordinary
shares included in the Private Units (the &ldquo;Private Shares&rdquo;) 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&rsquo;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&rsquo;s obligation to redeem 100%
of the Public Shares if the Company does not complete a Business Combination within the Combination Period unless the Company provides
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 founder shares and Private Units (including underlying securities) (as well
as any Public Shares purchased during or after the Proposed Public Offering) into the right to receive 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&rsquo;
rights of pre-Business Combination activity and (d) that the founder shares and Private Units (including underlying securities) 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will have until 18 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 18 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 27 months to complete a Business Combination) (the &ldquo;Combination
Period&rdquo;). In order to extend the time available for the Company to consummate a Business Combination, the initial shareholders
or their affiliates or designees must deposit into the Trust Account $750,000 or, $862,500 if the underwriters&rsquo; over-allotment
option is exercised in full ($0.10 per share in either case), on or prior to the applicable deadline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; 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&rsquo;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 underwriters have 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 $10.20.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 $10.20 per share (whether or not the underwriters&rsquo; 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&rsquo;s indemnity of the underwriters of the Proposed Public Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;). In the event that an executed
waiver is deemed to be unenforceable against a third party, the sponsor will not be responsible to the extent of any liability for such
third party claims. The Company will seek to reduce the possibility that the sponsor will have to indemnify the Trust Account due to
claims of creditors by endeavoring to have all vendors, service providers, prospective target businesses or other entities with which
the Company does business, execute agreements with the Company waiving any right, title, interest or claim of any kind in or to monies
held in the Trust Account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Going
Concern Consideration</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2021, the Company had cash balance of $0, working capital deficit of $49,362 and a net loss of $8,862 for the period from
August 20, 2021 (inception) to December 31, 2021. The Company has incurred and expects to continue to incur significant costs in pursuit
of its financing and acquisition plans. These conditions raise substantial doubt about the Company&rsquo;s ability to continue as a going
concern within one year after the date that the financial statements are issued. Management plans to address this uncertainty through
a Proposed Public Offering as discussed in Note 3. There is no assurance that the Company&rsquo;s plans to raise capital or to consummate
a Business Combination will be successful or successful within the Combination Period. On December 31, 2021, the Sponsor agreed to loan
the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the Proposed
Public Offering. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
2 &ndash; SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
    of presentation</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States
of America (&ldquo;U.S. GAAP&rdquo;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &ldquo;emerging growth company,&rdquo; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our
Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;), and it may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s financial statements with another public company which
is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult
or impossible because of the potential differences in accounting standards used.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Use
    of estimates</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
    offering costs</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; equity upon the completion of the Proposed Public
Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred,
will be charged to operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    taxes</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
taxes are determined in accordance with the provisions of ASC Topic 740, &ldquo;<I>Income Taxes</I>&rdquo; (&ldquo;ASC 740&rdquo;). 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s
management determined that the Cayman Islands is the Company&rsquo;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 December 31, 2021. The Company is currently not aware of any issues under review that could
result in significant payments, accruals or material deviation from its position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s management does not expect that the total amount of unrecognized tax benefits will materially change
over the next twelve months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s
tax provision was zero for the periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Warrants
    </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant&rsquo;s
specific terms and applicable authoritative guidance in Financial Accounting Standards Board (&ldquo;FASB&rdquo;) Accounting Standards
Codification (&ldquo;ASC&rdquo;) 480, <I>Distinguishing Liabilities from Equity</I> (&ldquo;ASC 480&rdquo;) and ASC Topic 815, <I>Derivatives
and Hedging</I> (&ldquo;ASC 815&rdquo;). 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&rsquo;s own ordinary shares and whether the warrant
holders could potentially require &ldquo;net cash settlement&rdquo; in a circumstance outside of the Company&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss per share</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 281,250 ordinary shares
that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At December 31, 2021,
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
periods presented.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Related
    parties</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concentration
    of credit risk</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
    value of financial instruments</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&rsquo;s assets and liabilities, which qualify as financial instruments under ASC Topic 820, &ldquo;<I>Fair
Value Measurement</I>,&rdquo; approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their
short-term nature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
    accounting pronouncements</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company&rsquo;s financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
3 &ndash; PROPOSED PUBLIC OFFERING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.6pt; text-align: justify; text-indent: -28.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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 7,500,000 Units at a proposed public offering price of $10.00
per Unit (plus up to an additional 1,125,000 units to cover over-allotments, if any). Each Unit will consist of one ordinary share and
one half (1/2) warrant (&ldquo;Public Warrant&rdquo;). Each whole Public Warrant will entitle the holder to purchase one ordinary share
at an exercise price of $11.50 per whole share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
4 &ndash; PRIVATE PLACEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sponsor will agree to purchase an aggregate of 450,000 private units (or 495,000 Private Units if the underwriters&rsquo; over-allotment
is exercised in full) at $10.00 per Private Unit (for a total purchase price of $4,500,000 or $4,950,000 in the aggregate if the underwriters&rsquo;
over-allotment is exercised in full), in each case, in a private placement that will occur simultaneously with the closing of the Proposed
Public Offering). Each Private Unit consists of one Private Share and one half (1/2) redeemable warrant (each, a &ldquo;Private Warrant&rdquo;).
Each whole Private Warrant is exercisable to purchase one ordinary share at a price of $11.50 per share. However, the Private Warrants
may only be exercised for a whole number of shares, meaning that the Private Warrants must be exercised in multiples of two.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.6pt; text-align: justify; text-indent: -28.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
5 &ndash; RELATED PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.6pt; text-align: justify; text-indent: -28.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.6pt; text-align: justify; text-indent: -28.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Founder
Shares</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 10pt">In
September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate
of 110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional
insider shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred
the bonus shares that they received to our sponsor</FONT><FONT STYLE="font-size: 10pt">, resulting in an aggregate of 2,162,500
ordinary shares issued and outstanding, </FONT><FONT STYLE="font-size: 8pt"></FONT><FONT STYLE="font-size: 10pt">including
an aggregate of up to 281,250 shares subject to forfeiture by the Sponsor to the extent that the underwriters&rsquo; over-allotment is
not exercised in full or in part, so that the Sponsor will collectively own 25% of the Company&rsquo;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)
(see Note 6) for an aggregate purchase price of $25,000.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Promissory
Note &mdash; Related Party </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 10pt">On September 23,
2021</FONT><FONT STYLE="font-size: 8pt">&nbsp;</FONT><FONT STYLE="font-size: 10pt">, the Company issued an unsecured promissory note
to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $500,000 (the &ldquo;Promissory Note&rdquo;).
The Promissory Note is non-interest bearing and repayable no later than the date of the consummation of our initial business combination, amount up to $500,000 may be converted
into private units at a price of $10.00 per unit.</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, the principal amount due and owing under the Promissory Note was $49,362.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Administrative
Services Arrangement</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
affiliate of the Sponsor will agree that, commencing from the date that the Company&rsquo;s securities are first listed on Nasdaq through
the earlier of the Company&rsquo;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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Related
Party Loans</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s directors and officers may, but are not obligated to make working capital loans to the Company as may be required
(&ldquo;Working Capital Loans&rdquo;). 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&rsquo;s discretion, up to $500,000 converted upon consummation of our business combination into additional
private units at a price of $10.00 per unit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
6 &ndash; SHAREHOLDERS&rsquo; EQUITY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.6pt; text-align: justify; text-indent: -28.6pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ordinary
shares</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is authorized to issue 500,000,000 ordinary shares at par $0.0001. Holders of the Company&rsquo;s ordinary shares are entitled
to one vote for each share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2021, 2,156,250 Ordinary Shares were issued and outstanding (reflecting the recapitalization on January 27,
2022), of which 281,250 ordinary shares are subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option
is not exercised in full, so that the initial shareholders will own 20% of the issued and outstanding shares after the Proposed Public
Offering (excluding the sale of the Private Units and assuming the initial shareholders do not purchase any Units in the Proposed Public
Offering).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Warrants
</I></B>&mdash; Each holder of a warrant shall entitle to purchase one ordinary share at a price of $11.50 per share. 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 Public 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may call the warrants for redemption:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
in whole and not in part,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
at a price of $0.01 per warrant,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
upon not less than 30 days&rsquo; prior written notice of redemption to each Public Warrant holder, and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 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&rsquo;s assets held outside of the Trust Account with respect to such warrants. Accordingly, the warrants may expire
worthless.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Private Warrants are identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering. Additionally,
the Private Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed the key terms applicable to the Public Warrants as well as the Private Warrants and believes the Public Warrants and
Private Warrants, if were issued, should be classified as equity in accordance with ASC 480 and ASC 815.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
7 &ndash; COMMITMENTS AND CONTINGENCIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Risks
and Uncertainties</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo;s financial position, results of its operations and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Registration
Rights</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 &ldquo;piggy-back&rdquo; registration rights with respect
to registration statements filed subsequent to the completion of a Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Underwriter
Agreement</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company will grant the underwriters a 45-day option to purchase up to 1,125,000 Units (over and above 7,500,000 units referred to above)
solely to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
underwriters will be entitled to a cash underwriting discount of 5.5% of the gross proceeds of the Proposed Public Offering, of which
3.5% will be paid at the closing of the Proposed Public Offering and the balance will be deferred until the closing of the initial business
combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 26.1pt; text-align: justify; text-indent: -26.1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NOTE
8 &ndash; SUBSEQUENT EVENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated subsequent events and transactions that occurred after the balance sheet date up to February 25, 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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&rsquo; obligation to deliver a prospectus when acting as underwriters and
with respect to their unsold allotments or subscriptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT 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.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>$75,000,000</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Heroic
Empire Acquisition Limited</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7,500,000
Units</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EF
HUTTON</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>division
of Benchmark Investments, LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Brookline
Capital Markets, a division of Arcadia Securities LLC</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>________,
2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION
NOT REQUIRED IN PROSPECTUS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
13. Other Expenses of Issuance and Distribution.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 78%; text-align: left">Initial trustee fee</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 18%; text-align: right">41,500</TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(1)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SEC Registration Fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,593</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FINRA filing fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,877</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accounting fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">120,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Nasdaq listing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Printing and engraving expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">D&amp;O insurance fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Legal fees and expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,000</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">Miscellaneous</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">115,030</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(2)</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">900,000</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"></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="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    addition to the initial acceptance fee that is charged by Continental Stock Transfer &amp; Trust Company, as trustee, the registrant
    will be required to pay to Continental Stock Transfer &amp; Trust Company $45,000 for acting as trustee, as transfer agent of the
    registrant&rsquo;s ordinary shares, as warrant agent for the registrant&rsquo;s warrants, and as escrow agent.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
14. Indemnification of Directors and Officers.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cayman
Islands law does not limit the extent to which a company&rsquo;s memorandum and articles of association may provide for indemnification
of officers and directors, except to the extent any such provision may be held by the Cayman Islands courts to be contrary to public
policy, such as to provide indemnification against 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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
15. Recent Sales of Unregistered Securities.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the past three years, we sold the following ordinary shares without registration under the Securities Act:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#9679;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of January 31, 2022, an aggregate of 2,156,250 shares were sold to certain of our initial shareholders, which we refer to throughout
    this prospectus as the &ldquo;insider shares,&rdquo; for an aggregate purchase price of $25,000, or approximately $0.01 per share,
    in connection with the Company&rsquo;s organization pursuant to the exemption from registration contained in Section 4(a)(2) of the
    Securities Act.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our sponsor has committed to purchase an aggregate of 450,000 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 underwriters
in full or in part, they will purchase from the Company at a price of $10.00 per private unit up to an additional 45,000 private units.
These issuances will be made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
underwriting discounts or commissions were paid with respect to such sales.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
16. Exhibits and Financial Statement Schedules.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The following exhibits are filed as part of this Registration Statement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    No.</B></FONT></TD>
    <TD STYLE="text-align: justify; padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Underwriting Agreement.*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex3-1.htm">Memorandum and Articles of Association.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
    of Amended and Restated Memorandum and Articles of Association.*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex4-1.htm">Specimen Unit Certificate.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex4-2.htm">Specimen Ordinary Share Certificate.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex4-3.htm">Specimen Warrant Certificate.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Ogier*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opinion
    of Loeb &amp; Loeb LLP.*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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&rsquo;s officers, directors and shareholders.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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 and Underwriters.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-5.htm">Form of Subscription Agreement among the Registrant and the Initial Shareholders.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex10-6.htm">Form of Administrative Support Agreement by and between the Registration and Luminous Success LLC.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex14.htm">Form of Code of Ethics.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex23-1.htm">Consent of Friedman LLP.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Ogier (included in Exhibit 5.1).*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent
    of Loeb &amp; Loeb LLP (included in Exhibit 5.2).*</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="#x_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Power of Attorney (included on signature page).</FONT></A></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-1.htm">Form of Audit Committee Charter.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.2</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.3</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="ex99-3.htm">Form of Compensation Committee Charter.</A></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">107</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><A HREF="ex107.htm">Calculation of Registration Fee</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24pt; text-align: justify; text-indent: -24pt">* To be filed with
an amendment.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
17. Undertakings.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></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="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    undersigned registrant hereby undertakes:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
    post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set
    forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if
    the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end
    of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b)
    if, in the aggregate, the changes in volume and price represent no more than 20 percent change in the maximum aggregate offering
    price set forth in the &ldquo;Calculation of Registration Fee&rdquo; table in the effective registration statement;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">i.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">iv.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 96pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)
    (ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT 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.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.25in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
    as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling
    persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion
    of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore,
    unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of
    expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action,
    suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
    the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court
    of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
    will be governed by the final adjudication of such issue.</FONT></P>
    <P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
  <TD STYLE="text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
  <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned registrant hereby undertakes that:</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; width: 0.5in">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment that contains a form of prospectus
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at
that time shall be deemed to be the initial bona fide offering thereof.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="x_001"></A>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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 Hong Kong SAR, China, on the 25th day of February, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HEROIC
    EMPIRE ACQUISITION LIMITED</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    William Wai-Lun Ip</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    Wai-Lun Ip</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-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.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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; width: 29%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; white-space: nowrap; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 21%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: center">&nbsp;</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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    William Wai-Lun Ip</I></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Executive Officer</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    25,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">William
    Wai-Lun Ip</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    executive officer) and Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 10pt"><I>/s/
    </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satoshi Tominaga</FONT></I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    25,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Satoshi
    Tominaga</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal
    financial and accounting officer)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 10pt"><I>/s/
    </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gable F. Gao</FONT></I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    25,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gable
    F. Gao</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Song Jing</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    25,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Song
    </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman PS Std,serif; font-size: 10pt"><I>/s/
    </I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael L. Coyne</FONT></I></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    25,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"> 2022</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    L. Coyne</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AUTHORIZED
U.S. REPRESENTATIVE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Heroic Empire
Acquisition Limited has signed this registration statement in the City of New York, on February 25, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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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"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AUTHORIZED
    U.S. REPRESENTATIVE</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cogency Global Inc.</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
Colleen A. De Vries</I></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Colleen
    A. De Vries</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sr.
Vice President of Cogency</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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</HTML>
[{"type": "S-1", "sequence": "1", "filename": "forms-1.htm", "secsgml_size_bytes": 2050375}]
{"company-data": {"conformed-name": "Heroic Empire Acquisition Ltd", "cik": "0001912165", "irs-number": "000000000"}, "filing-values": {"form-type": "S-1", "act": "33", "file-number": "333-263023", "film-number": "22678470"}, "business-address": {"street1": "10/F TOWER A, BILLION CENTRE", "street2": "1 WANG KWONG ROAD", "city": "KOWLOON BAY", "state": "K3", "zip": "999077", "phone": "852-25832131"}, "mail-address": {"street1": "10/F TOWER A, BILLION CENTRE", "street2": "1 WANG KWONG ROAD", "city": "KOWLOON BAY", "state": "K3", "zip": "999077"}}
As
filed with the U.S. Securities and Exchange Commission on February 25, 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
HEROIC
EMPIRE ACQUISITION LIMITED
(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)
Mr.
William Wai-Lun Ip
10/F Tower A, Billion Centre,
Wang Kwong Road, Kowloon Bay,
Kowloon,
Hong Kong
Telephone:
+852 2583 2131
(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
Telephone:
+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
Telephone: 852-3923-1111
Fax: 852-3923-1100
Nathan
    Powell
Ogier
11/FCentral Tower
28 Queen's Road Central
Central, Hong Kong
Telephone: +8523656 6054
Fax: +852 3656 6001
Thomas Kollar, Esq.
Mayer Brown
18/F Princes Building
10 Chater Road
Central, Hong Kong
Telehone: +852 2843 4260
Fax: +852 2103 5025
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 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 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 FEBRUARY 25, 2022
$75,000,000
HEROIC
EMPIRE ACQUISITION LIMITED
7,500,000 Units
Heroic
Empire Acquisition Limited 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. Our efforts to identify a prospective target business will not be limited
to a particular industry or geographic region, although the Company intends to focus on operating businesses in the biotechnology or
telecommunications, media, and technology, or TMT, industries in Asia and North America, evaluated based on, among other things,
sustainability and environmental, social, and corporate governance, or ESG, imperatives
.
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 and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one ordinary share at an
exercise price of $11.50 per whole share, subject to adjustment as described in this prospectus. Only whole warrants are
exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. As a result, you
must exercise warrants in multiples of at least two warrants, at a price of $11.50 per whole share, subject to adjustment as
described in this prospectus, to validly exercise your warrants. Each warrant will become exercisable on the later of (i) the
Company's completion of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities or (ii) 12 months from the date that the registration statement
of which this prospectus is a part of is declared effective by the Securities and Exchange Commission, 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 EF Hutton, division of Benchmark Investments, LLC ("EF Hutton"), the representative of the underwriters, a 45-day
option to purchase up to an additional 1,125,000 units (over and above the 7,500,000 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 18 months (or up to 27 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, Luminous Success LLC, has committed to purchase from us an aggregate of 450,000 units (or up to 495,000 units if the underwriters'
over-allotment option is exercised in full) or "private units," at $10.00 per private unit for a total purchase price of
4,500,000 (or $4,950,000, if the underwriters' over-allotment option is exercised in full). These purchases will take place on
a private placement basis simultaneously with the consummation of this offering. Each private placement unit shall consist of one ordinary
share and one-half of one private warrant exercisable to purchase one-half of an ordinary share at a price of $11.50 per whole share.
Prior
to this offering, there has been no public market for our units, ordinary shares or warrants. 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 and warrants comprising the units will begin separate trading on
the 52
nd
day after the date of this prospectus unless EF Hutton 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,
and warrants will be traded on Nasdaq under the symbols "[       ]," and "[       ]W,"
respectively.
As
a holding company with no material operations of our own, we conduct our operations through an office space in Hong Kong, and
our sponsor and a majority of our executive officers and/or directors are located in or have significant ties to China and/or Hong Kong.
Although 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, our initial business combination target company may include a company located in the People's Republic of China,
or PRC, or Hong Kong. If our target company is a PRC company, or PRC Target Company, we are subjected to risks due to uncertainty of
the interpretation and the application of the PRC laws and regulations, including but not limited to limitation on foreign ownership
of companies in certain industries, and regulatory review of an overseas listing of PRC companies through a special purpose vehicle,
and the validity and enforcement of the agreements with a variable interest entity, or VIE, if our PRC Target Company requires any of
these legal requirements post business combination by us. We are also subjected to the risks of uncertainty about any future actions
of the PRC government in this regard. We may also be subject to sanctions imposed by PRC regulatory agencies including the Chinese Securities
Regulatory Commission, or CSRC, if our PRC Target Company fails to comply with their rules and regulations. If the Chinese regulatory
authorities disallow the VIE structure (as defined below) in the future, it will likely result in a material change in our financial
performance and our results of operations and/or the value of our ordinary shares post business combination if our PRC Target Company
requires a VIE structure, which could cause the value of such securities to significantly decline or become worthless. For a detailed
description of the risks relating to the VIE structure, doing business in the PRC or Hong Kong, and the offering as a result of the structure,
see
"Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China."
Additionally,
we might be subjected to certain legal and operational risks associated with VIE's operations in China if our PRC Target Company
requires a VIE structure. PRC laws and regulations governing our PRC Target Company's current business operations are sometimes
vague and uncertain, and therefore, these risks may result in a material change in a VIE's operations, significant depreciation
of the value of our ordinary shares, or a complete hindrance of our ability to offer or continue to offer our securities to investors.
Recently, the PRC government initiated a series of regulatory actions and statements to regulate business operations in China with little
advance notice, including cracking down on illegal activities in the securities market, enhancing supervision over China-based companies
listed overseas using a VIE structure, adopting new measures to extend the scope of cybersecurity reviews, and expanding the efforts
in anti-monopoly enforcement. Since these statements and regulatory actions are new, it is highly uncertain how soon legislative or administrative
regulation making bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will
be modified or implemented, if any, and the potential impact such modified or new laws and regulations will have on the PRC Target
Company's daily business operation, the ability to accept foreign investments and list on an U.S. or other foreign exchange.
Furthermore,
if we consummate an initial business combination with PRC Target Company or a company located in Hong Kong, we may operate in the PRC
or Hong Kong primarily through our PRC subsidiaries or Hong Kong subsidiaries. We may use a corporate structure without direct equity
ownership held by foreign investors. Therefore, a series of contractual arrangements may be entered into between the PRC operating entities,
which are consolidated VIEs of the combined company, as well as the VIEs' founders and owners, on one side, and a PRC subsidiary
of the combined company which may be a company incorporated in the Cayman Islands, on the other side. To the extent that the combined
company conducts its operations in China through its PRC subsidiaries and VIEs, such corporate structure involves unique risks to investors
after the business combination, as the combined company does not hold any direct equity interest in the PRC operating entities. All of
these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. However, the legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. As such, if we enter into a business combination with a China-based business utilizing
a VIE structure, we and investors may face significant uncertainty about potential future actions by the PRC government that could affect
the legality and enforceability of the contractual arrangements with the VIEs and, consequently, significantly affect the financial performance
of the combined company as a whole. For a detailed description of the risks associated with this potential corporate structure, please
refer to risks disclosed under "
Risk Factors — Risks Associated with Acquiring and Operating a Target Business with its
Primary Operation in China
" and "
Proposed Business — Initial Business Combination with a Company Based in China
or Hong Kong
" for further details on the VIE structure. Under the VIE arrangement, the dividends or other distributions to
be paid by our PRC subsidiaries to their overseas holding company will depend on such PRC subsidiaries' entitlement to substantially
all of the economic benefits of the VIEs, which are typically in the form of services fees or license fees payable by the VIEs to our
PRC subsidiaries under various VIE agreements. Such contractual arrangements may not be as effective as direct ownership in respect of
our relationship with the VIE and we may be adversely affected if we experience difficulties in settling the amounts owed to our PRC
subsidiaries by the VIEs. Regardless of whether we have a VIE structure or direct ownership structure post-business combination, we may
depend on dividends and other distributions on equity paid by our PRC subsidiaries for our cash and financing requirements. Such dividends
and other distributions may be subject to the PRC government's regulations relating to the conversion of Renminbi into foreign
currencies and the remittance of such currencies out of the PRC, which may limit our PRC subsidiaries' ability to distribute earnings
to us or may otherwise adversely affect us. Furthermore, even though we may wish to transfer cash proceeds raised from overseas financing
activities, including this offering, to our PRC subsidiaries via capital contribution or shareholder loans, the PRC government's
regulations relating to foreign exchange may limit our ability to make loans to or inject capital into our PRC subsidiaries or the ability
of our PRC subsidiaries to pay back such loans to us.
Moreover,
if any of our future subsidiaries incurs debt on its own in the future, the instruments governing such debt may restrict the subsidiary's
ability to pay dividends to us. In addition, our future PRC subsidiaries and VIEs will be required to make appropriations to certain
statutory reserve funds, which are not distributable as cash dividends except in the event of a solvent liquidation of the companies.
Current PRC regulations permit indirect PRC subsidiaries to pay dividends to their parent only out of their accumulated profits, if any,
determined in accordance with Chinese accounting standards and regulations. In addition, companies in China are generally required to
set aside at least 10% of their after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of their
registered capital. Entities in China may also be required to further set aside a portion of their after-tax profits to fund the employee
welfare fund, although the amount to be set aside, if any, is determined at the discretion of their boards of directors. Although the
statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess of retained
earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.
The
PRC government also imposes controls on the conversion of Chinese currency, or RMB, into foreign currencies and the remittance
of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative procedures necessary to obtain
and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if our future subsidiaries in the PRC
incur debt on their own, the instruments governing the debt may restrict their ability to pay dividends or make other payments. If we
or our future subsidiaries are unable to receive all of the revenues from our operations through the VIE contractual arrangements, we
may be unable to pay dividends on our ordinary shares.
Cash
dividends, if any, on our ordinary shares will be paid in U.S. dollars. If upon consummation of our business combination we are considered
a PRC tax resident enterprise for tax purposes, any dividends we pay to our overseas shareholders may be regarded as China-sourced income
and as a result may be subject to PRC withholding tax at a rate of up to 10.0%. If we have a VIE structure upon consummation of our initial
business combination, in order for us to pay dividends to our shareholders, we will rely on payments made from the VIE to us. Certain
payments from the VIE may be subject to PRC taxes, including business taxes and value added tax (VAT).
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
35 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
$
0.55
$
9.45
Total
$
75,000,000
$
4,125,000
$
70,875,000
(1)
Includes $0.35 per unit sold, or $2,625,000 (or $3,018,750 if the underwriters' over-allotment option is exercised in full) in
the aggregate, payable to the underwriters for deferred underwriting commissions that will be placed in a trust account located in the
United States as described herein. The deferred commissions will be released to the underwriters only on completion of an initial business
combination, in an amount equal to $0.35 multiplied by the number of public shares sold as part of the units in this offering, subject
to adjustment as described in this prospectus. Does not include certain fees and expenses payable (or securities issuable) to the underwriters
in connection with this offering. See also "Underwriting" for a description of compensation and other items of value payable
to the underwriters.
Upon
consummation of the offering, $10.20 per unit sold to the public in this offering (whether or not the over-allotment option has been
exercised in full or 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 $2,625,000, or $3,018,750 if the underwriters' over-allotment
option is exercised in full, payable to the underwriters as deferred underwriting discounts and commissions. Except as described in this
prospectus, these funds will not be released 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
underwriters are offering the units for sale on a firm-commitment basis. Delivery of the units will be made on or about               , 2022.
Joint
Book-Running Managers
EF
    HUTTON
Brookline
    Capital Markets
division
of Benchmark Investments, LLC
a
    division of Arcadia Securities, LLC
The
date of this prospectus is _______________, 2022
HEROIC
EMPIRE ACQUISITION LIMITED
TABLE
OF CONTENTS
Page
PROSPECTUS SUMMARY
1
SUMMARY FINANCIAL DATA
34
RISK FACTORS
35
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
76
ENFORCEABILITY OF CIVIL LIABILITIES
77
USE OF PROCEEDS
78
DIVIDEND POLICY
81
DILUTION
82
CAPITALIZATION
84
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
85
PROPOSED BUSINESS
90
MANAGEMENT
109
PRINCIPAL SHAREHOLDERS
119
CERTAIN TRANSACTIONS
122
DESCRIPTION OF SECURITIES
125
SHARES ELIGIBLE FOR FUTURE SALE
136
TAXATION
138
UNDERWRITING
150
LEGAL MATTERS
158
EXPERTS
159
WHERE YOU CAN FIND ADDITIONAL INFORMATION
160
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 Heroic Empire Acquisition Limited;
●
"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 (2021
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 2,156,250 ordinary
shares held by our initial shareholders prior to this offering (including up to an aggregate of 281,250 ordinary shares subject to forfeiture
to the extent that the underwriters' over-allotment option is not exercised in full or in part);
●
"letter agreements" refer to the agreements
to be executed among us, underwriters, our officers, directors and other initial shareholders on the date of this prospectus effective;
●
"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 share 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) shareholder;
●
"warrants" or "public warrants"
refer to the warrants which are being sold as part of the units in this offering;
●
"sponsor" refers to Luminous Success LLC;
●
"public shareholders" means the holders of the
ordinary shares which are being sold as part of the units in this public offering, or "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 underwriters will not exercise their 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 the 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 the 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.
1
Table of Contents
General
We
are a blank check company incorporated in the Cayman Islands on August 20, 2021 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, except for our intention to focus
on Asia and North America in the biotechnology or TMT industries, evaluated based on, among other things, sustainability and ESG
imperatives, 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.
Industry
Overview
While
we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search on biotechnology
or TMT industries in Asia and North America, evaluated based on, among other things, sustainability and ESG imperatives. We believe
our target industries are attractive for a number of reasons.
The
global biotechnology market size is expected to
reach $2.44 trillion by 2028, where Asia Pacific is expected to expand at the fastest compound annual growth rate, or CAGR, of approximately
16.8% from 2021 to 2028, owing to favorable government initiatives and changes in drug approval regulations in India and China. The health
application segment accounted for approximately 48.6% of the global biotechnology market in 2020, owing to the COVID-19
impact, prevalence of diseases, increasing focus on the development of regenerative medicines, and improving healthcare infrastructure.
The increasing expenditures on research and development, or R&D, by biotechnology companies are predicted to contribute to
the growth of the biotechnology services market. The worldwide pharmaceutical research and development spend is expected to reach
over $230 billion by 2026, an approximately 50% increase from 2016.
The
global telecommunications, media and technology
market size is expected to reach $2.47 trillion by 2028, and to expand at a CAGR of approximately 5.4%, from 2021 to 2028. In
2020, Asia Pacific accounted for the largest revenue share of the global market, at over 32.0%, and is anticipated to maintain
its lead over the forecast period. This is mainly due to the rapidly growing population, rising internet penetration rate, and significant
increase in adoption of smartphones. There was a dramatic uptake of digital technologies across key economies in Southeast Asia,
with approximately 40 million people coming online for the first time in 2020 alone, bringing the total number of SEA internet
users to 400 million. Furthermore, time spent online per day rose by an average of one hour across the Association of Southeast
Asian Nations, or ASEAN, countries, with the highest spike in the Philippines, where consumers spent more than five hours a day
online. The unique mobile subscriber penetration rate in the Asia-Pacific region (excluding China) was approximately 58% in 2020.
Statista forecasts that this number will reach approximately 62% by 2025, which translates to a 4% CAGR between 2020 and 2025.
Strong
venture capital, or VC, investment trends are expected to continue in Asia, particularly in areas such as fintech, e-commerce, edtech,
logistics, health and biotechnology, which we believe will support our pursuit of a business combination in our aforementioned target
industries. According to KPMG, funding levels continued at a robust pace throughout the Asia-Pacific ecosystem in the first half
of 2021, with approximately $38 billion invested across 1,998 deals. The highly competitive Southeast Asia market attracted a
number of large deals, including Indonesia-based express delivery company J&T Express' approximately $2 billion raise. In addition, mergers and acquisitions, or M&A, activities in the Asia-Pacific
region also hit an all-time high in the first half of 2021, amid market recovery from the COVID-19 pandemic. M&A values targeting
the region rose to approximately $535 billion, while cross-border transactions have also increased by almost three times year on year
to approximately $159 billion. The technology sector led deal activities in the region, accounting for 28% of the cumulative deal value
in the first half-year period. Furthermore, the appetite for deals in Asia-Pacific is at its highest level since 2010, with almost
90% of companies in the region indicating that they are on the lookout for cross-border acquisitions in the next 12 months, compared
with approximately 65% of companies globally.
Special-purpose
acquisition companies, or SPACs, are also gaining attention in Asia, with the Singapore Exchange (SGX-ST) announcing new rules
that enable SPACs to list on its mainboard, effective from September 3, 2021. Similarly, the Hong Kong Stock Exchange (HKEX) has announced
new rules that enable SPACs to list on its stock exchange, effective from January 1, 2022. We believe these developments signal
a robust untapped universe of potential target businesses in Asia looking for a SPAC like ours, with a respected and experienced management
team uniquely positioned to connect an IPO-ready capital-seeking target with long-term value-seeking investors.
All
potential target businesses will be evaluated based on, among other things, sustainability and ESG imperatives, as we believe that these
will be key to enhancing value creation, ensuring long-term risk mitigation and identifying sustainable growth opportunities for the
post-combination entity.
2
Table of Contents
Our
Competitive Advantages
Our
management team consists of directors and officers who have significant operational and leadership experience in the biotechnology and
TMT industries in North America and Asia, as well as expertise in SPACs. Our team is led by Mr. Wai-Lun William Ip, our chief
executive officer, and Mr. Satoshi Tominaga, our chief financial officer. Refer to the section titled "
Management
"
for complete information on the experience of our officers and directors.
We
aim to leverage the following competitive advantages to find a suitable business combination target:
Experienced
Leadership
Our
management consists of
a strong team of enterprise-builders
and value.
Our
chief executive officer, Mr. Ip, has over 26 years of investment banking experience in Asia, with emphasis on East and Southeast Asia,
the U.S. and Western Europe, covering cross-border M&A, initial public offering, or IPO, sponsorship,
pre-IPO fund raising, equity capital market and financial advisory transactions. We believe that his deal origination and fundraising
experience, as well as his extensive networks, will be of significant advantage to us in sourcing a target that ensures the success of
the business combination.
Mr.
Tominaga, our chief financial officer, has been involved in multiple SPACs, including serving as an independent director of Tottenham
Acquisition I Limited, which successfully merged with clinical-stage biopharmaceutical company Clene Nanomedicine, Inc., or Clene, in
December 2020. We believe Mr. Tominaga's first-hand experience will be valuable throughout the entire SPAC IPO process and in selecting
target companies for acquisition.
Accomplished
Board of Directors  with Industry Knowledge and Expertise
Our
board of directors  have highly relevant industry expertise dealing with private equity markets, regulatory bodies, due diligence,
and IPO processes in North America, Europe, Asia, and the Middle East.
Mr.
Michael L. Coyne, one of our independent directors, has spent over half a decade in capital market investment, business development,
and deal origination, having dealt with a portfolio of companies ranging from technology to biotechnology to SPACs and closed-end funds.
He has participated in various SPAC transactions in a variety of roles, from underwriting to private investment in public equity,
or PIPE, and risk capital sourcing, and is well-versed with every stage of the SPAC lifecycle. His expertise and advice will be invaluable
for us in executing a successful business combination.
Mr.
Gable F. Gao, one of our independent directors, has extensive investment banking and private equity experience spanning over 27 years
across North America, the Middle East and East Asia. Mr. Gao is currently the chairman and co-founder of MTech (Shanghai) Information
Technology Co. Ltd., a technology accelerator and investment company, and has invested in and worked with many promising companies in
technological fields such as gaming, artificial intelligence, fintech, and biomedical technology. In addition to his tenure with some
of the largest conglomerates in China, such as Fosun Group, he was also single-handedly responsible for setting up one of the first China
offices among sovereign wealth funds and active financial institutions from the Middle East during his time with Dubai-headquartered
state-run investment firm Istithmar World. We believe his experience and extensive network will be key in securing and successfully merging
with the right business combination target.
Mr.
Song Jing, one of our independent directors, has over 19 years of experience in international finance and management spanning
across North America and Asia. He is currently the chief financial officer of Guolian Securities, a mid-sized securities firm based in
Wuxi, China. Mr. Jing also previously served as the chief financial officer of China Renaissance, a leading boutique Chinese bank investment
bank in Shanghai, China. He also previously served as the Vice President at Merrill Lynch & Co., Inc., in New York,
under the hedge fund development management group as well as the strategy, planning and business development division. Mr. Jing's
network and management expertise will enable us to execute our business combination successfully.
We
believe their experience will be crucial to effectively position our investment strategy, assess potential acquisition candidates and
complete our business combination.
Extensive
Network Across Global TMT Industries
We
believe our team's operating and transaction experiences and relationships with investors, regulatory bodies and financial institutions
will provide us with many potential business combination targets. Over the course of their careers, they have served in a variety of
capacities in some of the largest and most prestigious institutions around the globe. Our chief executive officer Mr. Ip, for instance,
spent nearly nine years as an executive director of M&A at SMBC Nikko Securities (Hong Kong) Limited, a core member of Sumitomo
Mitsui Financial Group, the second-largest listed financial institution in Japan, where his past experience at the Hong Kong Stock Exchange
and knowledge of the listing and takeover rules have been crucial in structuring deals. Our chief financial officer, Mr. Tominaga, has
also worked for SBI Holdings Inc., an internet-based financial conglomerate spun off from tech giant Softbank, and NTT DoCoMo Inc., the
largest telecommunications company in Japan. We believe the extensive network our directors collectively possess in TMT-related industries
across the globe will give us a competitive advantage when exploring potential business combination opportunities.
3
Table of Contents
Successful
Serial De-SPAC Experience
In
addition to Mr. Tominaga's and Mr. Coyne's experiences with SPAC listings and transactions, our sponsor, Luminous Success
LLC, comprises of experienced managers, one of whom is Mr. Jason Wong. Mr. Wong is a seasoned SPAC expert, having been in the management
team of multiple SPACs and SPAC sponsors since 2014. He also has over 25 years of experience in fund management and capital markets investment
experience in Asia-Pacific.
Mr.
Wong is the chairman and the chief executive officer of Norwich Investment Limited, which sponsored Tottenham Acquisition I Limited,
a Nasdaq -listed SPAC that later merged with Clene in December 2020. He is also the chief executive officer of Ace Global Investment
Limited, which sponsored Ace Global Business Acquisition Limited, a Nasdaq-listed SPAC that announced its merger with DDC Enterprise
Limited in August 2021.
Mr.
Wong is also a founding partner and investment committee member of  Whiz Partners Asia Limited, a private equity fund dedicated to
investing in small to medium technology companies in Japan and other Asian countries, as well as Sony China Hero Fund, the first console
(PlayStation 4 and PlayStation Virtual Reality) game fund in China.
We
believe Mr. Wong will be invaluable with his strong SPAC track record and expertise in identifying and evaluating business combination
targets.
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 an efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, if a business combination requires us to use substantially all of our cash to pay for the purchase
price, we may need to arrange third party financing to help fund our business combination. Since we have no specific business combination
under consideration, we have not taken any steps to secure third party financing.
Strong
M&A Expertise and IPO Experience
Our
team consists of professionals with significant M&A, capital markets, finance and private equity experience across a wide variety
of industries and market conditions and have proven track records of producing high returns for investors. We have a unique advantage
as our chief executive officer, Mr. Ip, who has previous financial regulatory experience, and the majority of the team have extensive
M&A experience. Their experiences will be extremely valuable as we pursue our business combination.
We
believe our management team gives us the technical, operational, and financial expertise that will boost our ability to identify, evaluate,
and source a target company that is ready to go public; and our team's breadth of experience and deep knowledge in
the biotechnology and TMT industries will support the soundness of our strategies and quality of execution. We expect to
conduct careful technology and business due diligence to identify and acquire businesses with robust value creation, healthy capacity
for cash flow generation, strong company fundamentals, and opportunities for operational improvement. Combined with the huge market potential,
we believe we will be able to streamline the target company's operations, improve its service offerings and product development,
and ultimately provide the capital market support needed to guide the company to obtain additional funding required for its continuous
growth.
Notwithstanding
the foregoing, our officers and directors are not required to commit their full time to our affairs and will allocate their time to other
businesses, and the collective experience of our officers and with blank check companies like ours is not significant. We currently 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). The past successes of our executive officers and directors do not guarantee that
we will successfully consummate an initial business combination. In addition, the members of the management team may not remain with
us subsequent to the consummation of a business combination.
As
more fully discussed in "
Management — Conflicts of Interest
," if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under  Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.
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As
more fully discussed in "
Management — Conflicts of Interest
," if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under the Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.
Acquisition
Strategy and Investment Criteria
Our
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although we intend
to capitalize on the management team's network and focus our search on target businesses operating in the Asia and North America,
focusing on the biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. We will seek
to capitalize on the comprehensive industry experience and network of our management team to help us in sourcing, identifying, structuring
and consummating the initial business combination. Our selection process will leverage our management team's broad network of contacts
and relationships with various unaffiliated sources including, among others, government bodies, investment bankers, investment professionals
at private equity firms, other financial sponsors, owners of private businesses, consultants, accounting and legal firms to provide
us with a strong pipeline of potential acquisition leads.
Consistent
with our business strategy, we have identified a list of guidelines that we believe are important in evaluating prospective target businesses.
We will use these criteria in evaluating acquisition opportunities, but we may decide to enter into a business combination with a target
business that does not meet these guidelines. In addition to having a strong equity story, we intend to acquire a company with the following
attributes:
●
Unique
                                            capabilities to address unmet needs
We
are seeking a target company focused on innovating to solve unaddressed problems in the biotechnology or TMT industry. We seek to acquire
a company committed to achieving results to improve its industry through ground breaking products, technologies, or services.
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●
Competitive
                                            position in a sizeable market
We
will analyze the strengths of the target company and choose a target company that has demonstrated the ability to stand out from its
peers in a large addressable market. The company should have novel and enduring qualities that will allow it to disrupt market
incumbents or deter the entry of new competitors.
●
Value-oriented
                                            and experienced management team
We
seek a leadership team with a track record of creating shareholder value, driving profitability and improving operating margins in the
firm. We also look for a team that is versatile and passionate about what their company has brings to the market.
●
Latent
                                            growth and market value
We
will identify a firm that has significant latent growth from underexploited potential and opportunities as it expands into new
markets. We want to enable the company to tap into new drivers of revenue.
●
Track
                                            record of generating recurring revenue
We
seek to acquire a company that has the potential for, or history of, strong cash flow generation. We want to select a firm that has an
attractive  business model with a predictable revenue stream.
●
Readiness
                                            to become a publicly-traded company
We
intend to choose a company that is prepared to become a public company from a management and operational standpoint. We want it
to be able to handle the requirements of being a publicly-traded company and generate consistent revenues  after the business combination.
●
Growth-oriented
                                            company
We
seek a target that has a clear growth strategy and is focused on building its presence across the globe. We want a target
that will benefit from the additional capital to achieve its company's growth strategy.
The
criteria listed above are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based on this list but may also include other factors and criteria that our management team deems relevant. We believe in the
ability of our management team and our sponsor to lead rigorous sourcing and due diligence processes to seek for a target that will meet
the shareholders' expectations.
While
we intend to use these criteria in evaluating the attractiveness of potential business combination opportunities, we may ultimately decide
to enter into an initial business combination with a target business that does not meet these criteria. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose
that the target business does not meet the above criteria and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of tender offer documents or proxy solicitation materials that
we would file with the SEC.
In
evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things,
meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities,
as well as reviewing financial and other information which will be made available to us. We will also utilize our operational and capital
allocation experience. Our acquisition criteria, due diligence processes and value creation methods are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general
guidelines as well as other considerations, factors and criteria that our management may deem relevant.
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Other
Acquisition Considerations
We
are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers or directors.
In the event we seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm 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
our initial business combination is fair to our company from a financial point of view.
Members
of our management team and our independent directors and their affiliates will directly or indirectly own ordinary shares, private units
and private warrants following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target
business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such
officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.
Additionally, each of our officers and directors presently has, and any of them in the future may have, additional fiduciary
or contractual obligations to another entity, including other blank check companies similar to our company, pursuant to which such officer
or director may be required to present a business combination opportunity to such entity. Specifically, our executive officers are affiliated
with our sponsor and other entities that make, or are looking to make, investments in companies. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has fiduciary or
contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the fiduciary duties
or contractual obligations of our executive officers will materially affect our ability to complete our business combination. For additional
information regarding our executive officers' and directors' business affiliations and potential conflicts of interest, see
"
Management — Directors and Executive Officers" and "Management — Conflicts of Interest
."
Our amended and restated memorandum and articles of association provides that, subject to fiduciary duties under Cayman Islands law,
we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered
to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue.
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Initial
Business Combination with a Company Based in China or Hong Kong
Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries evaluated based on, among other things, sustainability and ESG imperatives, 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, we may pursue or consummate an initial business combination with a company
located or doing business in the PRC ("PRC Target Company") or with a company located or doing business in Hong Kong.
If our target company is a PRC Target Company, we are subjected to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to cybersecurity reviews, anti-monopoly enforcement, limitation on foreign
ownership of companies in certain industries, regulatory review of overseas listing of PRC companies through a special purpose
vehicle and the validity and enforcement of the VIE agreements, if the PRC Target Company requires any of these legal requirements post
business combination by us. Due to PRC legal restrictions on foreign ownership in certain industries, neither we nor our subsidiaries
may own any direct equity interest in the PRC Target Company's operating entity in a restricted industry ("Target Operating
Entity"). Instead, we may conduct operations in China through a series of contractual arrangements with a VIE in China. Such contractual
arrangements by and among PRC subsidiaries, the VIE, and the VIE's shareholders may include (i) certain power of attorney agreements,
a share pledge agreement and certain loan agreements; (ii) an exclusive business cooperation agreement which allows us to receive substantially
all of the economic benefits from the VIE; and (iii) certain exclusive option agreements and certain spouse consent letters which provide
us with an exclusive option to purchase all or part of the equity interests in and/or assets of the VIE when and to the extent permitted
by PRC laws ("VIE Structure"). The PRC Target Company, through contractual arrangements, can consolidate the VIE the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS, if it has the power to direct activities
that most significantly impact the economic performance of the VIE and it has the obligation to absorb losses or the right to receive
benefits from the VIE that could potentially be significant to the VIE.
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These
contractual arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. If the VIE or its shareholders
fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the VIE may be
indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal
remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties regarding the interpretation
and enforcement of the relevant laws and regulations. Furthermore, in connection with litigation, arbitration or other judicial or dispute
resolution proceedings, assets under the name of any of record holder of equity interest in the VIE, including such equity interest of
such record holder, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed
pursuant to the contractual arrangement or that the ownership by the record holder of such equity interest will be unchallenged. See
"
Risk Factors — Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China —
If the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do
not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations
." In addition, if we acquire a target company that operates its business in the PRC through contractual arrangements,
investors in our ordinary shares following a business combination would not hold equity interests in the VIE domiciled in China that
is under our control and would instead hold equity interests in a Cayman Islands holding company. You may never directly hold equity
interests in PRC operating companies.
All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. In the event we are unable to enforce the contractual arrangements with the PRC Target
Company or the VIE entity of the PRC Target Company post business combination, we may not be able to exercise the power to direct activities
that most impact the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded
from operating the business, which will have a material adverse effect on our financial condition and results of operations. In addition,
there is uncertainty as to whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against
us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state. For a description
of the uncertainties of the VIE arrangements, see "
Risk Factors
—
Risks Associated with Acquiring and Operating
a Target Business with its Primary Operation in China
."
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
portions 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
shares 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
portions
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, 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
will have until 18 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 18 months, we may, but are not obligated to, extend the
period of time to consummate a business combination three times by an additional three months each time (for a total of up to 27 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, LLC 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 three months extension, $750,000, or $862,500
if the underwriters' over-allotment option is exercised in full ($0.10 per share in either case), on or prior to the date of the
applicable deadline, up to an aggregate of $2,250,000 (or $2,587,500 if the underwriters' over-allotment opinion is exercised in
full), or $0.30 per share if we extend for the full nine months. 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 and the public
warrants will expire and will be worthless.
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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 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.
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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. Until the 80% fair market value test is satisfied, pursuant to Nasdaq listing rules, any business combination
must be approved by a majority of the board, including a majority of the independent directors.
PRC
Limitation on Overseas Listing and Share Issuances (Post Business Combination)
As
we do not have any material operations in China, given that (a) the CSRC currently has not issued any definitive rule or interpretation
concerning whether offerings like ours under this prospectus are subject to the M&A Regulations; and (b) our company is a blank check
company newly incorporated in the Cayman Islands rather than in China and currently our company does not own or control any equity interest
in any PRC company or operate any business in China, we believe that we are not required to obtain any licenses or approvals, under applicable
PRC laws and regulations, for consummation of this offering and while seeking a target for the initial business combination. We also
believe we are not required to obtain approvals from any PRC government authorities, including the CSRC or CAC, or any other government
entity, to issue our ordinary shares to foreign investors. However, the relevant PRC government agencies could reach a different conclusion
and may subject us to a stringent approval process from the relevant government entities in connection with this offering, the potential
business combination, the issuance of shares or the maintenance of our status as a publicly listed company outside China, and the post
business combination entity's PRC operations if our business combination target is a PRC Target Company. If approval is required
in the future and we are denied permission from Chinese authorities to list on U.S. exchanges, we will not be able to continue listing
on U.S. exchange, which would materially affect the interest of the investors. For more detailed information, see
"Risks Associated
with Acquiring and Operating a Target Business with its Primary Operation in China — The approval of the China Securities Regulatory
Commission is not required in connection with this offering, however, if required, we cannot predict whether we will be able to obtain
such approval." and "Our initial business combination may be subject to a variety of PRC laws and other obligations regarding
cybersecurity and data protection and we may have to spend additional resources and incur additional time delays to complete any such
business combination or be prevented from pursuing certain investment opportunities."
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Transfers
of Cash to and from our Potential VIE (Post Business Combination)
Heroic
Empire Acquisition Limited is a holding company with no operations of our own. Although we do not have any specific business combination
under consideration, except for our intention to focus on Asia and North America in the biotechnology or TMT industries,
evaluated based on, among other things, sustainability and ESG imperatives, 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, our initial business combination target company may include a PRC Target Company which might require a VIE structure.
As such, we may be required to conduct our operations in China primarily through our subsidiary and VIE in China. As a result, although
other means are available for us to obtain financing at the holding company level, Heroic Empire Acquisition Limited's ability
to pay dividends to its shareholders and to service any debt it may incur may depend upon dividends paid by our PRC Target Company's
subsidiaries. If any of our subsidiaries incurs debt on its own in the future, the instruments governing such debt may restrict its ability
to pay dividends to Heroic Empire Acquisition Limited. In addition, our PRC Target Company's subsidiaries and VIE are required
to make appropriations to certain statutory reserve funds, which are not distributable as cash dividends except in the event of a solvent
liquidation of the companies.
Current
PRC regulations permit the PRC Target Company's indirect PRC subsidiaries to pay dividends to an overseas subsidiary, for example
a subsidiary located in Hong Kong, only out of their accumulated profits, if any, determined in accordance with Chinese accounting standards
and regulations. In addition, each of the PRC Target Company's subsidiaries in China is required to set aside at least 10% of its
after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches 50% of its registered capital. Each of such
entity in China is also required to further set aside a portion of its after-tax profits to fund the employee welfare fund, although
the amount to be set aside, if any, is determined at the discretion of its board of directors. Although the statutory reserves can be
used, among other ways, to increase the registered capital and eliminate future losses in excess of retained earnings of the respective
companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.
The
PRC government also imposes controls on the conversion of Renminbi, or RMB, the legal currency of the PRC, into
foreign currencies and the remittance of currencies out of the PRC. Therefore, we may experience difficulties in completing the administrative
procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore, if the
PRC Target Company's subsidiaries in the PRC incur debt on their own in the future, the instruments governing the debt may restrict
their ability to pay dividends or make other payments. If we or the PRC Target Company and its subsidiaries are unable to receive all
of the revenues from their operations through the VIE agreements, we may be unable to pay dividends on our ordinary shares.
Cash
dividends, if any, on our ordinary shares will be paid in U.S. dollars. If we are considered a PRC tax resident enterprise for tax purposes,
any dividends we pay to our overseas shareholders may be regarded as China-sourced income and as a result may be subject to PRC withholding
tax at a rate of up to 10.0%.
In
order for us to pay dividends to our shareholders, we may rely on payments made from the VIE to the target PRC subsidiary, which would
be a wholly foreign-owned enterprise, or WFOE, pursuant to VIE agreements between them, and the distribution of such payments
to our overseas subsidiary as dividends from the WFOE. Certain payments from a VIE to a WFOE are subject to PRC taxes,
including business taxes and VAT.
Recent
PCAOB Developments
The
Public Company Accounting Oversight Board, or PCAOB, is currently unable to conduct inspections on accounting firms in the
PRC or Hong Kong without the approval of the relevant government authorities. The auditor and its audit work in the PRC or Hong Kong
may not be inspected fully by the PCAOB. Inspections of other auditors conducted by the PCAOB outside China have at times identified
deficiencies in those auditors' audit procedures and quality control procedures, which may be addressed as part of the inspection
process to improve future audit quality. The lack of PCAOB inspections of audit work undertaken in China or Hong Kong prevents the PCAOB
from regularly evaluating the PRC auditor's audits and its quality control procedures. As a result, shareholders may be deprived
of the benefits of PCAOB inspections if we complete a business combination with such companies.
Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For instance,
the enacted Holding Foreign Companies Accountable Act, or HFCAA, would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from U.S. national
securities exchanges if the PCAOB is unable to inspect its public accounting firm for three consecutive years. The HFCAA also requires
public companies to disclose, among other things, whether they are owned or controlled by a foreign government, specifically, those based
in China. We may not be able to consummate a business combination with a favored target business due to these laws. Furthermore, on June
22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act, or AHFCAA, which,
if signed into law, would amend the HFCAA and require the SEC to prohibit an issuer's securities from trading on any U.S. stock
exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.
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The
documentation we may be required to submit to the SEC proving certain beneficial ownership requirements and establishing that we are
not owned or controlled by a foreign government in the event that we use a foreign public accounting firm not subject to inspection by
the PCAOB or where the PCAOB is unable to completely inspect or investigate our accounting practices or financial statements because
of a position taken by an authority in the foreign jurisdiction could be onerous and time consuming to prepare. HFCAA mandates the SEC
to identify issuers of SEC-registered securities whose audited financial reports are prepared by an accounting firm that the PCAOB is
unable to inspect due to restrictions imposed by an authority in the foreign jurisdiction where the audits are performed. If such identified
issuer's auditor cannot be inspected by the PCAOB for three consecutive years, the trading of such issuer's securities on
any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a "non-inspection"
year, under a process to be subsequently established by the SEC. On June 22, 2021, the U.S. Senate passed a bill which, if passed
by the U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two years. On November 5, 2021, the SEC approved the PCAOB's Rule 6100,
Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when determining,
as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located
in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA.
The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered
public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because
of a position taken by an authority in foreign jurisdictions.
On
December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in China and Hong Kong. Our auditor, Friedman LLP, headquartered in Manhattan, New York,
with no branches or offices outside the United States, is an independent registered public accounting firm registered with the PCAOB
and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman LLP's compliance
with applicable professional standards. The PCAOB currently has access to inspect the working papers of our auditor. Our auditor is not
headquartered in China or Hong Kong and was not identified in this report as a firm subject to the PCAOB's determination.
In
the event that we complete a business combination with a company with substantial operations in China or Hong Kong, and PCAOB
is not able to fully conduct inspections of our auditor's work papers in China or Hong Kong, it could cause us to fail to be in
compliance with U.S. securities laws and regulations; we could cease to be listed on a U.S. securities exchange; and U.S.
trading of our shares could be prohibited under the HFCAA. Any of these actions, or uncertainties in the market about the possibility
of such actions, could adversely affect our prospects to successfully complete a business combination with a China or Hong Kong-based
company, our access to the U.S. capital markets, and the price of our shares.
Future
developments in respect of increased U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process, and the regulatory developments are subject to the rule-making process and other administrative
procedures.
Other
developments in U.S. laws and regulatory environment, including but not limited to executive orders such as Executive Order (E.O.) 13959,
"Addressing the Threat from Securities Investments That Finance Communist Chinese Military Companies," may further restrict
our ability to complete a business combination with certain China-based businesses.
For
more detailed information, see "
Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in
China — U.S. laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies
Accountable Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those
acquisition candidates with substantial operations in China or Hong Kong
" and
"Trading in our securities may be prohibited
under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect or fully investigate our auditor.
In that case, Nasdaq would delist our securities. The delisting of our securities, or the threat of their being delisted, may materially
and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct inspections may deprive our investors
with the benefits of such inspections."
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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, or 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 also provides that an emerging growth company can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging
growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies.
We intend to take advantage of the benefits of this extended transition period.
We
will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary of
the completion of this offering, (b) in which we have total annual gross revenue of at least $1.07 billion, or (c) in which we are deemed
to be a large accelerated filer, which means the market value of our ordinary shares that 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
September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October
29, 2021, Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate
of 110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional
insider shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred
the bonus shares that they received to our sponsor.
The insider shares held by our initial shareholders include an aggregate of up to 281,250 shares subject to forfeiture to the extent
that the underwriters' over-allotment option is not exercised in full or in part, so that our initial shareholders will 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 are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
and directors and officers have agreed, pursuant written letter agreements with us, (A) to vote their insider shares in favor of any
proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Additionally, our initial shareholders have agreed not to
transfer, assign or sell any of the insider shares (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 will be released from the Lock-Up (1) on the earlier of 150 calendar 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 at least 150 days 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. Further, our initial shareholders have also agreed to place the private units and securities underlying the private
unit into escrow with Continental Stock Transfer & Trust Company, as escrow agent, until the date of the consummation of our initial
business combination
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In
addition, our sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total
purchase price of $4,500,000). 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 underwriters, 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 495,000 private units)
pro rata
with the amount of the over-allotment
option exercised, so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether
the over-allotment option is exercised in full or part. These additional private units will be purchased in a private placement that
will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from the
private placement of the private units will be added to the proceeds of this offering and placed in an account in the United States maintained
by Continental Stock Transfer & Trust Company, as trustee.
The
private warrants have terms and provisions that are identical to the warrants included in the units sold in this offering.
Additionally, because the private units will be issued in a private transaction, if a registration statement covering the
ordinary shares issuable upon exercise of such warrants is not effective within 90 days after the closing of the initial business
combination, our sponsor and its permitted transferees will be allowed to exercise the private warrants and receive unregistered
ordinary shares, on a "net exercise" basis. In such event, each holder exercising on a net basis would
surrender such 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
warrant price by (y) the fair market value; provided, however, that no cashless exercise shall be permitted unless the fair market
value is equal to or higher than the warrant price. 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 of exercise.
Furthermore,
our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares included in the private units in favor
of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed to the Lock-Up. The insider shares will be released from the Lock-Up (1) on the earlier
of 150 calendar 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 at least 150 days 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. Our
sponsor has also agreed to place the private units and the underlying securities into escrow with Continental Stock Transfer &
Trust Company, as escrow agent, until the date of the consummation of our initial business combination.
The
warrant agreement provides that the terms of the warrants may be amended without the consent of any shareholder or warrant holder,
to cure any ambiguity, including to conform the provisions to the description of the terms of the warrants and the warrant agreement
set forth in this prospectus, or curing, correcting, or supplementing any defective provision or adding or changing any other
provisions with respect to matters or questions arising under the warrant agreement, as the parties to the warrant agreement may
deem necessary or desirable, and that the parties deem will not adversely affect the interest of the registered warrant
holders. All other modifications or amendments, including any amendment to increase the warrant price or shorten the exercise period,
shall require the written consent or vote of the registered holders of a majority of the then outstanding warrants. Notwithstanding the
foregoing, we may lower the warrant price or extend the duration of the exercise period pursuant to provisions within the warrant agreement,
without the consent of the registered holders.
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 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong and our telephone
number is +852 2583 2131.
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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 under the Securities Act, or Rule 419. 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 35 of this prospectus.
Securities
    offered
7,500,000
    units, at $10.00 per unit, each unit consisting of one ordinary share and one-half of one redeemable warrant. Each whole redeemable
    warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per whole share. Only whole warrants will
    become exercisable.
Listing
    of our securities and proposed symbols
We
    anticipate the units, and the ordinary shares and warrants, once they begin separate trading, will be listed on Nasdaq under
    the symbols "[     ]U,", "[      ]," and "[      ]W,"
    respectively.
Each
    of the ordinary shares and warrants may trade separately on the 52
nd
day after the date of this prospectus unless the
    underwriters determine 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 underwriters allow separate trading of the ordinary shares and warrants until
    we file an audited balance sheet reflecting our receipt of the gross proceeds of this offering.
Once
    the ordinary shares and warrants commence separate trading, holders will have the option to continue to hold units or separate their
    units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate the units
    into separately trading ordinary shares, and warrants. No fractional warrants will be issued upon separation of the units and only
    whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole
    warrant.
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 underwriters has allowed
    separate trading of the ordinary shares and warrants 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
2,156,250 shares
(1)
Number
    to be issued and
outstanding after this offering
and sale of private units
9,825,000 shares
(2)
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
3,975,000 warrants
(3)
Exercisability
Each
    whole redeemable warrant entitles the holder thereof to purchase one ordinary share at a price of $11.50 per whole share, subject
    to adjustment as described in this prospectus, and only whole warrants will become exercisable.
We
    structured each unit offered in this offering to contain one-half of one redeemable warrant, with each whole warrant exercisable
    for one ordinary share, as compared to units issued by some other similar blank check companies which contain whole warrants exercisable
    for one whole share, in order to reduce the dilutive effect of the warrants upon completion of our initial business combination as
    compared to units that each contain a whole warrant to purchase one whole share, thus making us, we believe, a more attractive business
    combination partner for target businesses.
Exercise
    price
$11.50
    per whole share. 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. 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 281,250 ordinary shares held by our initial shareholders that are subject to forfeiture if the
  over-allotment option is not exercised by the underwriters in full.
(2)
Assumes
  the over-allotment option has not been exercised and an aggregate of 281,250 ordinary shares held by our initial shareholders have
  been forfeited. If the over-allotment option is exercised in full, there will be a total of 11,276,250 ordinary shares issued and outstanding.
(3)
Assumes
  the over-allotment option has not been exercised. If the over-allotment option is exercised in full, there will be a total of 4,560,000
  warrants, including an aggregate of 247,500 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 above 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 (i) the Company's completion of a merger, share exchange, asset acquisition,
    share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities or
    (ii) one year from the date that the registration statement for this offering 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 or the Company's dissolution.
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 whole share after the redemption notice is issued and not limit our ability to complete
    the redemption.
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Table of Contents
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.
Insider
    Shares
In
                                            September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00,
                                            or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000 insider
                                            shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
                                            to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November
                                            2021, our sponsor transferred an aggregate of 110,000 insider shares to certain directors
                                            and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider
                                            shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except
                                            for the sponsor) in turn transferred the bonus shares that they received to our sponsor.
The
                                            insider shares held by our initial shareholders include an aggregate of up to 281,250 shares
                                            subject to forfeiture to the extent that the underwriters' over-allotment option is
                                            not exercised in full or in part, so that our initial shareholders will collectively own
                                            20.0% of our issued and outstanding shares after this offering (excluding 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 are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
    and directors and officers have agreed, pursuant written letter agreements with us, (A) to vote their insider shares in favor of
    any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
    consummation of this offering in favor of any proposed business combination. Additionally, our initial shareholders have agreed to
    the Lock-Up. Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1)
    150 calendar 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 and
    (2) 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. Further, our initial shareholders have also agreed
    to place the private units and securities underlying the private unit into escrow with Continental Stock Transfer & Trust Company,
    as escrow agent, until the date of the consummation of our initial business combination
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Private
    placement at time of offering
Our sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase
    price of $4,500,000). 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 underwriters, 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 495,000 private units)
pro rata
with the amount of the over-allotment
    option exercised so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether the
    over-allotment option is exercised in full or part. These additional private units will be purchased in a private placement that
    will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option. The proceeds from
    the private placement of the private units will be added to the proceeds of this offering and placed in an account in the United
    States maintained by Continental Stock Transfer & Trust Company, as trustee.
The
    private warrants have terms and provisions that are identical to the warrants included in the units sold in this offering. Additionally,
    because the private units will be issued in a private transaction, if a registration statement covering the ordinary shares issuable
    upon exercise of such warrants is not effective within 90 days after the closing of the initial business combination, our sponsor
    and its permitted transferees will be allowed to exercise the private warrants and receive unregistered ordinary shares, on a
    net exercise basis. In such event, each holder exercising on a net basis would surrender such 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 warrant price by (y) the fair
    market value; provided, however, that no cashless exercise shall be permitted unless the fair market value is equal to or higher
    than the warrant price. 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 of exercise.
Furthermore,
    our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares underlying the private units in
    favor of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following
    the consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed to the Lock-Up
    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.
    Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1) 150 calendar
    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. Further, our sponsor has also agreed to place the private units and the underlying
    securities into escrow with Continental Stock Transfer & Trust Company, as escrow agent, until the date of the consummation of
    our initial business combination.
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Offering
    proceeds to be held in trust
$72,000,000 of the net proceeds of this offering (or $83,025,000 if the over-allotment option is exercised in full), plus $4,500,000
    we will receive from the sale of the private units (or $4,950,000 if the over-allotment option is exercised in full), for an aggregate
    of $76,500,000 (or an aggregate of $87,975,000 if the over-allotment option is exercised in full), or $10.20 per unit sold to the
    public in this offering (regardless of whether or not the over-allotment option is exercised in full or part) will be placed in a
    trust account at Morgan Stanley 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 includes $2,625,000, or up to $0.35 per unit (or
    $3,018,750 if the underwriters' over-allotment option is exercised in full), payable to the underwriters as deferred underwriting
    discounts and commissions. 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 $600,000 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 $600,000); 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 $500,000 of the notes may be converted upon consummation of our business combination into
    private units at a price of $10.00 per unit. 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 $49,362 of loans made by Luminous Success LLC;
●
payment
    of $10,000 per month to Luminous Success LLC for general and administrative services, subject to deferral as described herein;
●
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 underwriters' 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.
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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 shares 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 shares 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 shares 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 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, 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. 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 131,251 of our public shares (or approximately 1.75% of our public shares) to be voted in favor of an initial business
    combination (assuming that only the minimum number of issued and outstanding shares representing a quorum is present in person or
    by proxy at a meeting, the over-allotment option is not exercised and the initial shareholders 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. 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 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 $10.20 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 share 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, the shareholder could sell its shares in the
                                            open market, rather than delivering his shares to the company for cancellation. As
                                            a result, the redemption rights, to which shareholders were suppposed 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 shares. 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 their shares 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 shares in connection with a proposed business combination to comply with specific
    requirements for conversion that may make it more difficult for them to exercise their redemption rights prior to the deadline for
    exercising their rights" and "If we require public shareholders who wish to convert their ordinary 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 the 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 18 months (as such period may be extended up to 27 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
consummation of this offering, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably
possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares which redemption will completely
extinguish public 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
holders of ordinary shares and our board of directors, proceed to commence a voluntary liquidation and thereby a formal dissolution of
the company, subject (in the case of (ii) and (iii) above) to our obligations to provide for claims of creditors and the requirements
of applicable law.
In
    connection with our redemption of 100% of our outstanding public shares for a portion of the funds held in the trust account, each
    public shareholder will receive a full pro rata portion of the amount then in the trust account (including the deferred underwriting
    compensation). Holders of warrants will receive no proceeds in connection with the liquidation with respect to the warrants,
    which will expire worthless.
We
    may not have funds sufficient to pay or provide for all creditors' claims. Although we will seek to have all third parties
    (including any vendors or other entities we engage after this offering) and any prospective target businesses enter into valid and
    enforceable agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account,
    there is no guarantee that they will execute such agreements. There is also no guarantee that the third parties would not challenge
    the enforceability of these waivers and bring claims against the trust account for monies owed them.
The
    holders of the insider shares and private units will not participate in any liquidation distribution with respect to such securities.
Our
    sponsor has contractually agreed pursuant to a written agreement with us that, if we liquidate the trust account prior to the consummation
    of a business combination, our sponsor 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. Accordingly, if a claim brought by a target business or vendor did not exceed the amount of funds available
    to us outside of the trust account, our sponsor would not have any obligation to indemnify such claims as they would be paid from
    such available funds. However, if a claim exceeded such amounts, the only exceptions to our sponsor's obligations to pay such
    claim would be if the party executed an agreement waiving any right, title, interest or claim of any kind it has in or to any monies
    held in the trust account. We cannot assure you that our sponsor will be able to satisfy these obligations if it is required
    to do so. Therefore, we cannot assure you that the per-share redemption price from the trust account, if we liquidate the trust account
    because we have not completed a business combination within the required time period, and assuming that we do not extend out life
    beyond 18 months prior to a business combination, will not be less than $10.20.
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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 $18,500) and has contractually agreed not to seek repayment for
                                            such expenses.
The
underwriters have agreed to waive their rights to the deferred underwriting discounts and commissions held in the trust account in the
event we do not consummate a business combination within 18 months (as such period may be extended up to 27 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 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) $10.20
    per public share and (ii) the actual amount per public share held in the trust account as of the date of the liquidation of the
    trust account, if less than $10.20 per share due to reductions in the value of the trust assets, less taxes payable, provided
    that such liability will not apply to any claims by a third party or prospective target business who executed a waiver of any and
    all rights to the monies held in the trust account (whether or not such waiver is enforceable) nor will it apply to any claims under
    our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. However,
    we have not asked our sponsor to reserve for such indemnification obligations, nor have we independently verified whether our sponsor
    has sufficient funds to satisfy its indemnity obligations and believe that our sponsor's only assets are securities of our
    company. Therefore, we cannot assure you that our sponsor would be able to satisfy those obligations. None of our officers or directors
    will indemnify us for claims by third parties including, without limitation, claims by vendors and prospective target businesses.
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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 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 35 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
35. 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 18 months (or
    up to 27 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 $10.20.
●
Holders
    of warrants 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.
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●
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 for cash.
●
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 that we may complete such a business combination with.
●
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 not 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.
●
We
    may be subject to risks related to businesses in the biotechnology or TMT industry.
●
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 shares of the trust account or attempt to sell their shares in the open market.
●
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.
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●
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, you may face difficulties in protecting your interests, and your ability
    to protect your rights through the U.S. federal courts may be limited.
●
If,
    following a business combination
our management 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 the operations of any particular
    target business.
●
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 to the extent we would in the United
    States.
●
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.
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Risks
Associated with Acquiring and Operating a Target Business with its Primary Operation in China
As
set forth herein, we are a holding company with no material operations of our own, our efforts in identifying a prospective target business
will not be limited to a particular country, although we intend to focus on Asia and North America in the biotechnology or TMT industries,
evaluated based on, among other things, sustainability and ESG imperatives. As such, we may seek to acquire a company that is based
in China or Hong Kong or a PRC Target Company which might require a VIE structure in an initial business combination. Because of such
ties to China or Hong Kong, we may be subjected to the laws, rules and regulations of the PRC. Accordingly, in addition to the risk
factors referred above, we have set forth some of the primary risks we have identified in seeking to consummate our initial business
combination with a company having its primary operations in the PRC. For more detailed description of the below risks and other risks
related to acquiring and operating business in China, see "
Risk Factors — Associated with Acquiring and Operating a Target
Business with its Primary Operation in China
" on page 61.
●
If
    the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do
    not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
    of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in
    those operations. Further details on this risk are discussed more fully beginning on page 61.
●
The
    contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with the
    VIE, and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.
    Further details on this risk are discussed more fully beginning on page 61.
●
Any
    failure by the VIE or its shareholders to perform their obligations under the contractual arrangements with them will have a material
    adverse effect on our business. Further details on this risk are discussed more fully beginning on page 62.
●
In
    the event we successfully consummate a business combination with a PRC Target Company, we will be subject to subsequent restrictions
    on dividend payments. Further
details on this
    risk are discussed more fully beginning on page 70.
●
The
    Chinese government may exercise significant oversight and discretion over the conduct of our post-combination entity's business
    and may intervene in or influence its operations at any time, which could result in a material change in its operations and/or the
    value of our securities. We are also currently not required to obtain approval from Chinese authorities to list on U.S. exchanges,
    however, if the PRC Target Company and the VIE were required to obtain approval in the future and were denied permission from Chinese
    authorities to list on U.S. exchanges, we would not be able to continue listing on U.S. exchange, which would materially affect
    the interest of the investors. Further details on this risk are discussed more fully beginning on page 63.
●
As
    a result of merger and acquisition regulations implemented on September 8, 2006 (amended on June 22, 2009) relating to acquisitions
    of assets and equity interests of Chinese companies by foreign persons, it is expected that acquisitions will take longer and be
    subject to economic scrutiny by the PRC government authorities such that we may not be able to complete a transaction. Further
    details on this risk are discussed more fully beginning on page 67.
●
Changes
    in the policies, regulations, rules, and the enforcement of laws of the PRC government may be abrupt with little advance notice
    and could have a significant impact upon our ability to operate profitably in the PRC. Further details on this risk are
    discussed more fully beginning on page 63.
●
The
    PRC government may intervene in or influence the Target Operating Entity's business operations at any time or may exert
    more control over offerings conducted overseas and foreign investment in China based issuers, which could result in a material change
    in the Target Operating Entity's business operations post business combination and/or the value of our securities. Additionally,
    governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer
    securities to investors post business combination and cause the value of such securities to significantly decline or be worthless.
    Further details on this risk are discussed more fully beginning on page 68.
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●
Compliance
    with the PRC Antitrust law may limit our ability to effect our initial business combination. For further details on this risk, it
    is discussed more fully beginning on page 64.
●
Enhanced
    scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue
    in the future. For further details on this risk, it is discussed more fully beginning on page 67.
●
There
    are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal protection
    available to you and us. For further details on this risk, it is discussed more fully beginning on page 59.
●
Changes
    in China's economic, political or social conditions or government policies could have a material adverse effect on the PRC
    or Hong Kong target company's business and results of operations we may pursue in the future.
For further details on this risk, it is discussed more fully beginning on page 71.
●
U.S.
    laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies Accountable
    Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition
    candidates with substantial operations in China or Hong Kong. For further details on this risk, it is discussed more fully beginning
    on page 62.
●
Trading
    in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot
    inspect or fully investigate our auditor. In that case, Nasdaq would delist our securities. The delisting of our securities, or the
    threat of their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of
    the PCAOB to conduct inspections may deprive our investors with the benefits of such inspections. For further details on this risk,
    it is discussed more fully beginning on page 60.
●
Our
    initial business combination may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection
    and we may have to spend additional resources and incur additional time delays to complete any such business combination or be prevented
    from pursuing certain investment opportunities. For further details on this risk, it is discussed more fully beginning on page
    59.
●
Our
    initial business combination may be subject to national security review by the PRC government and we may have to spend additional
    resources and incur additional time delays to complete any such business combination or be prevented from pursuing certain investment
    opportunities. For further details on this risk, it is discussed more fully beginning on page 60.
●
The
    approval of the China Securities Regulatory Commission is not required in connection with this offering, however, if required, we
    cannot predict whether we will be able to obtain such approval. For further details on this risk, it is discussed more fully beginning
    on page 68.
●
Regulations
    relating to the transfer of state-owned property rights in enterprises may increase the cost of our acquisitions and impose an additional
    administrative burden on us. For further details on this risk, it is discussed more fully beginning on page 65.
●
Exchange
    controls that exist in the PRC may restrict or prevent us from using the proceeds of this offering to acquire a PRC Target
    Company and limit our ability to utilize our cash flow effectively following our initial business combination. For
    further details on this risk, it is discussed more fully beginning on page 65.
●
If
    we make equity compensation grants to persons who are PRC citizens, they may be required to register with the State Administration
    of Foreign Exchange of the PRC ("SAFE"). We may also face regulatory uncertainties that could restrict our ability to
    adopt equity compensation plans for our directors and employees and other parties under PRC laws. For further details on this risk,
    it is discussed more fully beginning on page 67.
●
You
    may face difficulties in protecting your interests and exercising your rights as a shareholder if we were to conduct substantially
    all of our operations in China, and almost all of our officers and directors currently and will likely reside outside the U.S. For
    further details on this risk, it is discussed more fully beginning on page 71.
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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.
December 31, 2021
Actual
As Adjusted
(1)
(Audited)
(Unaudited)
Balance Sheet Data:
Working capital (deficit)
$
(49,362
)
$
74,491,138
Total assets
$
65,500
$
77,116,138
Total liabilities
$
49,362
$
2,625,000
(2)
Value of ordinary shares subject to possible conversion/tender
(3)
$
—
$
76,500,000
Shareholders' (deficit) equity
(4)
$
16,138
$
(2,008,862
)
(1)
Includes the $4,500,000 we will receive from the sale of the
private units.
(2)
The "as adjusted" total liabilities represents
up to $2,625,000 of deferred underwriting discounts and commissions. The actual liabilities of $49,362 at December 31, 2021 represents
$49,362 of a related party loan from Luminous Success LLC, which will be repaid using the proceeds received from the offering on the
date the offering is consummated. The $2,625,000 of deferred underwriting discounts is not due until an initial business combination
is consummated, for which we have until 18 months from the closing of this offering to consummate (or up to 27 months if our time to
complete a business combination is extended as described herein).
(3)
The "as adjusted"
  value of ordinary shares which may be redeemed for cash equals the "as adjusted" total assets of $77,116,138 less
  the "as adjusted" total liabilities of $2,625,000 less the "as adjusted" shareholders' deficit
  of $2,008,862. The amount represents net proceeds allocated to the ordinary shares less the allocated transaction costs related
  to 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.
(4)
Excludes 7,500,000 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.
The
"as adjusted" information gives effect to the sale of the units we are offering, including the application of the related
gross proceeds and the payment of the estimated remaining costs from such sale and the repayment of the accrued and other liabilities
required to be repaid.
The
"as adjusted" working capital amount includes the $76,500,000 to be held in the trust account, plus $600,000 in cash held
outside the trust account, plus $16,138 of net book value at December 31, 2021, less the deferred underwriting discounts and commissions
of up to $2,625,000, which, except for limited situations described in this prospectus, will be available to us only upon the consummation
of our initial business combination within the time period described in this prospectus.
The
"as adjusted" total assets amount includes the $76,500,000 to be held in the trust account, plus $600,000 in cash held outside
the trust account, plus $16,138 of net book value at December 31, 2021. If our initial business combination is not consummated, the trust
account, less amounts we are permitted to withdraw as described in this prospectus, will be distributed solely to our public shareholders
(subject to our obligations under Cayman Islands law to provide for claims of creditors). The actual deferred offering costs of $2,625,000
will be reclassified as a charge to additional paid-in capital from the gross proceeds in connection with the consummation of the offering.
Any additional offering costs will also be charged to additional paid-in capital.
We
will consummate our initial business combination only if we have net tangible assets of at least $5,000,001 upon such consummation,
and, 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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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 December 31, 2021, we had $0 of cash and a working capital deficit of $(49,362). 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 18 months (or up to 27 months
if we have extended the period of time as described in this prospectus) before receiving liquidation distributions.
We
will have 18 months from the consummation of this offering in which to complete a business combination (or up to 27 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 18 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 18 months,
we may extend the period of time to consummate a business combination up to three times, each by an additional three months (for a total
of up to 27 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 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 $750,000, or up to $862,500
if the underwriters' over-allotment option is exercised in full ($0.10 per share in either case) on or prior to the date of the
applicable deadline, for each three month extension (or up to an aggregate of $2,250,000 (or $2,587,500 if the underwriters' over-allotment
option is exercised in full), or $0.30 per share if we extend for the full nine months. 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 18 months from the consummation of this offering to complete an initial business combination (or up to 27 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.
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 the SEC rules that 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 18 months from the closing of the offering (or up to 27
months if we have extended the period of time as described in this prospectus). 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 (if duly created) preferred shares or debt securities, or a combination of thereof, to complete
a business combination. The issuance of additional ordinary shares or (if duly created) 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; and
●
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.
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 $10.20.
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 $10.20, plus interest, due to such claims.
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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 $10.20
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.
Holders
of warrants 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 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.
In
no event will we have any obligation to net cash settle the warrants. Accordingly, the warrants 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 for cash.
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 for cash. 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 for cash 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.
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 for cash 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.
Because
each unit offered in this offering contains one-half of one redeemable warrant and only a whole warrant may be exercised, the units may
be worth less than units of other blank check companies.
Each
unit offered in this offering contains one-half of one redeemable warrant. Pursuant to the warrant agreement, no fractional warrants
will be issued upon separation of the units, and only whole units will trade. This is different from other offerings similar to ours
whose units include one ordinary share and one whole warrant to purchase one whole share. We have established the components of the units
in this way in order to reduce the dilutive effect of the warrants upon completion of a business combination since the warrants will
be exercisable in the aggregate for one-half of the number of shares compared to units that each contain a whole warrant to purchase
one whole share, thus making us, we believe, a more attractive business combination partner for target businesses. Nevertheless, this
unit structure may cause our units to be worth less than if they included a warrant to purchase one whole share.
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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.
Our
warrant agreement will designate the courts of the State of New York or the United States District Court for the Southern District of
New York as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by holders of our warrants,
which could limit the ability of warrant holders to obtain a favorable judicial forum for disputes with our company.
Our
warrant agreement will provide that, subject to applicable law, (i) any action, proceeding or claim against us arising out of or relating
in any way to the warrant agreement, including under the Securities Act, will be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York, and (ii) that we irrevocably submit to such jurisdiction,
which jurisdiction shall be the exclusive forum for any such action, proceeding or claim. We will waive any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum.
Notwithstanding
the foregoing, these provisions of the warrant agreement will not apply to suits brought to enforce any liability or duty created by
the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive
forum. Any person or entity purchasing or otherwise acquiring any interest in any of our warrants shall be deemed to have notice of and
to have consented to the forum provisions in our warrant agreement. If any action, the subject matter of which is within the scope the
forum provisions of the warrant agreement, is filed in a court other than a court of the State of New York or the United States District
Court for the Southern District of New York (a "foreign action") in the name of any holder of our warrants, such holder shall
be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts located in the State of New York in connection
with any action brought in any such court to enforce the forum provisions (an "enforcement action"), and (y) having service
of process made upon such warrant holder in any such enforcement action by service upon such warrant holder's counsel in the foreign
action as agent for such warrant holder.
This
choice-of-forum provision may limit a warrant holder's ability to bring a claim in a judicial forum that it finds favorable for
disputes with our company, including by increasing the cost of such lawsuits to a warrant holder, which may discourage such lawsuits.
Alternatively, if a court were to find this provision of our warrant agreement inapplicable or unenforceable with respect to one or more
of the specified types of actions or proceedings, we may incur additional costs associated with resolving such matters in other jurisdictions,
which could materially and adversely affect our business, financial condition and results of operations and result in a diversion of
the time and resources of our management and board of directors.
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 in 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.
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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 that we may complete such a business combination with.
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 not join us following a business combination.
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.
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.
The
role of our key personnel in the target business after the completion of our business 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.
We
may be subject to risks related to businesses in the biotechnology or TMT industry.
Business
combinations with businesses in the biotechnology or TMT industry entail special considerations and risks. If we are successful in completing
a business combination with a target business in either of these industries, we will be subject to, and possibly adversely affected
by, the following risks after the business combination:
●
we
    may invest in new lines of business that could fail to attract or retain users or generate revenue;
●
we
    will face significant competition and if we are not able to maintain or improve our market share, our business could suffer;
●
the
    loss of one or more members of our team, or our failure to attract and retain other highly qualified personnel in the future, could
    seriously harm our business;
●
if
    our security is compromised or if our platform is subjected to attacks that frustrate or thwart our users' ability to access
    our products and services, our users, advertisers, and partners may cut back on or stop using our products and services altogether,
    which could seriously harm our business;
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●
mobile
    malware, viruses, hacking and phishing attacks, spamming, and improper or illegal use of our products could seriously harm our business
    and reputation;
●
if
    we are unable to successfully grow our user base and further monetize our products, our business will suffer;
●
if
    we are unable to protect our intellectual property, the value of our brand and other intangible assets may be diminished, and our
    business may be seriously harmed;
●
we
    may be subject to regulatory investigations and proceedings in the future, which could cause us to incur substantial costs or require
    us to change our business practices in a way that could seriously harm our business;
●
an
    inability to manage rapid change, increasing consumer expectations and growth;
●
an
    inability to build strong brand identity and improve subscriber or customer satisfaction and loyalty;
●
an
    inability to deal with subscribers' or customers' privacy concerns;
●
an
    inability to license or enforce intellectual property rights on which our business may depend;
●
an
    inability by us, or a refusal by third parties, to license content to us upon acceptable terms;
●
potential
    liability for negligence, copyright, or trademark infringement or other claims based on the nature and content of materials that
    we may distribute;
●
competition
    for the media and entertainment time and discretionary spending of subscribers or customers, which may intensify in part due to advances
    in technology and changes in consumer expectations and behavior;
●
disruption
    or failure of our networks, systems or technology as a result of misappropriation of data or other malfeasance, as well as outages,
    natural disasters, terrorist attacks, accidental releases of information or similar events; and
●
the
    successful development of biotechnology product candidates will depend on several factors, including but not limited to, (i) successful
    and timely completion of preclinical studies and clinical trials for which the relevant regulatory authority, agree with the design,
    endpoints, or implementation, (ii) sufficiency of financial and other resources to complete the necessary preclinical studies and
    clinical trials, (iii) receiving regulatory approvals or authorizations for conducting future clinical trials, (iv) initiation and
    successful patient enrollment in, and completion of, clinical trials on a timely basis, (v) the biotechnology company's ability
    to demonstrate to the satisfaction of the relevant regulatory authority or any comparable foreign regulatory authority that the applicable
    product candidate is safe and efficacious as a treatment for the targeted indications or, in the case of an applicable product candidate
    which is regulated as a biological product, that the applicable product has suitable purity and is safe and potent for the targeted
    indications, (vi) the biotechnology company's ability to demonstrate to the satisfaction of the FDA or any comparable foreign
    regulatory authority that the applicable product candidate's risk-benefit ratio for its proposed indication is acceptable,
    (vii) timely receipt of marketing approvals for the biotechnology product candidates from applicable regulatory authorities, (viii)
    the extent of any required post-marketing approval commitments to applicable regulatory authorities, and (ix) establishing, scaling
    up and scaling out, either alone or with third-party manufacturers, manufacturing capabilities of clinical supply for the clinical
    trials and commercial manufacturing (including licensure), if any of the product candidates are approved.
Any
of the foregoing could have an adverse impact on our operations following a business combination. However, our efforts in identifying
prospective target businesses will not be limited to the biotechnology or TMT industry. Accordingly, if we acquire a target business
in another industry, these risks we will be subject to risks attendant with the specific industry in which we operate or target business
which we acquire, which may or may not be different than those risks listed above.
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.
While
we intend to focus our search for target businesses within the locations and industries as described in this prospectus, we may consummate
a business combination with a target business in any geographic location or industry we choose although we intend to focus on the Asia
and North America biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. 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.
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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 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
."
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 its 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.
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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 require that we meet certain requirements relating to shareholders' equity, market capitalization,
aggregate market value of publicly held shares and distribution requirements, we cannot assure you that our securities will 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.
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.
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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  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 shares 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 18 months (or up to 27 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
shares of the trust account for
their shares and suffer an entire loss on your investment.
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.
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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 allow 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.
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.
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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 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 22.54% of our issued
and outstanding ordinary shares (assuming they do not purchase any units in this offering). 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.
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 27 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 108.64% or $10.86 per share (the difference between the public offering price per share and the pro forma net
tangible book value per share of ($0.86 per share). In addition, because of the anti-dilution rights of the founder shares, any equity
or equity-linked securities issued or deemed issued in connection with our initial business combination would be disproportionately dilutive
to our common stock.
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Our
outstanding warrants 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 that will result in the issuance of up to 3,750,000 ordinary shares as part of the units offered by this prospectus
and private warrants that will result in the issuance of an additional 225,000 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 $500,000 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 50,000 private
units and private warrants that will result in the issuance of an additional 25,000 ordinary shares. The potential for the issuance of
a substantial number of additional shares upon exercise of the warrants 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 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 could have an adverse effect on the market price for our securities or on our ability to obtain
future financing. If and to the extent these warrants are exercised, you may experience dilution to your holdings.
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 (2,156,250 ordinary shares, including
up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters' 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 450,000 ordinary shares (or 495,000 ordinary shares if the over-allotment is exercised in full) underlying
the private units and 225,000 ordinary shares (or 247,500 ordinary shares if the over-allotment is exercised in full) underlying the
private warrants, 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 before 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. 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 under the Investment Company Act of 1940 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 under the Investment Company Act of 1940.
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.
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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.
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 were negotiated between us and the representative of the underwriters. Factors considered in determining the prices and terms
of the units, including the ordinary shares and warrants underlying the units, include:
●
the
    history and prospects of companies whose principal business is the acquisition of other companies;
●
prior
    offerings of those companies;
●
our
    prospects for acquiring an operating business at attractive values;
●
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.
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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. Investors 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, you may face difficulties in protecting your interests, and your ability to
protect your rights through the U.S. federal courts may be limited.
We
are an exempted company incorporated under the laws of the Cayman Islands and certain of our officers and directors are residents of
jurisdictions outside the United States. As a result, it may be difficult for investors to effect service of process within the United
States upon our directors or executive officers, or enforce judgments obtained in the United States courts against our directors or officers.
Our
corporate affairs will be governed by our amended and restated memorandum and articles of association, the Companies 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.
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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 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 our non-convertible debt issued within a three-year period 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. Additionally, as an emerging growth company, we have elected to delay the adoption of new or revised
accounting standards that have different effective dates for public and private companies until those standards apply to private companies.
As such, our financial statements may not be comparable to companies that comply with public company effective dates. 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.
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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.
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
and warrants included in the units could be challenged by 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 Internal Revenue Service, or 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,
following a business combination our management 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.
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.
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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 underwriters' 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 underwriters' fees and commissions or such greater amount necessary to satisfy a closing condition as described
above, we would not proceed with such redemption and the related business combination and may instead search for an alternate business
combination. Prospective targets 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 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 would apply to purchases by our sponsor, directors,
officers, advisors or their affiliates, then such purchases will comply with Rule 10b-18 under the Exchange Act, 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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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.
Purchases
of ordinary shares in the open market or in privately negotiated transactions by our sponsor, directors, officers, advisors or their
affiliates may make it difficult for us to maintain the listing of our shares on a national securities exchange following the consummation
of an initial business combination.
If
our sponsor, directors, officers, advisors or their affiliates purchase ordinary shares in the open market or in privately negotiated
transactions, the public "float" of our ordinary shares and the number of beneficial holders of our securities would both
be reduced, possibly making it difficult to maintain the listing or trading of our securities on a national securities exchange following
consummation of the 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 18 months (or up to 27 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 will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly, to liquidate
your investment, you may be forced to sell your public shares, potentially at a loss.
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 18
months (or up to 27 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 18 months (or up
to 27 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 $10.20 per share) (whether or not the underwriters'
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. These charges may be non-cash
items and not have an immediate impact on our liquidity, but 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 $10.20 per share (whether or not the underwriters' 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 $10.20 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 the operations of any particular target business.
Although
we have a stated focus on certain target businesses in a specific geographic location as indicated elsewhere in this prospectus, we may
pursue acquisition opportunities in any geographic region, but may rely upon our management team's background. While we may pursue
an acquisition opportunity in any business industry or sector, we intend to initially focus on those industries 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 we
may not have adequate time to complete due diligence. Furthermore, some of these risks may be outside of our control and leave us
with no ability to control or reduce the chances that those risks will adversely impact a target business. 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, and 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 $10.20 per share or even less (whether or not
the underwriters' over-allotment option is exercised in full) on our redemption, and our warrants 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 $10.20 per share or even less (whether or not the underwriters' over-allotment option is exercised in full) on our redemption,
and our warrants will expire worthless.
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.
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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 VIE, 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.
A
public shareholder who fails to vote either in favor of or against a proposed business combination will not be able to have his or
her shares redeemed for cash.
In
order for a public shareholder to have his or her shares redeemed for cash in connection with any proposed business combination,
that public shareholder must vote either in favor of or against a proposed business combination. If a public shareholder fails to vote
in favor of or against a proposed business combination, whether that shareholder abstains from the vote or simply does not vote, that
shareholder would not be able to have his or her ordinary shares so redeemed to cash in connection with such business combination.
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;
●
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;
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●
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.
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.
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 to the extent we would in the United States.
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.
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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 from certain countries. Such import quotas may
adversely affect political relations between the United States and such other affected countries and result in retaliatory countermeasures
by foreign governments 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 or move our any of our
manufacturing or service operations.
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.
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.
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. For example, the economies of Asian countries
differ from the economies of most developed countries in many respects. Such economic growth has been uneven, both geographically
and among various industries of the economy and such growth may not be sustained in the future. If in the future any given
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.
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.
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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 foreign country 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 or 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 Asian 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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Risks
Associated with Acquiring and Operating a Target Business with its Primary Operation in China
As
set forth herein, our efforts in identifying a prospective target business will not be limited to a particular country, although we intend
to focus on Asia and North America in the biotechnology or TMT industries, evaluated based on, among other things, sustainability
and ESG imperatives. As a result, we may seek to acquire a company that is based in China or Hong Kong, or a PRC Target Company
which might require a VIE structure in an initial business combination. Because of such target company's ties to China or
Hong Kong, we may be subjected to the laws, rules and regulations of the PRC. Accordingly, in addition to the risk factors referred above,
we have set forth some of the primary risks we have identified in seeking to consummate our initial business combination with a company
having its primary operations in the PRC.
If
the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE, do not
comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations.
Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries 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, our initial business combination
target company may include a PRC Target Company which might require a VIE structure. The PRC Target Company, through contractual arrangements,
can consolidate the VIE the financial results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS,
if it has the power to direct activities that most significantly impact the economic performance of the VIE and it has the obligation
to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. In that case, following
the consummation of a business combination with a PRC Target Company, our securities would be securities of an offshore holding company
instead of shares of the VIE in China. For a summary of the VIE contractual arrangements, see "
Proposed Business — Initial
Business Combination with a Company Based in China or Hong Kong.
"
In
the event that we consummate a business combination with a WFOE based in the PRC, we
will rely on the WFOE's contractual arrangements with the VIE and its shareholders to operate the business. These contractual
arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. Under the contractual arrangements,
as a legal matter, if the VIE or any of its shareholders executing the VIE agreements fails to perform its, his or her respective
obligations under the contractual arrangements, we may have to incur substantial costs and resources to enforce such arrangements, and
rely on legal remedies available under PRC laws, including seeking specific performance or injunctive relief, and claiming damages, which
we cannot assure you will be effective. For example, if shareholders of a VIE were to refuse to transfer their equity interests
in such VIE to us or our designated persons when we exercise the purchase option pursuant to the contractual arrangements, we
may have to take  legal action to compel them to fulfill their contractual obligations.
If
(i) the applicable PRC authorities invalidate the relevant contractual arrangements for violation of PRC laws, rules and regulations,
(ii) any VIE or its shareholders terminate the relevant contractual arrangements, (iii) any VIE or its shareholders
fail to perform its/his/her obligations under the relevant contractual arrangements, or (iv) if these regulations change or are
interpreted differently in the future, the PRC Target Company's business operations in China would be materially and adversely
affected, and the value of your securities would substantially decrease or even become worthless. Further, if we fail to renew such
contractual arrangements upon their expiration, we would not be able to continue the business operations unless the then current
PRC law allows us to directly operate businesses in China.
In
addition, if any VIE or all or part of its assets become subject to liens or rights of third-party creditors, we may be unable to continue
some or all of our business activities, which could materially and adversely affect our business, financial condition and results of
operations. If any of the variable interest entities undergoes a voluntary or involuntary liquidation proceeding, its shareholders or
unrelated third-party creditors may claim rights to some or all of these assets, thereby hindering our ability to operate our business,
which could materially and adversely affect our business and our ability to generate revenues.
All
of the contractual arrangements will be governed by PRC law and provided for the resolution of disputes through arbitration in the PRC.
Accordingly, these contracts will be interpreted in accordance with PRC laws and any disputes will be resolved in accordance with PRC
legal procedures. The legal environment in the PRC is not as developed as in some other jurisdictions, such as the United States. As
a result, uncertainties in the PRC legal system could limit our ability to enforce these contractual arrangements. In the event
we are unable to enforce the contractual arrangements, we may not be able to exercise the power to direct activities that most impact
the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial results of the VIE
in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded from operating
our business, which would have a material adverse effect on our financial condition and results of operations.
Although
based on industry practices, VIE contractual arrangements among the WFOE, the VIE and its shareholders governed by PRC laws are
valid, binding and enforceable, and will not result in any violation of PRC laws or regulations currently in effect, however, there are
substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules. Accordingly,
the PRC regulatory authorities may ultimately take a view that is contrary to the accepted industry practices with respect to VIE contractual
arrangements. In addition, it is uncertain whether any new PRC laws or regulations relating to VIE structures will be adopted
or if adopted, what they would provide. PRC government authorities may deem that foreign ownership is directly or indirectly involved
in the VIE's shareholding structure. If our potential corporate structure and contractual arrangements are deemed by the Ministry
of Industry and Information Technology, the Ministry of Commerce, or other regulators having competent authority
to be illegal, either in whole or in part, we may lose control of the consolidated VIE and have to modify such structure to comply with
regulatory requirements. However, there can be no assurance that we can achieve this without material disruption to the PRC Target Company's
business. Furthermore, if we or the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain
or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action
in dealing with such violations or failures, including, without limitation:
●
revoking
    the business license and/or operating licenses of the WFOE or the VIE;
●
discontinuing
    or placing restrictions or onerous conditions on our operations through any transactions among the WFOE, the VIE and its subsidiaries;
●
imposing
    fines, confiscating the income from the WFOE, the VIE or its subsidiaries, or imposing other requirements with which we or
    the VIE may not be able to comply;
●
placing
    restrictions on our right to collect revenues;
●
requiring
    us to restructure our ownership structure or operations, including terminating the contractual arrangements with the VIE and deregistering
    the equity pledges of the VIE, which in turn would affect our ability to consolidate, exercises the power to direct activities that
    most impact the economic performance, bears the risks of, or enjoys the rewards normally associated with ownership of the entity;
    or
●
taking
    other regulatory or enforcement actions against us that could be harmful to our business.
The
imposition of any of these penalties will result in a material and adverse effect on our potential ability to conduct the business. In
addition, it is unclear what impact the PRC government actions will have on us and on our ability to consolidate the financial results
of the VIE in our consolidated financial statements, if the PRC government authorities were to find our potential corporate structure
and contractual arrangements to be in violation of PRC laws and regulations. If the imposition of any of these government actions causes
us to lose our right to direct the activities of the VIE or our right to receive substantially all the economic benefits and residual
returns from the VIE and we are not able to restructure our ownership structure and operations in a timely and satisfactory manner, we
will no longer be able to consolidate the financial results of the VIE in our consolidated financial statements. Either of these results,
or any other significant penalties that might be imposed on us in this event,  will have a material adverse effect on our financial
condition, results of operations and our securities shares may decline in value or be worthless.
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The
contractual arrangements under a VIE Structure may not be as effective as direct ownership in respect of our relationship with the VIE,
and thus, we may incur substantial costs to enforce the terms of the arrangements, which we may not be able to enforce at all.
The
contractual arrangements in respect of our relationship with the VIE may not be as effective as direct ownership. For example, the VIE and its shareholders could breach their contractual arrangements with us by, among
other things, failing to conduct their operations in an acceptable manner or taking other actions that are detrimental to our interests.
If we had direct ownership of the VIE, we would be able to exercise our rights as a shareholder to effect changes through the
board of directors of the VIE, which in turn could implement changes, subject to any applicable fiduciary obligations, at the management
and operational level. However, under the VIE agreements, we rely on the performance by the VIE and its shareholders of their
obligations under the contracts to exercise control over the VIE. The shareholders of the consolidated VIE may not act in the best interests
of our company or may not perform their obligations under these contracts. Such risks exist throughout the period in which we intend
to operate certain portions of our business through the contractual arrangements with the VIE.
If
the VIE or its shareholders fail to perform their respective obligations under the contractual arrangements, we may have to incur substantial
costs and expend additional resources to enforce such arrangements. For example, if the shareholders of the VIE refuse to transfer their
equity interest in the VIE to us or our designee if we exercise the purchase option pursuant to the contractual arrangements, or if they
otherwise act in bad faith toward us, then we may have to take legal actions to compel them to perform their contractual obligations.
In addition, if any third parties claim any interest in such shareholders' equity interests in the VIE, our ability to exercise
shareholders' rights or foreclose the share pledge according to the relevant contractual arrangements may be impaired. If
these or other disputes between the shareholders of the VIE and third parties were to impair our relationship with the VIE, our ability
to consolidate the financial results of the VIE would be affected, which would in turn result in a material adverse effect on the business,
operations and financial condition.
Any
failure by the VIE or its shareholders to perform their obligations under our contractual arrangements with them would have a material
adverse effect on our business.
The
shareholders of the VIE are referred as its nominee shareholders because although they remain the holders of equity interests on record
in the VIE, pursuant to the terms of the relevant power of attorney, such shareholders have irrevocably authorized the individual appointed
by the WFOE to exercise their rights as a shareholder of the relevant VIE. If the VIE or any of its shareholders fail to perform
their respective obligations under these contractual arrangements, we may have to incur substantial costs and expend additional
resources to enforce such arrangements. We also may have to rely on legal remedies under PRC laws, including seeking specific
performance or injunctive relief, and claiming damages, which we cannot assure you will be effective under PRC laws. For example, if
the shareholders of the VIE were to refuse to transfer their equity interest in the VIE to us or our designee if we exercise the purchase
option pursuant to these contractual arrangements, or if they were otherwise to act in bad faith toward us, then we may have to take
legal actions to compel them to perform their contractual obligations.
All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal system in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. See "
Risks Associated with Acquiring and Operating a Target Business with its Primary
Operation in China — There are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal
protection available to you and us
." Meanwhile,
there are very few precedents and little formal guidance as to how contractual arrangements in the context of a consolidated VIE
should be interpreted or enforced under PRC laws. There remain significant uncertainties regarding the ultimate outcome of such arbitration
should legal action become necessary. In addition, under PRC laws, rulings by arbitrators are final and parties cannot appeal arbitration
results in court unless such rulings are revoked or determined unenforceable by a competent court. If the losing parties fail to carry
out the arbitration awards within a prescribed time limit, the prevailing parties may only enforce the arbitration awards in PRC courts
through arbitration award recognition proceedings, which would require additional expenses and delay. In the event that we are unable
to enforce these contractual arrangements, or if we suffer significant delay or other obstacles in the process of enforcing these contractual
arrangements, we may not consolidate the financial results of the VIE in our consolidated financial statements in accordance with U.S.
GAAP or IFRS, and our ability to conduct our business may be negatively affected.
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Changes
in the policies, regulations, rules, and the enforcement of laws of the PRC government may be abrupt with little advance notice
and could have a significant impact upon our ability to operate profitably in the PRC.
Our
post-combination entity may conduct most of its operations and generate most of its revenue in the PRC. Accordingly, economic, political
and legal developments in the PRC will significantly affect our post-combination entity's business, financial condition, results
of operations and prospects. PRC laws, regulations, rules and policies, and the interpretation and enforcement thereof
by the PRC government, can have significant effects on economic conditions in the PRC and the ability of businesses to operate
profitably. Our post-combination entity's ability to operate profitably in the PRC may be adversely affected by changes in policies
by the PRC government, including changes in laws, regulations or their interpretation, particularly those dealing with the internet,
including censorship and other restrictions on material which can be transmitted over the Internet, security, intellectual
property, money laundering, taxation and other laws that affect our post-combination entity's ability to operate its business.
The
Chinese government may exercise significant oversight and discretion over the conduct of our post-combination entity's business
and may intervene in or influence its operations at any time, which could result in a material change in its operations and/or the value
of our securities. We are  currently not required to obtain approval from Chinese authorities to list on U.S. exchanges, however,
if the PRC Target Company and the VIE were required to obtain approval in the future and were denied permission from Chinese authorities
to list on U.S. exchanges, we would not be able to continue listing on U.S. exchange, which would materially affect the interest
of the investors.
The
Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through
regulation and state ownership. Our ability to operate through a PRC Target Company (whether with or without a VIE structure)
may be harmed by changes in its laws and regulations, including those relating to taxation, environmental regulations, land use rights,
property and other matters. The central or local governments of these jurisdictions may impose new, stricter regulations or interpretations
of existing regulations that would require additional expenditures and efforts on our part to ensure our compliance with such regulations
or interpretations. Accordingly, government actions in the future, including any decision not to continue to support recent economic
reforms and to return to a more centrally planned economy or regional or local variations in the implementation of economic policies,
could have a significant effect on economic conditions in China or particular regions thereof, and could require us to divest ourselves
of any interest we then hold in Chinese properties.
For
example, the Chinese cybersecurity regulator announced on July 2, 2021 that it had begun an investigation of Didi Global Inc. (NYSE:
DIDI) and two days later ordered that the company's app be removed from smartphone app stores. On July 24, 2021, the General
Office of the Communist Party of China Central Committee and the General Office of the State Council jointly released the Guidelines
for Further Easing the Burden of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education,
pursuant to which foreign investment in the education sector  via mergers and acquisitions, franchise development, and
variable interest entities are banned from this sector.
As
such, the PRC Target Company's business segments may be subject to various government and regulatory interference throughout
the PRC and/or in the provinces in which they operate. The PRC Target Company could be subject to regulations by various political
and regulatory entities, including various local and municipal agencies and government sub-divisions, and these regulations may be interpreted
and applied inconsistently by different agencies or authorities. The PRC Target Company may incur increased costs necessary to comply
with existing and newly adopted laws and regulations or penalties for any failure to comply, and such compliance or any associated inquiries
or investigations or any other government actions may:
●
delay
    or impede its development;
●
result
    in negative publicity or increase its operating costs;
●
require
    significant management time and attention; and
●
subject
    it to remedies, administrative penalties and even criminal liabilities that may harm our business, including fines assessed
    for our current or historical operations, or demands or orders that we modify or even cease our business practices.
As
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,
our initial business combination target company may include a PRC Target Company. Therefore, it is uncertain when and whether we and
our post-combination entity will be required to obtain permission from the PRC government to list on U.S. exchanges, and even
when such permission is obtained, whether it will be denied or rescinded, or whether the PRC laws will apply to it generally.
Further, the promulgation of new laws or regulations, or the new interpretation of existing laws and regulations, in each case that restrict
or otherwise unfavorably may impact the ability or way the post-combination entity may conduct its business and could require it to change
certain aspects of its business to ensure compliance, which could decrease demand for its products or services, reduce revenues, increase
costs, require us to obtain more licenses, permits, approvals or certificates, or subject it to additional liabilities. As such, the
post-combination entity's operations could be adversely affected, directly or indirectly, by existing or future PRC laws and regulations
relating to its business or industry, which could result in a material adverse change in the value of our securities, potentially rendering
them worthless. As a result, both you and we face uncertainty about future actions by the PRC government that could significantly
affect our ability to offer or continue to offer securities to investors and cause the value of our securities to significantly decline
or be worthless.
There
are uncertainties in the interpretation and enforcement of PRC laws and regulations that could limit the legal protection available
to you and us.
A
significant number of our executive officers and directors are located in or have significant ties to China or Hong Kong, and we may
seek to acquire a company that is based in China or Hong Kong in an initial business combination. The uncertainties in the interpretation
and enforcement of PRC laws, rules and regulations would apply to us if we were to acquire a company that is based in China or Hong Kong
regardless of whether we have a VIE structure or direct ownership structure post-business combination. Because of such ties to China
or Hong Kong, we may be governed by PRC laws and regulations. PRC companies and variable interests entities are generally subject to
laws and regulations applicable to foreign investments in China and, in particular, laws and regulations applicable to wholly foreign-owned
enterprises. The PRC legal system is based on statutes. Prior court decisions may be cited for reference but have limited precedential
value.
Since
1979, PRC legislation and regulations have significantly enhanced the protections afforded to various forms of foreign investments in
China. However, China has not developed a fully integrated legal system and recently enacted laws and regulations may not sufficiently
cover all aspects of economic activities in China. In particular, because these laws and regulations are relatively new, and because
of the limited volume of published decisions and their nonbinding nature, the interpretation and enforcement of these laws and regulations
involve uncertainties. In addition, the PRC legal system is based in part on government policies and internal rules (some of which are
not published on a timely basis or at all) that may have a retroactive effect. As a result, we may not be aware of our violation of these
policies and rules until sometime after the violation. In addition, any litigation in China may be protracted and result in substantial
costs and diversion of resources and management attention.
Our
initial business combination may be subject to a variety of PRC laws and other obligations regarding cybersecurity and data protection
and we may have to spend additional resources and incur additional time delays to complete any such business combination or be prevented
from pursuing certain investment opportunities.
Our
initial business combination may be subject to PRC laws relating to the collection, use, sharing, retention, security, and transfer of
confidential and private information, such as personal information and other data. These laws continue to develop, and the PRC government
may adopt other rules and restrictions in the future. Non-compliance could result in penalties or other significant legal liabilities.
For
instance, various regulatory bodies in China, including the Cybersecurity Administration Committee, or CAC, the Ministry of Public Security
and the State Administration for Market Regulation, have enforced data privacy and protection laws and regulations with varying and evolving
standards and interpretations. In April 2020, the Chinese government implemented Cybersecurity Review Measures, which came into
effect on June 1, 2020. According to the Cybersecurity Review Measures, operators of critical information infrastructure must pass a
cybersecurity review when purchasing network products and services which do or may affect national security.
In
July 2021, the CAC and other related authorities released the draft amendment to the Cybersecurity Review Measures for public comments
through July 25, 2021. The draft amendment proposes the following key changes:
●
companies
    who are engaged in data processing are also subject to the regulatory scope;
●
the
    CSRC is included as one of the regulatory authorities for purposes of jointly establishing the state cybersecurity review working
    mechanism;
●
the
    operators (including both operators of critical information infrastructure and relevant parties who are engaged in data processing)
    holding more than one million users/users' (which to be further specified) individual information and seeking a listing outside
    China shall file for cybersecurity review with the Cybersecurity Review Office; and
●
the
    risks of core data, material data or large amounts of personal information being stolen, leaked, destroyed, damaged, illegally used
    or transmitted to overseas parties and the risks of critical information infrastructure, core data, material data or large amounts
    of personal information being influenced, controlled or used maliciously shall be collectively taken into consideration during the
    cybersecurity review process.
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If the draft amendment is adopted into law in
the future, our business combination may become subject to enhanced cybersecurity review. Certain internet platforms in China
have been reportedly subject to heightened regulatory scrutiny in relation to cybersecurity matters. As of the date of this prospectus,
we have not been informed by any PRC governmental authority
of
any requirement that we file for a cybersecurity review. As a result, this issue will not affect our process of searching for
a business combination target until further certainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations.
However, if we or the combined company following a business combination are deemed to be a critical information infrastructure operator
or a company that is engaged in data processing and holds personal information of more than one million users, we could be subject to
PRC cybersecurity review.
As
there remains significant uncertainty in the interpretation and enforcement of relevant PRC cybersecurity laws and regulations, we or
the combined company following a business combination could be subject to cybersecurity review, and if so, it is uncertain whether we
can or how long it will take us to obtain such approval or complete such procedures and any such approval could be rescinded and we may
not be able to pass such review in relation to this offering, searching for a business combination target, or a business combination.
In addition, we could become subject to enhanced cybersecurity review or investigations launched by PRC regulators in the future. Any
failure or delay in the completion of the cybersecurity review procedures or any other non-compliance with the related laws and regulations
may result in fines or other penalties, including suspension of business, website closure, and revocation of prerequisite licenses, as
well as reputational damage or legal proceedings or actions, which may have material adverse effect on our business, financial condition
or results of operations.
On
June 10, 2021, the Standing Committee of the PRC National People's Congress, or SCNPC, implemented the PRC Data Security
Law, which will take effect in September 2021. The PRC Data Security Law imposes data security and privacy obligations on entities and
individuals carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance
of data in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate
rights and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used.
The PRC Data Security Law also provides for a national security review procedure for data activities that may affect national security
and imposes export restrictions on certain data an information. On August 20, 2021, the SCNPC adopted the Personal Information Protection
Law, which shall come into force as of November 1, 2021. The Personal Information Protection Law includes the basic rules for personal
information processing, the rules for cross-border provision of personal information, the rights of individuals in personal information
processing activities, the obligations of personal information processors, and the legal responsibilities for illegal collection, processing,
and use of personal information.
These
rules could result in us not being able to acquire a potential target in the PRC, or our using time and working capital to pursue a transaction
that cannot be completed because of the actions of regulators.
As
uncertainties remain regarding the interpretation and implementation of these laws and regulations, we cannot assure you that we or the
combined company following a business combination will comply with such regulations in all respects and we or the combined company following
a business combination may be ordered to rectify or terminate any actions that are deemed illegal by regulatory authorities. We or the
combined company following a business combination may also become subject to fines and/or other sanctions which may have material adverse
effect on our business, operations and financial condition.
Trading
in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect
or fully investigate our auditor. In that case, Nasdaq would delist our securities. The delisting of our securities, or the threat of
their being delisted, may materially and adversely affect the value of your investment. Additionally, the inability of the PCAOB to conduct
inspections may deprive our investors with the benefits of such inspections.
The
Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020. The HFCAA states if the SEC determines that
we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three
consecutive years beginning in 2021, the SEC shall prohibit our shares or other securities from being traded on a national securities
exchange or in the over the counter trading market in the U.S. Furthermore, on June 22, 2021, the U.S. Senate passed the AHFCAA, which,
if signed into law, would amend the HFCAA and require the SEC to prohibit an issuer's securities from trading on any U.S. stock
exchanges if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.
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Our current auditor, the independent registered
public accounting firm that issues the audit report included elsewhere in this prospectus, as an auditor of companies that are traded
publicly in the United States and a firm registered with the PCAOB, is subject to laws in the United States pursuant to which the PCAOB
conducts regular inspections to assess its compliance with the applicable professional standards. However, if it is later determined
that the PCAOB is unable to inspect or investigate completely our auditor because of a position taken by an authority in a foreign jurisdiction,
Nasdaq would delist our securities, including our units, ordinary shares and redeemable warrants being
offered
in this offering, and the SEC would prohibit them from being traded on a national securities exchange or in the over the counter
trading market in the U.S. If our
securities are delisted and prohibited from being traded on a national securities exchange or in the over the counter trading market
in the U.S. due to the PCAOB not being able to conduct inspections or full investigations of our auditor, it would substantially impair
your ability to sell or purchase our securities when you wish to do so, and the risk and uncertainty associated with potential delisting
and prohibition would have a negative impact on the price of our securities. Also, such delisting and prohibition could significantly
affect the Company's ability to raise capital on acceptable terms, or at all, which would have a material adverse effect on the
Company's business, financial condition and prospects.
In
May 2013, the PCAOB announced that it had entered into a Memorandum of Understanding on Enforcement Cooperation with the CSRC and the
PRC Ministry of Finance, which establishes a cooperative framework between the parties for the production and exchange of audit documents
relevant to investigations undertaken by the PCAOB in the PRC or by the CSRC or the PRC Ministry of Finance in the United States. The
PCAOB continues to be in discussions with the CSRC and the PRC Ministry of Finance to permit joint inspections in the PRC of audit firms
that are registered with the PCAOB and audit Chinese companies that trade on U.S. exchanges.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. We will be required to comply with these rules if the SEC identifies us as having a "non-inspection" year,
under a process to be subsequently established by the SEC. On June 22, 2021, the U.S. Senate passed a bill which, if passed by the
U.S. House of Representatives and signed into law, would reduce the number of consecutive non-inspection years required for triggering
the prohibitions under the HFCAA from three years to two years. On November 5, 2021, the SEC approved the PCAOB's Rule 6100,
Board Determinations Under the HFCAA. Rule 6100 provides a framework for the PCAOB to use when determining, as contemplated under
the HFCAA, whether it is unable to inspect or investigate completely registered public accounting firms located in a foreign jurisdiction
because of a position taken by one or more authorities in that jurisdiction.
On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the Holding
Foreign Companies Accountable Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit
report issued by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or
investigate completely because of a position taken by an authority in foreign jurisdictions.
The
SEC may propose additional rules or guidance that could impact us if our auditor is not subject to PCAOB inspection. For example, on
August 6, 2020, the President's Working Group on Financial Markets, or the PWG, issued the Report on Protecting United States Investors
from Significant Risks from Chinese Companies to the then President of the United States. This report recommended the SEC implement five
recommendations to address companies from jurisdictions that do not provide the PCAOB with sufficient access to fulfill its statutory
mandate. Some of the concepts of these recommendations were implemented with the enactment of the HFCAA. However, some of the recommendations
were more stringent than those in the HFCAA.
The
SEC has announced that the SEC staff is preparing a consolidated proposal for the rules regarding the implementation of the HFCAA and
to address the recommendations in the PWG report. It is unclear when the SEC will complete its rulemaking and when such rules will become
effective and what, if any, of the PWG recommendations will be adopted. The SEC has also announced amendments to various annual report
forms to accommodate the certification and disclosure requirements of the HFCAA. There could be additional regulatory or legislative
requirements or guidance that could impact us if our auditor is not subject to PCAOB inspection. The implications of these possible regulations
in addition to the requirements of the HFCAA are uncertain, and such uncertainty could cause the market price of our securities to be
materially and adversely affected. If, for whatever reason, the PCAOB is unable to conduct inspections or full investigations of our
auditor post business combination, the Company could be delisted or prohibited from being traded over the counter earlier than
would be required by the HFCAA. If our securities are unable to be listed on another securities exchange by then, such delisting and
prohibition would substantially impair your ability to sell or purchase our securities when you wish to do so, and the risk and uncertainty
associated with potential delisting and prohibition would have a negative impact on the price of our securities. Also, such delisting
and prohibition could significantly affect the Company's ability to raise capital on acceptable terms, or at all, which would have
a material adverse effect on the Company's business, financial condition and prospects.
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Inspections
of audit firms that the PCAOB has conducted have identified deficiencies in those firms' audit procedures and quality control procedures,
which may be addressed as part of the inspection process to improve future audit quality. If the PCAOB were unable to conduct inspections
or full investigations of the Company's auditor, investors in our securities would be deprived of the benefits of such PCAOB inspections.
In addition, the inability of the PCAOB to conduct inspections or full investigations of auditors would may make it more difficult to
evaluate the effectiveness of the Company's independent registered public accounting firm's audit procedures or quality control
procedures as compared to auditors that are subject to the PCAOB inspections, which could cause investors and potential investors in
our stock to lose confidence in the audit procedures of our auditor and reported financial information and the quality of our financial
statements.
U.S.
laws and regulations, including the Holding Foreign Companies Accountable Act and Accelerating Holding Foreign Companies Accountable
Act, may restrict or eliminate our ability to complete a business combination with certain companies, particularly those acquisition
candidates with substantial operations in China or Hong Kong.
The
PCAOB is currently unable to conduct inspections on accounting firms in the PRC or Hong Kong without the approval of the Chinese government
authorities. The auditor and its audit work in the PRC or Hong Kong may not be inspected fully by the PCAOB. Inspections of other auditors
conducted by the PCAOB outside China have at times identified deficiencies in those auditors' audit procedures and quality control
procedures, which may be addressed as part of the inspection process to improve future audit quality. The lack of PCAOB inspections of
audit work undertaken in China prevents the PCAOB from regularly evaluating the PRC or Hong Kong auditor's audits and its quality
control procedures. As a result, shareholders may be deprived of the benefits of PCAOB inspections if we complete a business combination
with such companies.
Future
developments in U.S. laws may restrict our ability or willingness to complete certain business combinations with companies. For instance,
the enacted Holding Foreign Companies Accountable Act (the "HFCAA") would restrict our ability to consummate a business combination
with a target business unless that business met certain standards of the PCAOB and would require delisting of a company from U.S. national
securities exchanges if the PCAOB is unable to inspect its public accounting firm for three consecutive years. The HFCAA also requires
public companies to disclose, among other things, whether they are owned or controlled by a foreign government, specifically, those based
in China. We may not be able to consummate a business combination with a favored target business due to these laws. Furthermore, on June
22, 2021, the U.S. Senate passed the AHFCAA, which, if signed
into law, would amend the HFCAA and require the SEC to prohibit an issuer's securities from trading on any U.S. stock exchanges
if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years. On December 2, 2021,
the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the Holding Foreign Companies
Accountable Act. The rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued
by a registered public accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely
because of a position taken by an authority in foreign jurisdictions.
The
documentation we may be required to submit to the SEC proving certain beneficial ownership requirements and establishing that we are
not owned or controlled by a foreign government in the event that we use a foreign public accounting firm not subject to inspection by
the PCAOB or where the PCAOB is unable to completely inspect or investigate our accounting practices or financial statements because
of a position taken by an authority in the foreign jurisdiction could be onerous and time consuming to prepare. The HFCAA mandates the
SEC to identify issuers of SEC-registered securities whose audited financial reports are prepared by an accounting firm that the PCAOB
is unable to inspect due to restrictions imposed by an authority in the foreign jurisdiction where the audits are performed. If such
identified issuer's auditor cannot be inspected by the PCAOB for three consecutive years, the trading of such issuer's securities
on any U.S. national securities exchanges, as well as any over-the-counter trading in the U.S., will be prohibited.
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On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. An identified issuer will be required to comply with these rules if the SEC identifies it as having a "non-inspection"
year, under a process to be subsequently established by the SEC. On November 5, 2021, the SEC approved the PCAOB's Rule
6100, Board Determinations Under the Holding Foreign Companies Accountable Act. Rule 6100 provides a framework for the PCAOB to use when
determining, as contemplated under the HFCAA, whether it is unable to inspect or investigate completely registered public accounting
firms located in a foreign jurisdiction because of a position taken by one or more authorities in that jurisdiction.
On
December 16, 2021, the PCAOB issued a Determination Report which found that the PCAOB is unable to inspect or investigate completely
registered public accounting firms headquartered in China and  Hong Kong. Our auditor, Friedman LLP, headquartered in Manhattan,
New York with no branches or offices outside the United States, is an independent registered public accounting firm registered with the
PCAOB and is subject to laws in the United States pursuant to which the PCAOB conducts regular inspections to assess Friedman LLP's
compliance with applicable professional standards. The PCAOB currently has access to inspect the working papers of our auditor. Our auditor
is not headquartered in China or Hong Kong and was not identified in this report as a firm subject to the PCAOB's determination.
In
the event that we complete a business combination with a company with substantial operations in China or Hong Kong, and PCAOB
is not able to fully conduct inspections of our auditor's work papers in China or Hong Kong, it could cause us to fail to be in
compliance with U.S. securities laws and regulations; we could cease to be listed on a U.S. securities exchange; and U.S.
trading of our shares could be prohibited under the HFCAA. Any of these actions, or uncertainties in the market about the possibility
of such actions, could adversely affect our prospects to successfully complete a business combination with a China or Hong Kong-based
company, our access to the U.S. capital markets, and the price of our shares.
Future
developments in respect of increased U.S. regulatory access to audit information are uncertain, as the legislative developments
are subject to the legislative process, and the regulatory developments are subject to the rule-making process and other administrative
procedures.
Other
developments in U.S. laws and regulatory environment, including but not limited to executive orders such as Executive Order (E.O.) 13959,
"Addressing the Threat from Securities Investments That Finance Communist Chinese Military Companies," may further restrict
our ability to complete a business combination with certain China-based businesses.
As
a result of merger and acquisition regulations implemented on September 8, 2006 (amended on June 22, 2009) relating to acquisitions of
assets and equity interests of Chinese companies by foreign persons, it is expected that acquisitions will take longer and be subject
to economic scrutiny by the PRC government authorities such that we may not be able to complete a transaction.
On September 8, 2006, the PRC Ministry
of Commerce, together with several other government agencies, implemented the Regulations on Merger and Acquisition of Domestic
Enterprises by Foreign Investors (the "M&A Regulations"), including its amendment on June 22, 2009), which implemented
a comprehensive set of regulations governing the approval process by which a Chinese company may participate in an acquisition of its
assets or its equity interests and by which a Chinese company may obtain public trading of its securities on a securities exchange outside
the PRC. Although there was a complex series of regulations in place prior to September 8, 2006 for approval of Chinese enterprises that
were administered by a combination of provincial and centralized agencies, the M&A Regulations have largely centralized and expanded
the approval process to the Ministry of Commerce, the State Administration of Industry and Commerce, SAFE or its branch offices, the State Asset Supervision and Administration Commission, and the CSRC. Depending on the structure of the transaction, these M&A Regulations will require the Chinese parties
to make a series of applications and supplemental applications to one or more of the aforementioned agencies, some of which must be made
within strict time limits and depending on approvals from one or the other of the aforementioned agencies. The application process has
been supplemented to require the presentation of economic data concerning a transaction, including appraisals of the business to be acquired
and evaluations of the acquirer which will permit the government to assess the economics of a transaction in addition to the compliance
with legal requirements. If obtained, approvals will have expiration dates by which a transaction must be completed. Also, completed
transactions must be reported to the Ministry of Commerce and some of the other agencies within a short period after closing or be subject
to an unwinding of the transaction. Therefore, acquisitions
in China may not be able to be completed because the terms of the transaction may not satisfy aspects of the approval process and may
not be completed, even if approved, if they are not consummated within the time permitted by the approvals granted.
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The
PRC government may intervene in or influence the Target Operating Entity's business operations at any time or may exert
more control over offerings conducted overseas and foreign investment in China based issuers, which could result in a material change
in the Target Operating Entity's business operations post business combination and/or the value of our securities. Additionally, governmental and regulatory interference could significantly limit or completely hinder our ability to offer or continue to offer
securities to investors post business combination and cause the value of such securities to significantly decline or be worthless.
Statements
by the Chinese government in 2021 have indicated an intent to exert more oversight and control over offerings that are conducted overseas
and/or foreign investments in China-based issuers. The PRC has proposed new rules in 2021 that would require companies collecting or
holding large amounts of data to undergo a cybersecurity review prior to listing in foreign countries, a move that would significantly
tighten oversight over China based internet giants. On November 14, 2021, the Cyberspace Administration of China has publicly solicited
opinion on the Regulation on Network Data Security Management (Consultation Draft), which stipulates that data processor that undertakes
data processing activities using internet networks within China shall apply for the cybersecurity review if it conducts data processing
activities that will or may have an impact on the national security. The review is mandatory if the data processor controls more than
1 million users' personal information and intends to be listed in a foreign country, or if the data processor that will or may
impact the national security seeks to be listed in Hong Kong. As of the date of this prospectus, the Draft Regulation on Network Data
Security Management has not been formally adopted. On December 28, 2021, the Cyberspace Administration of China, jointly with 12 departments
under the State Council, implemented the Measures for Cybersecurity Review, which became effective on February 15, 2022.
According to the Measures for Cybersecurity Review, operators of critical information infrastructure purchasing network products and
services, and data processors carrying out data processing activities that affect or may affect national security, shall conduct cybersecurity
review. An operator, including operators of critical information infrastructure and data processors, who controls more than 1
million users' personal information must report to the Cyber Security Review Office for a cybersecurity review if it intends to
be listed in a foreign country.
As
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,
our initial business combination target company may include a PRC Target Company. Therefore, it is uncertain whether such PRC Target
Company will be involved in the collection of user data, implicate cybersecurity, or involve any other type of restricted industry. Based
on our understanding of currently applicable PRC laws and regulations, our registered public offering in the U.S. is not subject to the
review or prior approval of the CAC or the CSRC. Uncertainties still exist, however, due to the possibility that laws, regulations, or
policies in the PRC could change rapidly in the future. Any future action by the PRC government expanding the categories of industries
and companies whose foreign securities offerings are subject to review by the CSRC or the CAC could significantly limit or completely
hinder our ability to offer or continue to offer securities to investors and could cause the value of such securities to significantly
decline or be worthless.
Compliance
with the PRC Antitrust law may limit our ability to effect our initial business combination.
The
PRC Antitrust Law became effective on August 1, 2008. The government authorities in charge of antitrust matters in China are the Antitrust
Commission and other antitrust authorities under the State Council. The PRC Antitrust Law regulates (1) monopoly agreements, including
decisions or actions in concert that preclude or impede competition, entered into by business operators; (2) abuse of dominant market
position by business operators; and (3) concentration of business operators that may have the effect of precluding or impeding competition.
To implement the Antitrust Law, in 2008, the State Council formulated the regulations that require filing of concentration of business
operators, pursuant to which concentration of business operators refers to (1) merger with other business operators; (2) gaining control
over other business operators through acquisition of equity interest or assets of other business operators; and (3) gaining control over
other business operators through exerting influence on other business operators through contracts or other means. In 2009, the Ministry
of Commerce, to which the Antitrust Commission is affiliated, implemented the Measures for Filing of Concentration of Business
Operators (amended by the Guidelines for Filing of Concentration of Business Operators in 2014), which set forth the criteria of concentration
and the requirement of miscellaneous documents for the purpose of filing. The business combination we contemplate may be considered the
concentration of business operators, and to the extent required by the Antitrust Law and the criteria established by the State Council,
we must file with the antitrust authority under the PRC State Council prior to conducting the contemplated business combination. If the
antitrust authority decides not to further investigate whether the contemplated business combination has the effect of precluding or
impeding competition or fails to make a decision within 30 days from receipt of relevant materials, we may proceed to consummate the
contemplated business combination. If antitrust authority decides to prohibit the contemplated business combination after further investigation,
we must terminate such business combination and would then be forced to either attempt to complete a new business combination if it was
prior to 15 wait months from the closing of this offering or we would be required to return any amounts which were held in the trust
account to our shareholders. When we evaluate a potential business combination, we will consider the need to comply with the Antitrust
Law and other relevant regulations which may limit our ability to effect an acquisition or may result in our modifying or not pursuing
a particular transaction.
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If
we become directly subject to the recent scrutiny, criticism and negative publicity involving U.S.-listed Chinese companies, we may have
to expend significant resources to investigate and resolve the matter which could harm our business operations, this offering and our
reputation and could result in a loss of your investment in our ordinary shares, especially if such matter cannot be addressed and resolved
favorably.
Recently,
U.S. public companies that have substantially all of their operations in China have been subjected to intense scrutiny, criticism and
negative publicity by investors, financial commentators and regulatory agencies. Much of the scrutiny, criticism and negative publicity
has centered around financial and accounting irregularities, a lack of effective internal controls over financial accounting, inadequate
corporate governance policies or a lack of adherence thereto and, in many cases, allegations of fraud. As a result of the scrutiny, criticism
and negative publicity, the publicly traded stock of many U.S. listed Chinese companies has sharply decreased in value and, in some cases,
has become virtually worthless. Many of these companies are now subject to shareholder lawsuits and SEC enforcement actions or
are conducting internal and external investigations into allegations made against them. It is not clear what effect this sector-wide
scrutiny, criticism and negative publicity will have on us if we target a PRC company with respect to the initial business combination.
If we become the subject of any unfavorable allegations, whether such allegations are proven to be true or untrue, we will have to expend
significant resources to investigate such allegations and/or defend ourselves. This situation may be a major distraction to our
management. If such allegations are not proven to be groundless, we will be severely hampered and your investment in our securities post
business combination could be rendered worthless.
Regulations
relating to the transfer of state-owned property rights in enterprises may increase the cost of our acquisitions and impose an additional
administrative burden on us.
The
legislation governing the acquisition of a China state-owned company contains stringent governmental regulations. The transfer of state-owned
property rights in enterprises must take place through a government approved "state-owned asset exchange," and the value
of the transferred property rights must be evaluated by those Chinese appraisal firms qualified to do "state-owned assets evaluation."
The final price must not be less than 90% of the appraisal price. Additionally, bidding/auction procedures are essential in the event
that there is more than one potential transferee. In the case of an acquisition by foreign investors of state-owned enterprises, the
acquirer and the seller must make a resettlement plan to properly resettle the employees, and the resettlement plan must be approved
by the Employees' Representative Congress. The seller must pay all unpaid wages and social welfare payments from the existing assets
of the target company to the employees. These regulations may adversely affect our ability to acquire a state-owned business or
state-owned assets.
Exchange
controls that exist in the PRC may restrict or prevent us from using the proceeds of this offering to acquire a PRC Target Company and
limit our ability to utilize our cash flow effectively following our initial business combination.
SAFE implemented the Notice of the State
Administration of Foreign Exchange on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises,
or Circular 19, effective on June 1, 2015. According to Circular 19, the flow and use of the RMB capital
converted from foreign currency-denominated registered capital of a foreign-invested company is regulated such that RMB capital may not
be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise loans or the repayment of bank loans that have been
transferred to a third party. Although Circular 19 allows RMB capital converted from foreign currency-denominated registered capital
of a foreign-invested enterprise to be used for equity investments within the PRC, it also reiterates the principle that RMB converted
from the foreign currency-denominated capital of a foreign-invested company may not be directly or indirectly used for purposes beyond
its business scope. Thus, it is unclear whether SAFE will permit such capital to be used for equity investments in the PRC in actual
practice. SAFE implemented the Notice of the State Administration of Foreign Exchange on Reforming and Standardizing the Foreign
Exchange Settlement Management Policy of Capital Account, or Circular 16, effective on June 9, 2016, which reiterates some of the rules
set forth in Circular 19, but
changes the prohibition against
using RMB capital converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted
loans to a prohibition against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and Circular
16 could result in administrative penalties.
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As
such, Circular 19 and Circular 16 may significantly limit our ability to transfer the proceeds of this offering to a PRC target company
and the use of such proceeds by the PRC target company.
In
addition, following our initial business combination with a PRC target company, we will be subject to the PRC's rules and regulations
on currency conversion. In the PRC, the SAFE regulates the conversion of RMB into foreign currencies. Currently, foreign invested
enterprises, or FIEs, are required to apply to the SAFE for "Foreign Exchange Registration Certificates for FIEs."
Following our initial business combination, we will likely be an FIE as a result of our ownership structure. With such registration certificates,
which need to be renewed annually, FIEs are allowed to open foreign currency accounts including a "basic account" and "capital
account." Currency conversion within the scope of the "basic account," such as remittance of foreign currencies for
payment of dividends, can be effected without requiring the approval of the SAFE. However, conversion of currency in the "capital
account," including capital items such as direct investment, loans and securities, still require approval of the SAFE.
We
cannot assure you the PRC regulatory authorities will not impose further restrictions on the convertibility of the Renminbi. Any future
restrictions on currency exchanges may limit our ability to use the proceeds of this offering in an initial business combination with
a PRC target company and the use our cash flow for the distribution of dividends to our shareholders or to fund operations we may have
outside of the PRC.
Our
initial business combination may be subject to national security review by the PRC government and we may have to spend additional resources
and incur additional time delays to complete any such business combination or be prevented from pursuing certain investment opportunities.
On February 3, 2011, the PRC government issued
a Notice Concerning the Establishment of Security Review Procedure on Mergers and Acquisitions of Domestic Enterprises by Foreign Investors,
or Security Review Regulations, which became effective on March 5, 2011. The Security Review Regulations cover acquisitions by foreign
investors in a broad range of PRC enterprises if such acquisitions could result in de facto control by foreign investors and the
enterprises are relating to military, national defense, important agriculture products, important energy and natural resources, important
infrastructures, important transportation services, key technologies and important equipment manufacturing operations. The scope
of the review includes whether the acquisition will impact the national security, economic and social stability, and the research and
development capabilities on key national security related technologies. Foreign investors should submit a security review application
to the Department of Commerce for its initial review for contemplated acquisition. If the acquisition is considered to be within the
scope of the Security Review Regulations, the Department of Commerce will transfer the application to a joint security review committee
within five business days for further review. The joint security review committee, consisting of members from various PRC government
agencies, will conduct a general review and seek comments from relevant government agencies. The joint security review committee may
initiate a further special review and request the termination or restructuring of the contemplated acquisition if it determines that
the acquisition will result in significant national security issue.
The
Security Review Regulations will potentially subject a large number of mergers and acquisitions transactions by foreign investors in
China to an additional layer of regulatory review. Currently, there is significant uncertainty as to the implication of the Security
Review Regulations. Neither the Department of Commerce nor other PRC government agencies have issued any detailed rules for the implementation
of the Security Review Regulations. If, for example, our potential initial business combination is with a target company operating in
the PRC in any of the sensitive industries identified above, the transaction will be subject to the Security Review Regulations,
and we may have to spend additional resources and incur additional time delays to complete any such acquisition. We may also be prevented
from pursuing certain investment opportunities if the PRC government considers that the potential investments will result in a significant
national security issue.
In
the event we successfully consummate a business combination with a PRC Target Company, we will be subject to subsequent
restrictions on dividend payments.
After we consummate our initial business combination,
we may rely on dividends and other distributions from our operating company to provide us with cash flow and to meet our other obligations.
Current regulations in China would
permit our operating company
in China to pay dividends to us only out of its accumulated distributable profits, if any, determined in accordance with Chinese accounting
standards and regulations. In addition, our operating company in China will be required to set aside at least 10% (and up to an
aggregate maximum amount equal to half of its registered capital) of its accumulated profits each year. Such cash reserve may
not be distributed as cash dividends. In addition, if our operating company in China incurs debt on its own behalf in the future, the
instruments governing the debt may restrict its ability to pay dividends or make other payments to us.
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In
addition, The PRC Enterprise Income Tax Law, or the EIT Law, and its implementation rules provide that a withholding tax rate of up to
10% will be applicable to dividends payable by Chinese companies to non PRC-resident enterprises unless otherwise exempted or reduced
according to treaties or arrangements between the PRC central government and governments of other countries or regions where the non-PRC-resident
enterprises are incorporated.
In
response to the persistent capital outflow in China and the RMB's depreciation against the U.S. dollar in the fourth quarter of
2016, the People's Bank of China and SAFE implemented a series of capital control measures in early 2017, including stricter
vetting procedures for domestic companies to remit foreign currency for overseas investments, dividend payments and shareholder loan
repayments. The PRC government may continue to strengthen its capital controls, and more restrictive and substantial vetting processes
may be put forward by SAFE for cross-border transactions falling under both a company's current account and  capital
account. Any limitation on the ability of our PRC subsidiary to pay dividends or make other kinds of payments to us could materially
and adversely limit our ability to grow, make investments or acquisitions that could be beneficial to our business, pay dividends, or
otherwise fund and conduct our business.
If
we make equity compensation grants to persons who are PRC citizens, they may be required to register with SAFE. We may also face regulatory uncertainties that could restrict our ability to adopt
equity compensation plans for our directors and employees and other parties under PRC laws.
On
April 6, 2007, SAFE issued the Operating Procedures for Administration of Domestic Individuals Participating in the Employee Stock Ownership
Plan or Stock Option Plan of An Overseas Listed Company, also known as Circular 78. It is not clear whether Circular 78 covers all forms
of equity compensation plans or only those which provide for the granting of share options. For any plans which are so covered and are
adopted by a non-PRC listed company, such as our company in the event we consummate a business combination with a PRC Target Company,
 Circular 78 requires all plan participants who are PRC citizens to register with and obtain approvals from SAFE prior to
their participation in the subject plan. We believe that the registration and approval requirements contemplated in Circular 78 will be burdensome and time
consuming.
Upon
consummation of business combination with a PRC Target Company, we may adopt an equity incentive plan and make share option grants
under the plan to our officers, directors and employees, whom may be PRC citizens and be required to register with SAFE. If it is determined
that any of our equity compensation plans are subject to Circular 78, failure to comply with such provisions may subject us and participants
of our equity incentive plan who are PRC citizens to fines and legal sanctions and prevent us from being able to grant equity compensation
to our PRC employees. In that case, our ability to compensate our employees and directors through equity compensation would be hindered
and our business operations may be adversely affected.
Enhanced
scrutiny over acquisition transactions by the PRC tax authorities may have a negative impact on potential acquisitions we may pursue
in the future.
The
PRC tax authorities have enhanced their scrutiny over the direct or indirect transfer of certain taxable assets, including, in particular,
equity interests in a PRC resident enterprise, by a non-resident enterprise by promulgating and implementing SAT Circular 59 and Circular
698, which became effective in January 2008, and a Circular 7 in replacement of some of the existing rules in Circular 698, which became
effective in February 2015.
Under
Circular 698, where a non-resident enterprise conducts an "indirect transfer" by transferring the equity interests of a PRC
"resident enterprise" indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise,
being the transferor, may be subject to PRC corporate income tax, if the indirect transfer is considered to be an abusive use of company
structure without reasonable commercial purposes. As a result, gains
derived
from such indirect transfer may be subject to PRC tax at a rate of up to 10%. Circular 698 also provides that, where a non-PRC resident
enterprise transfers its equity interests in a PRC resident enterprise to its related parties at a price lower than the fair market value,
the relevant tax authority has the power to make a reasonable adjustment to the taxable income of the transaction.
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In
February 2015, the SAT issued Circular 7 to replace the rules relating to indirect transfers in Circular 698. Circular 7 has introduced
a new tax regime that is significantly different from that under Circular 698. Circular 7 extends its tax jurisdiction to not only indirect
transfers set forth under Circular 698 but also transactions involving transfer of other taxable assets, through the offshore transfer
of a foreign intermediate holding company. In addition, Circular 7 provides clearer criteria than Circular 698 on how to assess reasonable
commercial purposes and has introduced safe harbors for internal group restructurings and the purchase and sale of equity through a public
securities market. Circular 7 also brings challenges to both the foreign transferor and transferee (or other person who is obligated
to pay for the transfer) of the taxable assets. Where a non-resident enterprise conducts an "indirect transfer" by transferring
taxable assets indirectly by disposing of the equity interests of an overseas holding company, the non-resident enterprise being the
transferor, or the transferee, or the PRC entity which directly owned the taxable assets may be required to report such indirect
transfer to the relevant tax authority. Using a "substance over form" principle, the PRC tax authority may disregard
the existence of the overseas holding company if it lacks a reasonable commercial purpose and was established for the purpose of reducing,
avoiding or deferring PRC tax. As a result, gains derived from such indirect transfer may be subject to PRC corporate income tax, and
the transferee or other person who is obligated to pay for the transfer is obligated to withhold the applicable taxes, currently at a
rate of 10% for the transfer of equity interests in a PRC resident enterprise.
We
may face uncertainties on the reporting and consequences on future private equity financing transactions, share exchanges or other
transactions involving the transfer of shares in our company by investors that are non-PRC resident enterprises. The PRC tax authorities
may pursue such non-resident enterprises with respect to a filing or the transferees with respect to withholding obligation, and request
our PRC subsidiaries to assist in the filing. As a result, we and non-resident enterprises in such transactions may become at risk of
being subject to filing obligations or being taxed, under Circular 59 or Circular 698 and Circular 7, and may be required to expend valuable
resources to comply with Circular 59, Circular 698 and Circular 7 or to establish that we and our non-resident enterprises should not
be taxed under these circulars, which may have a material adverse effect on our financial condition and results of operations.
The
PRC tax authorities have the discretion under SAT Circular 59, Circular 698 and Circular 7 to make adjustments to the taxable capital
gains based on the difference between the fair value of the taxable assets transferred and the cost of investment. Although we currently
have no plans to pursue any acquisitions in China or elsewhere in the world, we may pursue acquisitions in the future that may involve
complex corporate structures. If we are considered a non-resident enterprise under the PRC corporate income tax law and if the PRC tax
authorities make adjustments to the taxable income of the transactions under SAT Circular 59 or Circular 698 and Circular 7, our income
tax costs associated with such potential acquisitions will be increased, which may have an adverse effect on our financial condition
and results of operations.
The
approval of the China Securities Regulatory Commission is not required in connection with this offering, however, if required, we cannot
predict whether we will be able to obtain such approval.
The
M&A Regulations include, among other things, provisions that purport to require any offshore special purpose vehicle that is controlled
by PRC companies or individuals and formed for the purpose of seeking a public listing on an overseas stock exchange through acquisition
of PRC domestic companies to obtain the approval of the CSRC prior to the listing and trading of its securities on an overseas stock
exchange. On September 21, 2006, the CSRC published on its official website procedures specifying documents and materials required to
be submitted to it by any such special purpose vehicle seeking CSRC's approval of overseas listings. However, substantial uncertainty
remains regarding the scope and applicability of the M&A Regulations and the CSRC approval requirement to offshore special purpose
vehicles.
In
addition, the Opinions jointly issued by the General Office of the Central Committee of the Communist Party of China and the General
Office of the State Council, which were made available to the public on July 6, 2021, call for strengthened regulation over illegal securities
activities and supervision of overseas listings by China-based companies and propose to take effective measures, such as promoting the
development of relevant regulatory systems to deal with the risks and incidents faced by China-based overseas-listed companies. The Opinions
also provide that the State Council will revise provisions regarding the overseas issuance and listing of shares by companies limited
by shares and
will
clarify the duties of domestic regulatory authorities. As of the date of this prospectus, no official guidance and related implementation
rules have been issued in relation to the recently issued Opinions and the interpretation and implementation of the Opinions remain unclear
at this stage.
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Based
on our understanding of the current PRC laws and regulations, our company is not required to obtain any prior permission under the M&A
Regulations or the Opinions from any PRC governmental authorities (including the CSRC) for consummating this offering, given that: (a)
the CSRC currently has not issued any definitive rule or interpretation concerning whether offerings like ours under this prospectus
are subject to the M&A Regulations; and (b) our company is a blank check company newly incorporated in the Cayman Islands rather
than in China and currently our company does not own or control any equity interest in any PRC company or operate any business in China.
As of the date of this prospectus, we have not received any inquiry, notice, warning, sanctions or regulatory objection to this offering
from the CSRC or any other PRC governmental authorities. However, there remains some uncertainty and no assurance as to how our interpretations
to the M&A Rules and the Opinions will be interpreted or implemented by the relevant PRC governmental authorities, including the
CSRC, or that the CSRC or any other PRC governmental authorities would not promulgate new rules or adopt new interpretation of existing
rules that would require us to obtain CSRC or other PRC governmental approvals for this offering or, in the context of an overseas offering
or if we decide to consummate the business combination with a target business based in and primarily operating in China.
Furthermore,
CAC, issued the draft amendment to the Cybersecurity Review Measures in July 2021, which provides, among other things, that an application
for cybersecurity review shall be made by an issuer who is a critical information infrastructure operator or a data processing operator
as defined therein before such issuer's listing in a foreign country if the issuer possesses personal information of more than
one million users, and that the relevant governmental authorities in the PRC may initiate cybersecurity review if such governmental authorities
determine an operator's cyber products or services, data processing or potential listing in a foreign country affect or may affect
national security. Such draft amendment was released for public comment, and its provisions and anticipated adoption or effective date
are subject to changes and thus its interpretation and implementation remain substantially uncertain.
While
the application of the M&A Rules remains unclear, we believe that the CSRC approval will not be required in the context
of this offering. However, there can be no assurance that the relevant PRC government agencies, including the CSRC, will reach
the same conclusion. If the CSRC or another PRC governmental authority subsequently determines that its approval is needed for this offering,
or for our business combination with PRC Target Company, or approval obtained for the business combination is subsequently rescinded,
we may face adverse actions or sanctions by the CSRC or other PRC governmental authorities. These governmental authorities may delay
this offering or a potential business combination, impose fines and penalties, limit our operations in China, or take other actions that
could result in our inability to consummate an initial business combination with a China-based business, or materially adversely affect
our business, financial condition, results of operations, reputation and prospects, as well as the trading price of our securities or
the continued listing on U.S. exchange.
If
we decide to consummate our business combination with a target business based in and primarily operating in China, the combined company's
business operations in China through its subsidiaries, as applicable, will be subject to relevant requirements to obtain applicable
licenses from PRC governmental authorities under relevant PRC laws and regulations.
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Changes
in China's economic, political or social conditions or government policies could have a material adverse effect on the PRC or Hong
Kong target company's business and results of operations we may pursue in the future.
If
our initial business combination target is a PRC or Hong Kong company with operations in China or Hong Kong, its business, prospects,
financial condition and results of operations may be influenced to a significant degree by political, economic and social conditions
in China generally and by continued economic growth in China as a whole.
The
Chinese economy differs from the economies of most developed countries in many respects, including the amount of government involvement,
level of development, growth rate, control of foreign exchange and allocation of resources. To date, the government still owns a substantial
portion of productive assets in China. Although the Chinese government has implemented measures emphasizing the utilization of market
forces for economic reform, the reduction of state ownership of productive assets and the establishment of improved corporate governance
in business enterprises, a substantial portion of productive assets in China is still owned by the government. In addition, the Chinese
government continues to play a significant role in regulating industry development by imposing industrial policies. The Chinese government
also exercises significant control over China's economic growth through allocating resources, controlling payment of foreign currency-denominated
obligations, setting monetary policy, and providing preferential treatment to particular industries or companies. Given the Chinese government's
significant oversight and discretion over the conduct of business of any China based company that we may target for an initial business
combination, the Chinese government may intervene or influence the operations of our target at any time, which could result in a material
change in our operations and/or value of our ordinary shares.
While
the Chinese economy has experienced significant growth over past decades, growth has been uneven, both geographically and among various
industries of the economy. Any adverse changes in economic conditions in China, in the policies of the Chinese government or in
the laws and regulations in China could materially adversely affect the overall economic growth of China. Such developments could adversely
affect our business and operating results, reducing demand for our services and adversely affecting our competitive position.
The
Chinese government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these
measures may benefit the overall Chinese economy, but may negatively affect us. In the past the Chinese government has implemented certain
measures, including interest rate adjustments, to control the pace of economic growth. These measures may decrease economic activity
in China, which may adversely affect our business and operating results.
You
may face difficulties in protecting your interests and exercising your rights as a shareholder if we were to conduct substantially all
of our operations in China, and almost all of our officers and directors currently and will likely reside outside the U.S.
Although
we are incorporated in the Cayman Islands, our initial business combination target may be a PRC or Hong Kong company with substantially
all of its operations in China. Further, all of our current officers and almost all of our directors reside outside the U.S. and substantially
all of the assets of those persons are located outside of the U.S. It may be difficult for you to conduct due diligence on the Company
or such directors in your election of the directors and attend shareholders meeting if the meeting is held in China. We would likely
have one shareholder meeting each year at a location to be determined by us, potentially in China. As a result of all of the above,
our public shareholders may have more difficulty in protecting their interests through actions against our management, directors or major
shareholders than would shareholders of a corporation doing business entirely or predominantly within the U.S.
Governmental
control of currency conversion may affect the value of your investment.
The
PRC government imposes controls on the convertibility of the RMB into foreign currencies and, in certain cases, the remittance of currency
out of China. Our initial business combination target may be a PRC company with substantially all of its revenues in RMB. If a VIE structure
is required for the PRC Target Company, all of our income will be primarily derived from dividend payments from PRC subsidiaries. Shortages
in the availability of foreign currency may restrict the ability of the PRC subsidiaries to remit sufficient foreign currency to pay
dividends or other payments to us, or otherwise satisfy their foreign currency denominated obligations. Under existing PRC foreign exchange
regulations, payments of current account items, including profit distributions, interest payments and expenditures from trade-related
transactions can be made in foreign currencies without prior approval from SAFE by complying with certain procedural requirements. However,
approval from appropriate government authorities is required where RMB is to be converted into foreign currency and remitted out of China
to pay capital expenses such as the repayment of loans denominated in foreign currencies. The PRC government may also at its discretion
restrict access in the future to foreign currencies for current account transactions. If the foreign exchange control system prevents
us from obtaining sufficient foreign currency to satisfy our currency demands post business combination, we may not be able to pay dividends
in foreign currencies to our security-holders
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If
we were to acquire a PRC company, the PRC regulation on loans to, and direct investment in, our PRC subsidiary by offshore holding companies
and governmental control in currency conversion may restrict our ability to make loans to or capital contributions to our PRC subsidiary,
which could materially and adversely affect our liquidity and our ability to fund and expand our business.
If
we were to acquire a PRC-based company, it may become necessary or desirable for us to make loans or capital contributions to our
PRC subsidiary after the completion of our initial business combination. Our ability to make such loans or capital contributions may
be restricted by certain PRC laws and regulations, including but not limited to SAFE Circular 19 or SAFE Circular 16,
each implemented by SAFE, each of which imposes limitations on offshore entities in transferring foreign
currencies to PRC persons.
In
light of the various requirements imposed by PRC regulations, for example, SAFE Circular 19 and SAFE Circular 16, on loans to, and direct
investment in, our PRC subsidiary by offshore holding companies, and the fact that the PRC government may at its discretion restrict
access to foreign currencies for current account transactions in the future, we cannot assure you that we will be able to complete the
necessary government registrations or obtain the necessary government approvals on a timely basis, if at all, with respect to future
loans by us to our PRC subsidiary or with respect to future capital contributions by us to our PRC subsidiary. If we fail to complete
such registrations or obtain such approvals, our ability to conduct our business post business combination and to capitalize or otherwise
fund our PRC operations may be negatively affected, which could materially and adversely affect our liquidity and our ability to fund
and expand our business.
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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 outside the United States. 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.
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
by management, members of the board of directors or controlling shareholders than they would as public shareholders of a U.S. company.
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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
$
75,000,000
$
86,250,000
From private placement
4,500,000
4,950,000
Total gross proceeds
$
79,500,000
$
91,200,000
Offering expenses
(1)
Non-contingent underwriting discount (2.0% of gross proceeds from offering, which excludes the deferred underwriting discounts and commissions of up to 3.5% of gross proceeds from offering)
$
1,500,000
(2)
$
1,725,000
(2)
Initial trustee fee
41,500
41,500
D&O insurance fee
300,000
300,000
Legal fees and expenses
250,000
250,000
Nasdaq listing fee
5,000
5,000
Printing and engraving expenses
35,000
35,000
Accounting fees and expenses
120,000
120,000
FINRA filing fee
20,877
20,877
SEC registration fee
12,593
12,593
Miscellaneous expenses
115,030
115,030
Total offering expenses (not including deferred underwriting discounts and commissions)
$
2,400,000
$
2,625,000
Net proceeds of the offering and private placement
(2)
Held in trust
$
76,500,000
(3)
$
87,975,000
(3)
Not held in trust
600,000
600,000
Total net proceeds (including deferred underwriting discounts and commissions)
$
77,100,000
$
88,575,000
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
$
250,000
41.67
%
Due diligence of prospective target businesses by officers, directors and initial shareholders
70,000
11.66
%
Payment of administrative fee to Luminous Success LLC ($10,000 per month for up to 18 months), subject to deferral as described herein
180,000
30.00
%
Working capital to cover miscellaneous expenses, D&O insurance, general corporate purposes, liquidation obligations and reserves
100,000
16.67
%
Total
$
600,000
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 audit 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 underwriters in an amount of up to 3.5% of the total gross proceeds raised
    in the offering described below.
(4)
The amount of proceeds
    not held in trust will remain constant at $600,000 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. The amount in the table
    above does not include interest available to us from the trust account. Based on current interest rates, we would expect approximately
    $7,650 (or approximately $8,796 if over-allotment option is exercised) to be available to us annually from interest earned on the
    funds held in the trust account; however, we can provide no assurances regarding this amount. This estimate assumes an interest rate
    of [0.01]% per annum based upon current yields of securities in which the trust account may be invested.
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Table of Contents
Our
sponsor has agreed to purchase an aggregate of 450,000 private units at a price of $10.00 per private unit ($4,500,000 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 underwriters, 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 495,000 private units)
pro rata
with the amount of the over-allotment option exercised so that at least
$10.20 per share sold to the public in this offering is held in trust regardless of whether the over-allotment option is exercised in
full or part. These additional private units will be purchased in a private placement that will occur simultaneously with the purchase
of units resulting from the exercise of the over-allotment option. All of the proceeds we receive from these purchases will be placed
in the trust account described below.
$76,500,000,
or $87,975,000 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 implemented under the Investment Company Act
of 1940 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 Luminous Success LLC of a monthly fee of $10,000 is for general and administrative services including office space, utilities
and secretarial support. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination
by our audit committee that we lack sufficient funds held outside the trust account to pay actual or anticipated expenses in connection
with our initial business combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date
of the consummation of our initial business combination. This arrangement is being agreed to by Luminous Success LLC for our benefit.
We believe that the fee charged by Luminous Success LLC is at least as favorable as we could have obtained from an unaffiliated person.
This arrangement will terminate upon completion of our initial business combination or the distribution of the trust account to our public
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.
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Regardless
of whether the over-allotment option is exercised in full, 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 $600,000. 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.
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 underwriters in an amount up to 3.5% 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, Luminous Success LLC, has agreed to advance us the funds necessary
to complete such liquidation (currently anticipated to be no more than $18,500) and has agreed not to seek repayment of such expenses.
As
of December 31, 2021, Luminous Success LLC, had loaned to us an aggregate of $49,362 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. 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 the Company funds as may be required ("Working Capital Loans"), 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 $500,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. 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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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% 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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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 pursuant to 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
December 31, 2021, our net tangible book value was a deficit of $(49,362) or approximately $(0.03) per share. After giving
effect to the issuance of additional founder shares in January 2022 and sale of 7,500,000 (or 8,625,000 if the underwriters exercise
their over-allotment option in full) ordinary shares included in the units we are offering by this prospectus, and the deduction of underwriting
discounts and estimated expenses of this offering, and the sale of the private units, our pro forma net tangible book value at December
31, 2021 would have been ($0.86) per share, representing an immediate decrease in net tangible book value of $(0.83) per share
to our insiders and an immediate dilution of 108.64% per share or $10.86 to new investors not exercising their redemption rights. For
purposes of presentation, our pro forma net tangible book value after this offering is $76,500,000 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 7,500,000 shares 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
$
10.00
$
10.00
Net tangible book value before this offering
$
(0.03
)
$
(0.02
)
Decrease attributable to public shareholders and sale of the private placement warrants
(1)
$
(0.83
)
$
(0.89
)
Pro forma net tangible book value after this offering
$
(0.86
)
$
(0.91
)
Dilution to public shareholders
$
10.86
$
10.91
Percentage of dilution to public shareholders
108.86
%
109.10
%
(1)
Calculation also accounts for decrease attributable to public shares subject to redemption.
For
purposes of presentation, we have reduced our pro forma net tangible book value after this offering (assuming no exercise of the underwriters'
over-allotment option) by $76,500,000 because holders of up to 100% of our public shares may redeem their shares for a pro rata shares
of the aggregate amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account
as set forth in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two days prior to
the commencement of our tender offer or shareholders meeting, including interest 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
Per Share
Number
Percentage
Amount
Percentage
Initial shareholders
(1)
1,875,000
19.08
%
$
25,000
0.03
%
$
0.013
Shares underlying private unit
450,000
4.58
%
$
4,500,000
5.66
%
$
10.00
New investors
7,500,000
76.34
%
$
75,000,000
94.31
%
$
10.00
9,825,000
100
%
$
79,525,000
100
%
(1)
Assumes the over-allotment option has not been exercised and an aggregate of 281,250 ordinary shares held by our initial shareholders have been forfeited as a result thereof.
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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
$
(49,362
)
(49,362
)
Net proceeds from this offering and sale of the private placement warrants, net of expenses
(1)
77,100,000
88,575,000
Plus: Offering costs paid in advance, excluded from tangible book value
65,500
65,500
Less: Deferred underwriters' commissions payable
(2,625,000
)
(3,018,750
)
Less: Proceeds held in trust subject to redemption
(76,500,000
)
(87,975,000
)
(2,008,862
)
(2,402,612
)
Denominator:
Shares of ordinary shares outstanding prior to this offering
2,156,250
2,156,250
Less: Shares of ordinary shares forfeited if over-allotment is not exercised
(281,250
)
—
Shares of ordinary shares included in the units offered
7,500,000
8,625,000
Shares of ordinary shares issued to Private Units shareholder
450,000
495,000
Less: Shares subject to redemption
(7,500,000
)
(8,625,000
)
2,325,000
2,651,250
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CAPITALIZATION
The
following table sets forth our capitalization at December 31, 2021 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 December 31, 2021
Actual
As Adjusted
(1)
(Unaudited)
Promissory Note – related party
(1)
$
49,362
$
—
Deferred underwriting discounts and commissions payable
—
2,625,000
Ordinary shares, $0.0001 par value, 500,000,000 shares authorized; 0 and 7,500,000 shares are subject to possible redemption, actual and as adjusted, respectively
—
76,500,000
(2)
Ordinary shares, $0.0001, 500,000,000 shares authorized, 2,156,250 shares issued and outstanding as of December 31, 2021; 2,325,000
(3)
shares issued and outstanding (excluding 281,250 shares subject to possible conversion/tender), as adjusted
216
233
Additional paid-in capital
24,784
—
Accumulated deficit
(8,862
)
(2,009,095
)
Total shareholders' (deficit) equity
16,138
(2,008,862
)
Total capitalization
$
65,500
$
77,116,138
(1)
As of December 31, 2021,
    Luminous Success LLC had loaned to us an aggregate of $49,362 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 subsequently accredited at redemption value.
(3)
Actual
share amount is prior to any forfeiture of founder shares by our sponsor and as adjusted amount assumes no exercise of the underwriters'
over-allotment option and, consequently, forfeiture of an aggregate of 281,250 insider shares by our sponsor.
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MANAGEMENT'S
DISCUSSION AND ANALYSIS OF
FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
We
are a blank check company incorporated in the Cayman Islands on August 20, 2021 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 our 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
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Liquidity
and Capital Resources
As
indicated in the accompanying financial statements, at December 31, 2021, we had $0 of cash and a working capital deficit of $49,362.
Further, we have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. Management's
plans to address this uncertainty through this offering are discussed above. 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.
Our
liquidity needs have been satisfied to date through receipt of $25,000 in August 2021 and October 2021 from the sale of
the insider shares and a loan from our sponsor, in an aggregate amount of approximately $49,362 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 $900,000
and underwriting discounts and commissions of $1,500,000 (or $1,725,000 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 $4,500,000 (or
$4,950,000 if the over-allotment option is exercised in full), will be $77,100,000 (or $88,875,000 if the over-allotment option is exercised
in full) (including the deferred underwriting discounts and commissions). Of this amount, $76,500,000 (or $87,975,000 if the over-allotment
option is exercised in full) will be held in the trust account. The remaining $600,000 (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 underwriters in an amount up to 3.5% 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 18 months (or up to 27 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:
●
$70,000
    of expenses for the due diligence and investigation of and negotiation with a target business by our officers, directors and
    initial shareholders;
●
$250,000 of expenses in
    legal and accounting fees relating to our SEC reporting obligations; and
●
$180,000
    for the payment of the administrative fee to Luminous Success LLC (of $10,000 per month for up to 18 months), subject to deferral
    as described in this prospectus; and
●
$100,000 for general working
    capital that will be used for miscellaneous expenses, including director and officer liability insurance premiums.
If
our estimates of the costs of undertaking 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 if 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 September
2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021,
Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares to our
sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate of
110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider
shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred the
bonus shares that they received to our sponsor.
As
of December 31, 2021, Luminous Success LLC loaned to us an aggregate amount of $49,362, 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.
We
are obligated, commencing from the date that our securities are first listed on Nasdaq through the earlier of our consummation
of a business combination and our liquidation, to pay Luminous Success LLC, our sponsor, a monthly fee of $10,000 for general
and administrative services. Our sponsor, Luminous Success LLC, will agree to make available to us certain general and administrative
services, including office space, administrative and support services, as we may require from time to time. 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,
amount up to $500,000 may be converted into private units at a price of $10.00 per unit.
Our
sponsor has committed to purchase from us an aggregate of 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000. Our sponsor has also agreed that if the over-allotment option is exercised by the underwriters, 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 495,000 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 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 $500,000 of the notes may be converted upon consummation of our business combination into private units
at a price of $10.00 per unit. 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 718 — Compensation — Stock Compensation.
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 $500,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. 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.
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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,
2023. As of the date of this prospectus, we have not completed an assessment of internal controls, nor have our auditors
tested our systems. 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 of the Sarbanes-Oxley Act. The independent auditors may identify additional
issues concerning a target business's internal controls while performing their audit of internal control over financial reporting.
Quantitative
and Qualitative Disclosures about Market Risk
The
net proceeds of this offering, 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 implemented
under the Investment Company Act of 1940 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.
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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
Introduction
We
are a newly incorporated blank check company 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, reorganization or similar business combination with one or more businesses, which we refer to throughout
this prospectus as our initial business combination. Although we reserve the right to pursue opportunities in other industries and regions,
the Company intends to focus on operating businesses in the biotechnology or TMT industries in Asia or North America evaluated
based on, among other things, sustainability and ESG imperatives.
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 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.
Industry
Overview
While
we may pursue an initial business combination target in any industry or geographic location, we intend to focus our search on biotechnology
or TMT industries in Asia, evaluated based on, among other things, sustainability and ESG imperatives. We believe our target industries
are attractive for a number of reasons.
The
global biotechnology market size is expected to
reach $2.44 trillion by 2028, where Asia Pacific is expected to expand at the fastest compound annual growth rate, or CAGR, of approximately
16.8% from 2021 to 2028, owing to favorable government initiatives and changes in drug approval regulations in India and China. The health
application segment accounted for approximately 48.6% of the global biotechnology market in 2020, owing to the COVID-19
impact, prevalence of diseases, increasing focus on the development of regenerative medicines, and improving healthcare infrastructure.
The increasing expenditures on research and development, or R&D, by biotechnology companies are predicted to contribute to
the growth of the biotechnology services market. The worldwide pharmaceutical R&D spend is expected to reach over $230 billion
by 2026, an approximately 50% increase from 2016.
The
global telecommunications, media and technology market size is expected to reach $2.47 trillion by 2028, and to expand at a CAGR
of approximately 5.4% from 2021 to 2028. In 2020, Asia Pacific accounted for the largest revenue share of the global market at over 32.0%
and is anticipated to maintain its lead over the forecast period. This is mainly due to the rapidly growing population, rising internet
penetration rate, and significant increase in adoption of smartphones. There was a dramatic uptake of digital technologies across
key economies in Southeast Asia, with approximately 40 million people coming online for the first time in 2020 alone, bringing the total
number of SEA internet users to 400 million. Furthermore, time spent online per day rose by an average of one hour across
ASEAN countries, with the highest spike in the Philippines, where consumers spent more than five hours a day online. The
unique mobile subscriber penetration rate in the Asia-Pacific region (excluding China) was at approximately 58% in 2020. Statista forecasts
that this number will reach approximately 62% by 2025, which translates to a 4% CAGR between 2020 and 2025.
Strong
venture capital, or VC, investment trends are expected to continue in Asia, particularly in areas such as fintech, e-commerce, edtech,
logistics, health and biotechnology, which we believe will support our pursuit of a business combination in our aforementioned target
industries. According to KPMG, funding levels continued at a robust pace throughout the Asia-Pacific ecosystem in the first half
of 2021, with approximately $38 billion invested across 1,998 deals. The highly competitive Southeast Asia market attracted a
number of large deals, including Indonesia-based express delivery company J&T Express' approximately $2 billion raise. In addition,  mergers and acquisitions, or M&A, activities in the Asia-Pacific
region also hit an all-time high in the first half of 2021, amid market recovery from the COVID-19 pandemic. M&A values targeting
the region rose to approximately $535 billion, while cross-border transactions have also increased by almost 3 times year on year to
approximately $159 billion. The technology sector led deal activities in the region, accounting for 28% of the cumulative deal value
in the first half-year period. Furthermore, the appetite for deals in Asia-Pacific is at its highest level since 2010, with almost
90% of companies in the region indicating that they are on the lookout for cross-border acquisitions in the next 12 months, compared
with approximately 65% of companies globally.
Special-purpose
acquisition companies, or SPACs, are also gaining attention in Asia, with the Singapore Exchange (SGX-ST) announcing new rules
that enable SPACs to list on its mainboard, effective from September 3, 2021. Similarly, the Hong Kong Stock Exchange (HKEX) has announced
new rules that enable SPACs to list on its stock exchange, effective from January 1, 2022. We believe these developments signal
a robust untapped universe of potential target businesses in Asia looking for a SPAC like ours, with a respected and experienced management
team uniquely positioned to connect an IPO-ready capital-seeking target with long-term value-seeking investors.
All
potential target businesses will be evaluated based on, among other things, sustainability and ESG imperatives, as we believe that these
will be key to enhancing value creation, ensuring long-term risk mitigation and identifying sustainable growth opportunities for the
post-combination entity.
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Our
Competitive Advantages
Our
management team consists of directors and officers that have significant operational and leadership experience in the biotechnology and
TMT industries in North America and Asia, as well as expertise in SPACs. Our team is led by Mr. Wai-Lun William Ip, our chief
executive officer, and Mr. Satoshi Tominaga, our chief financial officer. Please refer to the section titled "
Management
"
for information on the experience of our officers and directors.
We
aim to leverage the following competitive advantages to find a suitable business combination target:
Experienced
Leadership
Our
management consists of
a strong team of enterprise-builders
and value.
Our
chief executive officer, Mr. Ip, has over 26 years of investment banking experience in Asia, with emphasis on East and Southeast Asia,
the U.S. and Western Europe, covering cross-border M&A, initial public offering, or IPO, sponsorship, pre-IPO fund raising,
equity capital market and financial advisory transactions. We believe that his deal origination and fundraising experience, as well as
his extensive networks, will be of significant advantage to us in sourcing a target that ensures the success of the business combination.
Mr.
Tominaga, our chief financial officer, has been involved in multiple SPACs, including serving as an independent director of Tottenham
Acquisition I Limited, which successfully merged with clinical-stage biopharmaceutical company Clene Nanomedicine, Inc., or Clene, in
December 2020. We believe Mr. Tominaga's first-hand experience will be valuable throughout the entire SPAC IPO process and in selecting
target companies for acquisition.
Accomplished
Board of Directors  with Industry Knowledge and Expertise
Our
board of directors  have highly relevant industry expertise dealing with private equity markets, regulatory bodies, due diligence,
and IPO processes in North America, Europe, Asia, and the Middle East.
Mr.
Michael L. Coyne, one of our independent directors, has spent over half a decade in capital market investment, business development,
and deal origination, having dealt with a portfolio of companies ranging from technology to biotechnology to SPACs and closed-end funds.
He has participated in various SPAC transactions in a variety of roles, from underwriting to private investment in public equity,
or PIPE, and risk capital sourcing, and is well-versed with every stage of the SPAC lifecycle. His expertise and advice will be invaluable
for us in executing a successful business combination.
Mr.
Gable F. Gao, one of our independent directors, has extensive investment banking and private equity experience spanning over 27 years
across North America, the Middle East and East Asia. Mr. Gao is currently the chairman and co-founder of MTech (Shanghai) Information
Technology Co. Ltd., a technology accelerator and investment company, and has invested in and worked with many promising companies in
technological fields such as gaming, artificial intelligence, fintech, and biomedical technology. In addition to his tenure with some
of the largest conglomerates in China, such as Fosun Group, he was also single-handedly responsible for setting up one of the first China
offices among sovereign wealth funds and active financial institutions from the Middle East during his time with Dubai-headquartered
state-run investment firm Istithmar World. We believe his experience and extensive network will be key in securing and successfully merging
with the right business combination target.
Mr.
Song Jing, one of our independent directors, has over 19 years of experience in international finance and management spanning
across North America and Asia. He is currently the chief financial officer of Guolian Securities, a mid-sized securities firm based in
Wuxi, China. Mr. Jing also previously served as the chief financial officer of China Renaissance, a leading boutique Chinese bank investment
bank in Shanghai, China. He also previously served as the Vice President at Merrill Lynch & Co., Inc., in New York,
under the hedge fund development management group as well as the strategy, planning and business development division. Mr. Jing's
network and management expertise will enable us to execute our business combination successfully.
We
believe their experience will be crucial to effectively position our investment strategy, assess potential acquisition candidates and
complete our business combination.
Extensive
Network Across Global TMT Industries
We
believe our team's operating and transaction experiences and relationships with investors, regulatory bodies and financial institutions
will provide us with many potential business combination targets. Over the course of their careers, they have served in a variety of
capacities in some of the largest and most prestigious institutions around the globe. Our chief executive officer Mr. Ip, for instance,
spent nearly nine years as an executive director of M&A at SMBC Nikko Securities (Hong Kong) Limited, a core member of Sumitomo
Mitsui Financial Group, the second-largest listed financial institution in Japan, where his past experience at the Hong Kong
Stock Exchange and knowledge of the listing and takeover rules have been crucial in structuring deals. Our chief financial officer, Mr.
Tominaga, has also worked for SBI Holdings Inc., an internet-based financial conglomerate spun off from tech giant Softbank, and NTT
DoCoMo Inc., the largest telecommunications company in Japan. We believe the extensive network our directors collectively possess in
TMT-related industries across the globe will give us a competitive advantage when exploring potential business combination opportunities.
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Successful
Serial De-SPAC Experience
In
addition to Mr. Tominaga's and Mr. Coyne's experiences with SPAC listings and transactions, our sponsor, Luminous Success
LLC, comprises of experienced managers, one of whom is Mr. Jason Wong. Mr. Wong is a seasoned SPAC expert, having been in the management
team of multiple SPACs and SPAC sponsors since 2014. He also has over 25 years of experience in fund management and capital markets investment
experience in Asia-Pacific.
Mr.
Wong is the chairman and the chief executive officer of Norwich Investment Limited, which sponsored Tottenham Acquisition I Limited,
a Nasdaq-listed SPAC that later merged with Clene in December 2020. He is also the chief executive officer of Ace Global Investment
Limited, which sponsored Ace Global Business Acquisition Limited, a Nasdaq-listed SPAC that announced its merger with DDC Enterprise
Limited in August 2021.
Mr.
Wong is also a founding partner and investment committee member of  Whiz Partners Asia Limited, a private equity fund dedicated to
investing in small to medium technology companies in Japan and other Asian countries, as well as Sony China Hero Fund, the first console
(PlayStation 4 and PlayStation Virtual Reality) game fund in China.
We
believe Mr. Wong will be invaluable with his strong SPAC track record and expertise in identifying and evaluating business combination
targets.
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 an efficient combination that will allow us to tailor the consideration to be paid to the target business
to fit its needs and desires. However, if a business combination requires us to use substantially all of our cash to pay for the purchase
price, we may need to arrange third party financing to help fund our business combination. Since we have no specific business combination
under consideration, we have not taken any steps to secure third party financing.
Strong
M&A Expertise and IPO Experience
Our
team consists of professionals with significant M&A, capital markets, finance and private equity experience across a wide variety
of industries and market conditions and have proven track records of producing high returns for investors. We have a unique advantage
as our chief executive officer, Mr. Ip, who has previous financial regulatory experience, and the majority of the team have extensive
M&A experience. Their experience will be extremely valuable as we pursue our business combination.
We
believe our management team gives us the technical, operational, and financial expertise that will boost our ability to identify, evaluate,
and source a target company that is ready to go public; and our team's breadth of experience and deep knowledge in
the biotechnology and TMT industries will support the soundness of our strategies and quality of execution. We expect to
conduct careful technology and business due diligence to identify and acquire businesses with robust value creation, healthy capacity
for cash flow generation, strong company fundamentals, and opportunities for operational improvement. Combined with the huge market potential,
we believe we will be able to streamline the target company's operations, improve its service offerings and product development,
and ultimately provide the capital market support needed to guide the company to obtain additional funding required for its continuous
growth.
Notwithstanding
the foregoing, our officers and directors are not required to commit their full time to our affairs and will allocate their time to other
businesses, and the collective experience of our officers and with blank check companies like ours is not significant. We currently 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). The past successes of our executive officers and directors do not guarantee that
we will successfully consummate an initial business combination. In addition, the members of the management team may not remain with
us subsequent to the consummation of a business combination.
As
more fully discussed in "
Management — Conflicts of Interest
," if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he has pre-existing fiduciary or
contractual obligations, he may be required to present such business combination opportunity to such entity, subject to his or her fiduciary
duties under  Cayman Islands law, prior to presenting such business combination opportunity to us. Most of our officers and directors
currently have certain pre-existing fiduciary duties or contractual obligations.
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Acquisition
Strategy and Investment Criteria
Our
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although we intend
to capitalize on the management team's network and focus our search on target businesses operating in the Asia and North America,
focusing on the biotechnology or TMT sector evaluated based on, among other things, sustainability and ESG imperatives. We will seek
to capitalize on the comprehensive industry experience and network of our management team to help us in sourcing, identifying, structuring
and consummating the initial business combination. Our selection process will leverage our management team's broad network of contacts
and relationships with various unaffiliated sources including, among others, government bodies, investment bankers, investment professionals
at private equity firms, other financial sponsors, owners of private businesses, consultants, accounting and legal firms, to provide
us with a strong pipeline of potential acquisition leads.
Consistent
with our business strategy, we have identified a list of guidelines that we believe are important in evaluating prospective target businesses.
We will use these criteria in evaluating acquisition opportunities, but we may decide to enter into a business combination with a target
business that does not meet these guidelines. In addition to having a strong equity story, we intend to acquire a company with the following
attributes:
●
Unique
    capabilities to address unmet needs
We
    are seeking a target company focused on innovating to solve unaddressed problems in the biotechnology or TMT industry. We seek to
    acquire a company committed to achieving results to improve its industry through ground breaking products, technologies, or
    services.
●
Competitive
    position in a sizeable market
We
    will analyze the strengths of the target company and choose a target company that has demonstrated the ability to stand out from
    its peers in a large addressable market. The company should have novel and enduring qualities that will allow it to disrupt
    market incumbents or deter the entry of new competitors.
●
Value-oriented
    and experienced management team
We
    seek a leadership team with a track record of creating shareholder value, driving profitability and improving operating margins in
    the firm. We also look for a team that is versatile and passionate about what their company has brings to the market.
●
Latent
    growth and market value
We
    will identify a firm that has significant latent growth from underexploited potential and opportunities as it expands
    into new markets. We want to enable the company to tap into new drivers of revenue.
●
Track
    record of generating recurring revenue
We
    seek to acquire a company that has the potential for, or history of, strong cash flow generation. We want to select a firm that has
    an attractive business model with a predictable revenue stream.
●
Readiness
    to become a publicly-traded company
We
    intend to choose a company that is prepared to become a public company from a management and operational standpoint. We want it
    to be able to handle the requirements of being a publicly-traded company and generate consistent revenues  after the business
    combination.
●
Growth-oriented
    company
We
    seek a target that has a clear growth strategy and is focused on building its presence across the globe. We want a
    target that will benefit from the additional capital to achieve its growth strategy.
The
criteria listed above are not intended to be exhaustive. Any evaluation relating to the merits of a particular initial business combination
may be based on this list but may also include other factors and criteria that our management team deems relevant. We believe in the
ability of our management team and our sponsor to lead rigorous sourcing and due diligence processes to seek for a target that will meet
the shareholders' expectations.
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While
we intend to use these criteria in evaluating the attractiveness of potential business combination opportunities, we may ultimately decide
to enter into an initial business combination with a target business that does not meet these criteria. In the event that we decide to
enter into our initial business combination with a target business that does not meet the above criteria and guidelines, we will disclose
that the target business does not meet the above criteria and guidelines in our shareholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of tender offer documents or proxy solicitation materials that
we would file with the SEC.
In
evaluating a prospective target business, we expect to conduct a thorough due diligence review that will encompass, among other things,
meetings with incumbent management and employees, document reviews, interviews of customers and suppliers, inspection of facilities,
as well as reviewing financial and other information which will be made available to us. We will also utilize our operational and capital
allocation experience. Our acquisition criteria, due diligence processes and value creation methods are not intended to be exhaustive.
Any evaluation relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general
guidelines as well as other considerations, factors and criteria that our management may deem relevant.
Other
Acquisition Considerations
We
are not prohibited from pursuing an initial business combination with a company that is affiliated with our sponsor, officers or directors.
In the event we seek to complete our initial business combination with a company that is affiliated with our sponsor, officers or directors,
we, or a committee of independent directors, will obtain an opinion from an independent investment banking firm 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
our initial business combination is fair to our company from a financial point of view.
Members
of our management team and our independent directors and their affiliates will directly or indirectly own ordinary shares, private units
and private warrants following this offering, and, accordingly, may have a conflict of interest in determining whether a particular target
business is an appropriate business with which to effectuate our initial business combination. Further, each of our officers and directors
may have a conflict of interest with respect to evaluating a particular business combination if the retention or resignation of any such
officers and directors was included by a target business as a condition to any agreement with respect to our initial business combination.
Additionally, each of our officers and directors presently has, and any of them in the future may have, additional fiduciary
or contractual obligations to another entity, including other blank check companies similar to our company, pursuant to which such officer
or director may be required to present a business combination opportunity to such entity. Specifically, our executive officers are affiliated
with our sponsor and other entities that make, or are looking to make, investments in companies. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has fiduciary or
contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the fiduciary duties
or contractual obligations of our executive officers will materially affect our ability to complete our business combination. For additional
information regarding our executive officers' and directors' business affiliations and potential conflicts of interest, see
"
Management — Directors and Executive Officers" and "Management — Conflicts of Interest
."
Our amended and restated memorandum and articles of association provides that, subject to fiduciary duties under Cayman Islands law,
we renounce our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered
to such person solely in his or her capacity as a director or officer of our company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue.
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Initial
Business Combination with a Company Based in China or Hong Kong
Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries, and although 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,
we may pursue or consummate an initial business combination with a company located or doing business in the PRC Target Company.
If our target company is a PRC Target Company, we are subjected to risks due to uncertainty of the interpretation and the application
of the PRC laws and regulations, including but not limited to cybersecurity reviews, anti-monopoly enforcement, and regulatory review
of overseas listing of PRC companies.
Although
we do not have any specific business combination under consideration, except for our intention to focus on Asia and North America
in the biotechnology or TMT industries evaluated based on, among other things, sustainability and ESG imperatives, 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, we may pursue or consummate an initial business combination with a PRC Target
Company or with a company located or doing business in Hong Kong. If our target company is a PRC Target Company, we are subjected
to risks due to uncertainty of the interpretation and the application of the PRC laws and regulations, including but not limited to cybersecurity
reviews, anti-monopoly enforcement, limitation on foreign ownership of companies in certain industries, regulatory review of overseas
listing of PRC companies through a special purpose vehicle and the validity and enforcement of the VIE agreements, if the PRC Target
Company requires any of these legal requirements post business combination by us. Due to PRC legal restrictions on foreign ownership
in certain industries, neither we nor our subsidiaries may own any direct equity interest in the Target Operating Entity in a restricted
industry. Instead, we may conduct operations in China through a series of contractual arrangements with a VIE in China. Such contractual
arrangements by and among PRC subsidiaries, the VIE, and the VIE's shareholders may include (i) certain power of attorney agreements,
a share pledge agreement and certain loan agreements; (ii) an exclusive business cooperation agreement which allows us to receive substantially
all of the economic benefits from the VIE; and (iii) certain exclusive option agreements and certain spouse consent letters which provide
us with an exclusive option to purchase all or part of the equity interests in and/or assets of the VIE when and to the extent permitted
by PRC laws. The PRC Target Company, through contractual arrangements, can consolidate the VIE the financial results of the VIE in our
consolidated financial statements in accordance with U.S. GAAP or IFRS, if it has the power to direct activities that most significantly
impact the economic performance of the VIE and it has the obligation to absorb losses or the right to receive benefits from the VIE that
could potentially be significant to the VIE.
These
contractual arrangements may not be as effective as direct ownership in respect of our relationship with the VIE. If the VIE or its shareholders
fail to perform their respective obligations under these contractual arrangements, our recourse to the assets held by the VIE may be
indirect and we may have to incur substantial costs and expend significant resources to enforce such arrangements in reliance on legal
remedies under PRC law. These remedies may not always be effective, particularly in light of uncertainties regarding the interpretation
and enforcement of the relevant laws and regulations. Furthermore, in connection with litigation, arbitration or other judicial or dispute
resolution proceedings, assets under the name of any of record holder of equity interest in the VIE, including such equity interest of
such record holder, may be put under court custody. As a consequence, we cannot be certain that the equity interest will be disposed
pursuant to the contractual arrangement or that the ownership by the record holder of such equity interest will be unchallenged. See
"
Risk Factors — Risks Associated with Acquiring and Operating a Target Business with its Primary Operation in China —
If the PRC government deems that the contractual arrangements in relation to the potential PRC Target Company and the VIE,
do not comply with PRC regulatory restrictions on foreign investment in the relevant industries, or if these regulations or the interpretation
of existing regulations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those
operations
." In addition, if we acquire a target company that operates its business in the PRC through contractual arrangements,
investors in our ordinary shares following a business combination would not hold equity interests in the VIE domiciled in China that
is under our control and would instead hold equity interests in a Cayman Islands holding company. You may never directly hold equity
interests in PRC operating companies.
All
of these contractual arrangements may be governed by and interpreted in accordance with PRC law, and disputes arising from these contractual
arrangements may be resolved in court or through arbitration in China. Accordingly, these contracts will be interpreted in accordance
with PRC laws and any disputes will be resolved in accordance with PRC legal procedures. The legal environment in the PRC is not as developed
as in some other jurisdictions, such as the United States. As a result, uncertainties in the PRC legal system could limit our ability
to enforce these contractual arrangements. As at the date of this prospectus, there are very few precedents and little official
guidance as to how these contractual arrangements should be interpreted or enforced under PRC law. The contractual arrangements
have not been widely tested in a court of law in the PRC and there remain significant uncertainties regarding the ultimate outcome of
arbitration should legal action become necessary. In the event we are unable to enforce the contractual arrangements with the PRC Target
Company or the VIE entity of the PRC Target Company post business combination, we may not be able to exercise the power to direct activities
that most impact the economic performance, bears the risks of, and enjoys the rewards for the purpose of consolidating the financial
results of the VIE in our consolidated financial statements in accordance with U.S. GAAP or IFRS (as discussed above) and we may be precluded
from operating the business, which will have a material adverse effect on our financial condition and results of operations. In addition,
there is uncertainty as to whether the courts of the Cayman Islands or the PRC would recognize or enforce judgments of U.S. courts against
us or such persons predicated upon the civil liability provisions of the securities laws of the United States or any state. For a description
of the uncertainties of the VIE arrangements, see "
Risk Factors
—
Risks Associated with Acquiring and Operating
a Target Business with its Primary Operation in China
."
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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 that 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.
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,  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 or
another independent firm that commonly renders valuation opinions 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
believe the above acquisition strategy and investment criteria 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. For a
summary of the acquisition strategy and investment criteria factors, please refer to "
Proposed Business — Acquisition
Strategy and Investment Criteria.
"
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 expect to 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  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
shares 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
shares
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
shares 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, 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 implemented 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 18 months from the closing of this offering (or up to 27 months if we have extended the period of time as described in this
prospectus) in order to be able to receive a
pro rata
shares 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 131,251 of our public shares (or approximately
1.75% of our public shares) to be voted in favor of the transaction in order to have such transaction approved (assuming that only
the minimum number of issued and outstanding shares representing a quorum is present in person or by proxy at a meeting, the over-allotment
option is not exercised and the initial shareholders do not purchase any units in this offering or units or shares in the aftermarket).
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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 under the Exchange Act, which are rules designed to stop potential manipulation of a company's stock.
Ability
to Extend Time to Complete Business Combination
If
we anticipate that we may not be able to consummate our initial business combination within 18 months, we may, but are not obligated
to, extend the period of time to consummate a business combination three times by an additional three months each time (for a total of
up to 27 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, LLC 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 three month extension $750,000,
or $862,500 if the underwriters' over-allotment option is exercised in full ($0.10 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 $10.20
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
shares 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
shares 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
his 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.
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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.
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 transfer
agent 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 his, her or 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, such shareholder 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
shares of the trust
account. In such case, we will promptly return any shares delivered by public holders.
Redemption
of Public Shares and Liquidation if No Business Combination
If
we do not complete a business combination within 18 months (or up to 27 months, if we extend the time to complete a business
combination as described in this prospectus) from the date that the registration statement of which this prospectus is a part of
is declared effective, our amended and restated memorandum and articles of association provide 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 18 months, we may, but are not obligated to, extend the period of time to
consummate a business combination three times by an additional three months each time (for a total of up to 27 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, LLC 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 three month extension
$750,000, or $862,500 if the underwriters' over-allotment option is exercised in full ($0.10 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 $10.20 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
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 warrants 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 has agreed to waive all 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, 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 $10.20.
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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Luminous
Success LLC, 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 $10.20 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 $10.20 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 the potential future dilution they represent;
●
our obligation to pay the
    deferred underwriting discounts and commissions to the underwriters upon consummation of our initial business combination;
●
our
    obligation to either repay or issue units upon conversion of up to $500,000 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.
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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.
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 10/F Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong. The cost
for this space is provided to us by Luminous Success LLC, as part of the $10,000 per month payment we make to it for office space and
related services. We consider our current office space adequate for our current operations.
Employees
We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend to
devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will vary based
on whether a target business has been selected for the business combination and the stage of the business combination process the company
is in. Accordingly, once 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
have registered our units, ordinary shares, and warrants under the Exchange Act and have reporting obligations, including the requirement
that we file annual, quarterly and current reports with the SEC. In accordance with the requirements of the Exchange Act, our annual
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, 2023. 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, if our non-convertible debt issued 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 assuming that the gross proceeds, underwriting discounts and underwriting expenses for the Rule 419 offering are
the same as this offering and that the underwriters will not exercise their 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
$76,500,000
    (or $87,975,000 if the underwriters' 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, LLC, acting as trustee.
$66,150,000
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
    $76,500,000 (or $87,975,000 if the underwriters' 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 of
    the Investment Company Act of 1940 and that invest solely in United States government treasuries.
Proceeds
    could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act of 1940
    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 and warrants comprising the units
    will begin to trade separately on the 52
nd
day after the date of this prospectus unless the underwriters inform 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
shares 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
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
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Terms
    of the Offering
Terms
    Under a Rule 419 Offering
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.
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.
Business
    combination deadline
Pursuant
    to our amended and restated memorandum and articles of association, if we do not complete an initial business combination within
    18 months from the date that the registration statement of which this prospectus is a part of is declared effective (or up
    to 27 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 18 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.
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Terms
    of the Offering
Terms
    Under a Rule 419 Offering
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
William
    Wai-Lun Ip
65
Chairman
    and Chief Executive Officer
Satoshi
    Tominaga
43
Chief
    Financial Officer
Gable
    F. Gao
53
Independent
    Non-executive Director
Song
Jing
50
Independent
    Non-executive Director
Michael
    L. Coyne
33
Independent
    Non-executive Director
Below
is a summary of the business experience of each our executive officers and directors:
William
Wai-Lun Ip
. Mr. Ip is our Chief Executive Officer. He has extensive investment banking experience spanning over 26 years in Asia,
with emphasis on Greater China, Japan, and Southeast Asia, covering cross-border M&A, IPO sponsorship, pre-IPO fund raising, equity
capital markets and financial advisory transactions. Since December 2021, Mr. Ip has been an independent non-executive director of
Kantone Holdings Limited (HK:1059). Since July 2021, Mr. Ip has been serving as a director at Pine Peak Corporate Finance Limited,
working closely in the origination and assessment of investment opportunities with the private equity fund of Pine Peak Capital Group,
based in Hong Kong. Since June 2021, Mr. Ip has been serving as an independent non-executive director at Hopson Development Holdings
Limited, a major real estate development company listed on the Hong Kong Stock Exchange under the symbol 0754. From April 2012 to January
2021, Mr. Ip served as an executive director of the M&A department of Nikko Securities (Hong Kong) Limited ("SMBC Nikko HK"),
a company which provides investment banking services, and has originated, overseen and executed many cross-border M&A transactions
between Japan, Greater China, North America and Europe. During which time, Mr. Ip has worked closely with many major and active global
private equity funds. Together with Sumitomo Mitsui Banking Corporation ("SMBC"), the corporate banking arm, and SMBC
Nikko Securities Inc. (of which SMBC Nikko HK is a wholly owned subsidiary), the investment banking arm, are both core
members of Sumitomo Mitsui Financial Group ("SMFG"), the second-largest listed financial institution in Japan. SMBC Nikko
Securities Inc, and SMBC have fostered very close working relations to leverage the combined vast domestic and global networks
and resources of the investment banking and corporate banking arm within SMFG. From March 2010 to February 2012, Mr. Ip served as Managing
Director and Head of the Investment Banking Department at Cantor Fitzgerald (HK) Capital Markets Limited, a subsidiary of New York-headquartered
Cantor Fitzgerald, a financial services company. He has also been a Hong Kong Securities and Futures Commission license holder
(Type 1, 4, and 6) since 2003. During the tenure of Mr. Ip in the Listing Division of the Hong Kong Stock Exchange from March 1994 to
September 1996, he passed the Hong Kong Securities Brokers Examination, Options Trading Officer and Representative Examination, and Options
Clearing Officer Examination in 1996. Mr. Ip has been a Chartered Financial Analyst since 1995. Mr. Ip earned a Bachelor of Science degree
from the London School of Economics, a Master of Science degree from the University of London, and a Master of Business Administration
degree from Wharton School of Finance, University of Pennsylvania in 1980, 1981 and 1985, respectively. We believe that Mr. Ip is qualified
to serve on our board of directors based on his extensive experience in investment banking as well as his extensive business and personal
networks in Hong Kong, China, Japan, U.S. and Western Europe, South Korea and ASEAN countries.
Satoshi Tominaga
.
Mr.
Tominaga is our Chief Financial Officer.
He has 19 years of extensive experience in investment and private equity specializing in the TMT sector. Since May 2016, Mr. Tominaga
has been serving as a managing partner of DeTiger Equity Fund in Asia, an equity fund. As a managing partner of DeTiger Equity Fund, he
has led DT Asia Investments Limited to list on the Nasdaq and invested in more than 60 fintech and blockchain technology projects, including
projects in DeFi, exchanges, payments, lending, crypto trading, healthcare, data science, supply chain, internet of things (IoT), artificial
intelligence (AI), machine learning, big data analysis, and other fintech related projects. From November 2017 to December 2020, Mr. Tominaga
served as an independent director of Tottenham Acquisition I Limited, a SPAC that successfully completed a merger with Clene Nanomedicine
Inc., a clinical-stage biopharmaceutical company. From November 2014 to February 2016, Mr. Tominaga served as a managing director and
investment head of Japan for Fosun International Limited, an investment holding company which is listed on the Hong Kong Main Board (
HKEx: 656
).
From October 2010 to September 2014, Mr. Tominaga worked at SBI Holdings Inc., a fintech conglomerate spun off from Softbank, where he
served as an executive director and expatriate investment representative in Hong Kong. He led the first listing of a Japanese company,
SBI Holdings Inc. (HK.6488), on the Hong Kong Main Board. Before SBI Holdings Inc., Mr. Tominaga was an assistant vice president and expatriate
at Daiwa Capital Markets Hong Kong Limited, an overseas branch under Daiwa Securities Group, where he acted as a relationship manager
from September 2008 to September 2010. Mr. Tominaga earned his bachelor of science degree in electrical engineering from the University
of California, Los Angeles (UCLA) and a joint master's degree in global finance from New York University and Hong Kong University
of Science and Technology in 2003 and 2012,rRespectively. We believe that Mr. Tominaga is qualified to serve on our board of directors
based on his extensive experience in investment and private equity specializing in TMT sector as well as his experience in completion
of a successful de-SPAC.
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Gable
F. Gao
. Mr. Gao is one of our independent directors. He has extensive investment banking and private equity experience
spanning over 27 years across North America, Middle East and the Far East. Since June 2016, Mr. Gao has been the chairman and co-founder
of MTech (Shanghai) Information Technology Co. Ltd., a technology accelerator and investment company. As the co-founder of MTech, Mr.
Gao established a venture capital and private equity fund to invest in selected accelerated companies and other promising companies in
technological fields such as gaming, AI, fintech and biomedicine. From January 2015 to May 2016, Mr. Gao served as a founding
managing partner and member of the investment committee at Zhejiang United Investment Group, the largest provincial investment conglomerate
initiated by the Zhejiang Association of Industry and Commerce. From September 2011 to October 2013, Mr. Gao served as an assistant president
of Fosun Group, and as a head of Fosun Capital Group, a private equity firm of Fosun Group, one of the largest privately owned conglomerates
in China. From July 2007 to September 2011, Mr. Gao was a managing director, chief representative and a founding head of Istithmar World,
an investment firm under the state-owned holding company Dubai World, where he led a team for evaluating private equity opportunities
and making investments in the consumer, industrial, financial and real estate industries for China and the Far East. Mr. Gao earned
his diploma in English from China Foreign Affairs University, a bachelor of business and administration degree from Saint Mary's
University, and a master of business administration degree from Yale School of Management in Connecticut in 1988, 1991 and 1994, respectively.
We believe that Mr. Gao is qualified to serve on our board of directors based on his extensive experience in investment banking and private
equity specializing in the TMT sector.
Song
Jing
. Mr. Jing is one of our
independent directors. He has over 19 years of extensive experience in finance management with in-depth knowledge of global capital markets,
capital market operation, investment, and acquisitions. From April 2019 to March 2021, Mr. Jing was the chief financial officer
of Guolian Securities, a Wuxi-based securities firm in China, where he oversaw the firm's overall finance and treasury functions,
and was responsible for the firm's IPO listing process. From July 2016 to February 2018, Mr. Jing served as a deputy chief financial
officer of Chinese Renaissance, a Shanghai-based leading boutique Chinese investment bank, where he was in charge of capital raising
efforts, funding, and liquidity management. From April 2011 to June 2016, Mr. Jing was an executive director of Citic Securities, an
investment bank in China. Mr. Jing previously also served as the vice president of the Hedge Fund Development Management Group
and vice president of the Strategy, Planning & Business Development office for Merrill Lynch & Co., Inc., in New York
from September 2006 to October 2010 and September 2002 to August 2006, respectively. Mr. Jing obtained a bachelor of science degree
in economics and finance from Kutztown University of Pennsylvania and a master of business administration degree in finance and accounting
from the University of Rochester in in 1995 and 2002, respectively. We believe that Mr. Jing is qualified to serve on our board of directors
based on his extensive experience in global capital markets, capital market operation, investment, and acquisition.
Michael
L. Coyne
. Mr. Coyne is one of our independent directors. He has six years of extensive capital markets, business
development, and deal origination experience. Since June 2021, Mr. Coyne has been serving as the founder and a managing member of Twin
Grove Investments, LLC, an investment services company. Since February 2018, Mr. Coyne has been serving as a senior vice president and
head of capital markets at Ingalls & Snyder, LLC, an investment advisory firm. From August 2015 to February 2018, Mr. Coyne served
as a vice president and head of syndicate of Capital Integration Systems LLC, an online financial services platform based in New York.
From February 2012 to July 2019, Mr. Coyne served as first lieutenant, executive officer, task force officer-in-charge
and platoon leader and operations officer of the Army National Guard and the U.S. Army. Mr. Coyne passed the Financial Industry Regulatory
Authority (FINRA) Series 7, 63, 24, 79 examinations and obtained a Securities Industry Essentials (SIE) license in September 2,
2015; January 25, 2016; September 24, 2018; August 22, 2018 and October 1, 2018, respectively. Mr. Coyne obtained a bachelor of arts
degree in political science and international affairs from Northeastern University and a master of business administration degree from
Leonard N. Stern School of Business, New York University in 2011 and 2019, respectively. We believe that Mr. Coyne is qualified to serve
on our board of directors based on his extensive experience in capitals markets, business development, deal origination specializing
in TMT sector as well as his SPAC expertise.
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Executive
Officer and Director Compensation
Other
than the $10,000 per month administrative fee paid to Luminous Success LLC, the sponsor, no compensation of any kind, including
finders, consulting or other similar fees, has been paid or 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. However, such individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities on our
behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. 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.
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Director
Independence
Nasdaq
requires that a majority of our board must be composed
of "Independent Directors." Currently, Mr. Gao, Mr. Jing, and Mr. Coyne 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.
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. Gao, Mr. Jing, and Mr. Coyne, each of whom is an Independent Director under Nasdaq's listing
standards. Mr. Jing 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.
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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. Jing 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. Gao, Mr. Jing, and Mr. Coyne, each of whom is an independent director under Nasdaq's listing standards.
Mr. Gao 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.
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 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. Gao,
Mr. Jing, and Mr. Coyne, each of whom is an Independent Director under Nasdaq's listing standards. Mr. Coyne 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's based on such evaluation;
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●
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.
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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.
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 his 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.
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Under
Cayman Islands law, directors owe the following fiduciary duties:
(i)
duty
    to act in good faith in what the director believes to be in the best interests of the company as a whole;
(ii)
duty
    to exercise powers for the purposes for which those powers were conferred and not for a collateral purpose;
(iii)
duty
    to
not improperly fetter the exercise of future
    discretion;
(iv)
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
(v)
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.
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. Further, our insiders agreed that
they will offer all suitable business combination opportunities to the Company before any other person or company until the consummation
by the Company of a business combination, subject to any pre-existing contractual or fiduciary obligations or contractual obligations
they may have.
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.
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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
Mr.
    William Wai-Lun Ip
Pine
    Peak Corporate Finance Limited
Director
Hopson
    Development Holdings Limited
Independent
    Non-Executive Director
Kantone Holdings Limited
Independent Non-Executive Director
Mr.
    Satoshi Tominaga
DeTiger
    Equity Fund
Managing
    Partner
Mr.
    Gable F. Gao
MTech
    (Shanghai) Information Technology Co. Ltd
Chairman
    and Co-founder
Mr. Jing Song
N/A
N/A
Mr.
    Michael L. Coyne
Twin
    Grove Investments, LLC
Founder
    and Managing Member
Ingalls
    & Snyder, LLC
Senior
    Vice President and Head of Capital Markets
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 disinterested 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 or another independent firm that commonly renders valuation opinions 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 Independent Directors (if we
have any at that time). Furthermore, in no event will any of our initial shareholders, officers, directors,  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, willful default or willful neglect, sufficient for the purposes
of the memorandum and articles of association will be determinative, 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.
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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 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
Luminous Success LLC
(3)
2,046,250
94.90
%
2,215,000
22.54
%
William Wai-Lun Ip
35,000
1.62
%
35,000
*
Satoshi Tominaga
30,000
1.39
%
30,000
*
Gable F. Gao
15,000
*
15,000
*
Song Jing
15,000
*
15,000
*
Michael L. Coyne
15,000
*
15,000
*
All directors and executive officers (five individuals) as a group
110,000
5.10
%
110,000
*
Five Percent or Greater Shareholders
Luminous Success LLC
(3)
2,046,250
94.90
%
2,215,000
22.54
%
All initial shareholders (six individuals) as a group
2,156,250
100.00
%
2,325,000
23.66
%
*
Less than 1%.
(1)
Unless
    otherwise indicated, the business address of each of the individuals is c/o Heroic Empire Acquisition Limited, 10/F Tower A, Billion
    Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon Hong Kong.
(2)
Assumes
    no exercise of the over-allotment option and includes 450,000 ordinary shares in the private placement, therefore, an aggregate of
    281,250 ordinary shares held by our initial shareholders are forfeited.
(3)
Mr.
    Jason Kon Man Wong owns and controls, Luminous Success LLC, our sponsor.
Immediately
after this offering, our initial shareholders will beneficially own approximately 23.66% 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 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.
If
the underwriters do not exercise all or a portion of the over-allotment option, our initial shareholders will have up to an aggregate
of 281,250 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% ownership interest in our ordinary shares (excluding
the private units) after giving effect to the offering and the exercise, if any, of the underwriters' over-allotment option.
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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, 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 will be released from the Lock-Up
on the earlier of (1) 150 calendar 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.
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 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000) or, if the underwriters' over-allotment option is exercised in full, 495,000 private units at $10.00 per private
unit (for a total purchase price of $4,950,000 in the aggregate). These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. A portion of the proceeds we receive from these purchases will be placed in the trust account
described below. The private warrants have terms and provisions that are identical to the warrants included in the units sold in this
offering. 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 if a registration statement covering the ordinary shares issuable upon exercise
of such warrants is not effective and receive unregistered ordinary shares within 90 days after the closing of the initial business combination,
in such event, each holder would surrendering such 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 warrant price by (y) the fair market value; provided, however, that no cashless exercise shall be permitted
unless the fair market value is equal to or higher than the warrant price. 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 of exercise.
Furthermore,
our initial shareholders and directors and officers have agreed (A) to vote their ordinary shares included in the private units in favor
of any proposed business combination, and (B) to vote their ordinary shares that they acquire in the open market following the
consummation of this offering in favor of any proposed business combination. Our sponsor has also agreed not to transfer, assign or sell
any of their insider shares (except to the same permitted transferees as the insider shares and provided the transferees agree
to the same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above) until the
earlier of the Lock-Up 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. Notwithstanding the foregoing, the insider shares will be released from the Lock-Up on the earlier of (1)
150 calendar 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. Further, our sponsor has also agreed to place the private units and the underlying securities
into escrow with Continental Stock Transfer & Trust Company, as escrow agent, until the date of the consummation of our initial business
combination.
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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, make Working Capital Loans to us, from time to time or at any time,
in whatever amount they deem reasonable in their sole discretion. Each Working Capital 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 $500,000 of the notes may be converted upon consummation of our business combination into private units at a price
of $10.00 per unit. 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 September 2021, we issued 10,000 insider
shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000
insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares to our sponsor for a purchase price
of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate of 110,000 insider shares to certain
directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional insider shares as bonus shares on a pro
rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred the bonus shares that they received
to our sponsor.
If
the underwriters do not exercise all or a portion of their over-allotment option, our initial shareholders have agreed that up to an
aggregate of 281,250 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 underwriters determine 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 450,000 private units at $10.00 per private unit (for a total purchase price
of $4,500,000). 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 underwriters, 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 495,000 private units)
pro rata
with the amount of the over-allotment
option exercised so that at least $10.20 per share sold to the public in this offering is held in trust regardless of whether the over-allotment
option is exercised in full or part. These additional private units will be purchased in a private placement that will occur simultaneously
with the purchase of units resulting from the exercise of the over-allotment option. The 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 be held
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 calendar 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 $500,000 of the notes may be converted
upon consummation of our business combination into private units at a price of $10.00 per unit. 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 December 31, 2021, Luminous Success LLC, our sponsor, had loaned us an aggregate of $49,362 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.
Luminous
Success LLC has agreed that, commencing on the date of this prospectus through the earlier of our consummation
of our initial business combination or our liquidation, it will make available to us certain general and administrative services, including
office space, utilities and administrative support, as we may require from time to time. We have agreed to pay $10,000 per month for
these services. However, pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our
audit committee that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our initial
business combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation
of our initial business combination. We believe that the fee charged by Luminous Success LLC is at least as favorable as we could have
obtained from an unaffiliated person.
Other
than the fees described above, no compensation or fees of any kind, including finder's fees, consulting fees or other similar compensation,
will be paid to 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 none, 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 interest, 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.
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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 disinterested 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 annually complete a directors' and officers' questionnaire that elicits information about related
party transactions.
These
procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents a
conflict of interest on the part of a director, employee or officer.
To
further minimize 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 or another independent
firm that commonly renders valuation opinions 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 380263) 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, 2,156,250 ordinary shares are issued and outstanding, held by our initial shareholders. No preferred shares
are issued or outstanding. The following description summarizes certain terms of our shares as set out more particularly in our 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 and one-half of one redeemable warrant. Only whole warrants are exercisable. Each whole
redeemable warrant entitles the holder thereof to purchase one ordinary share. Each whole redeemable warrant has an exercise price
$11.50 per whole share and will become exercisable on the later of (i) the Company's completion of a merger, share
exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more
businesses or entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of is
declared effective by the Securities and Exchange Commission, 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. This means that only a whole warrant may be exercised at any given time by a warrant holder. No fractional
warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least
two units, you will not be able to receive or trade a whole warrant.
The
ordinary shares and warrants will begin to trade separately on the 52
nd
day after the date of this prospectus unless the underwriters
determine 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 underwriters allow separate trading of the ordinary shares and warrants until we file an audited balance sheet reflecting
our receipt of the gross proceeds of this offering. No fractional warrants will be issued upon separation of the units and only whole
warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.
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 and warrants 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.
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, with the result that the holders of more than 50% of the shares eligible to vote for the election of directors can elect
all of the directors.
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Pursuant
to our amended and restated memorandum and articles of association, if we do not consummate a business combination by 18 months
(as such period may be extended up to 27 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 consummation of this offering, we will, as promptly as reasonably possible but not
more than ten business days thereafter, 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 redemption of their shares and cease all operations except for the purposes
of winding up of our affairs. This redemption of public shareholders from the trust account shall be effected as required by function
of our memorandum and articles of association and prior to commencing any voluntary liquidation. 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
shares 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 whole redeemable warrant entitles the registered holder to purchase one ordinary share at a
price of $11.50 per whole share, subject to adjustment as discussed below, at any time commencing on the later of (i) the
Company's completion of a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other
similar business combination with one or more businesses or entities or (ii) 12 months from the date that the registration statement
of which this prospectus is a part of is declared effective by the Securities and Exchange Commission. Pursuant to the warrant
agreement, a warrant holder may exercise its warrants only for a whole number of warrant. This means that only a whole warrant may
be exercised at any given time by a warrant holder. No fractional warrants will be issued upon separation of the units and only
whole warrants will trade. As a result, you must exercise warrants in multiples of at least two warrants, at a price of $11.50 per
whole share, subject to adjustment as described in this prospectus, to validly exercise your warrants. 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.
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,
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●
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-days 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 value, 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 value.
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 to 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.
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.
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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. Notwithstanding
the foregoing, any person who acquires a warrant with the purpose or effect of changing or influencing the control of our company, or
in connection with or as a participant in any transaction having such purpose or effect, immediately upon such acquisition will be deemed
to be the beneficial owner of the underlying ordinary shares and not be able to take advantage of this provision.
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 — General Risk Factors — Our warrant agreement will designate the courts of
the State of New York or the United States District Court for the Southern District of New York, as the sole and exclusive forum for
certain types of actions and proceedings that may be initiated by holders of our warrants, which could limit the ability of warrant holders
to obtain a favorable judicial forum for disputes with our company." This provision applies to claims under the Securities Act
but does not apply to claims under the Exchange Act or any claim for which the federal district courts of the United States of America
are the sole and exclusive forum.
Private
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 the later of (i) the Company's completion of a merger, share exchange, asset
acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or
entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of is declared effective
by the SEC (except for permitted transferees and as described herein). The permitted transferees
shall mean (i) among the initial shareholders or to the initial shareholders' 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, the Company completes 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
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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.
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 and Warrant Agent
The
transfer agent for our ordinary shares and warrant agent for our warrants is Continental Stock Transfer & Trust Company, LLC, 1
State Street 30th 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," "[ ]," and "[
]W," 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 material differences between the provisions of the Companies Act applicable to us and the laws applicable to companies incorporated
in the United States and their shareholders.
Mergers
and Similar Arrangements.
In certain circumstances, the Companies 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.
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.
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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;
●
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, which will beneficially own 22.54% 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 281,250 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 18 months from the date that the registration statement of which
    this prospectus is a part of is declared effective (or up to 27 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) 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;
●
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;
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●
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 18 months from the date that the registration statement of which this prospectus is a part of is declared effective
    (or up to 27 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 in which case the approval of such required majority will need to be obtained
for that Cayman Islands exempted company to amend its memorandum and articles of association. 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:
(a)
the
    subscriber makes the payment for their investment from an account held in the subscriber's name at a recognized financial institution;
    or
(b)
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
(c)
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.
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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 implemented pursuant thereto ("DPA").
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 9,825,000 ordinary shares issued and outstanding, or 11,276,250 shares if the over-allotment option
is exercised in full. Of these shares, the 7,500,000 shares sold in this offering, or 8,625,000 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 98,250 shares immediately after this offering (or
    112,763 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.
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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 on certain Cayman Islands income tax consequences of an investment in our securities. The discussion is a general
summary of present law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any
investor's particular circumstances, and does not consider tax consequences other than those arising under Cayman Islands law.
Under
Existing Cayman Islands Laws
Payments
of dividends and capital in respect of our securities will not be subject to taxation in the Cayman Islands and no withholding will be
required on the payment of a dividend or capital to any holder of the securities nor will gains derived from the disposal of the securities
be subject to Cayman Islands income or 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), the Financial Secretary undertakes with Heroic Empire
Acquisition Limited ("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.
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United
States Federal Income Taxation
General
This
section is a general summary of the material U.S. federal income tax provisions relating to the acquisition, ownership and disposition
of our securities (each consisting of one ordinary share and one-half of one redeemable warrant to purchase one-half of an ordinary share)
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 and
warrant 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 and warrants should also apply to holders of units (as the deemed owners of the underlying
ordinary shares and warrants that comprise the units).
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 United States 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;
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●
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 Internal Revenue Code of 1986, as amended (the "Code"), its legislative history, Treasury regulations
implemented 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 and warrants 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;
●
tax-exempt
entities;
●
governments
or agencies or instrumentalities thereof;
●
insurance
companies;
●
regulated
investment companies;
●
real
estate investment trusts;
●
persons
liable for alternative minimum tax;
●
expatriates
or former long-term residents of the United States;
●
persons
that actually or constructively own 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.
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, 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
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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 such that upon conversion of the warrants
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-half of one warrant to acquire one-half of an ordinary share. 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 and one-half of one warrant
based on the relative fair market value of each at the time of issuance. The price allocated to each ordinary share and warrant generally
will be the holder's tax basis in such share or warrant, as the case may be.
The
foregoing treatment of our ordinary shares, warrants and a holder's purchase price allocation are not binding on the IRS or the
courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can be given that
the IRS or the courts will agree with the characterization described above or the discussion below. Accordingly, each 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.
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
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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 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 or warrants 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 or warrants based on the then fair market values of the ordinary shares
and warrants constituting the units) and (ii) the U.S. Holder's adjusted tax basis in the securities so disposed.
A
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 and/or warrants, 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.
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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. 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.
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.
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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 one warrant for cash. An ordinary share
acquired pursuant to the exercise of one warrant for cash 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. 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 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, 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.
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 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.
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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
shares 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
shares 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).
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 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
shares 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.
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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.
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.
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
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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 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.
A
U.S. Holder that owns (or is deemed to own) shares in a PFIC during any taxable year of the U.S. Holder, may have to file an IRS Form
8621 (whether or not a QEF or mark-to-market election is 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.
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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 or warrants that is for United States 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 distributions treated as 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 treated as dividends) and gains that are effectively connected with the Non-U.S. Holder's
conduct of a trade or business in the United States (and, if required by an applicable income tax treaty, are attributable to a permanent
establishment or fixed base 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.
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 and warrants 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 and warrants.
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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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UNDERWRITING
Subject
to the terms and conditions of the underwriting agreement dated the date of this prospectus, each underwriter named below has severally
agreed to purchase, and we have agreed to sell to that underwriter, the number of units set forth opposite the underwriter's name.
Underwriter
Number of Units
EF Hutton, division of Benchmark Investments, LLC
Brookline Capital Markets, a division of Arcadia Securities LLC
Total
7,500,000
The
underwriting agreement provides that the obligations of the underwriters to purchase the units included in this offering are subject
to approval of legal matters by counsel and to other conditions. The underwriters are obligated to purchase all of the units (other than
those covered by the over-allotment option described below) if they purchase any of the units.
The
offering of the units by the underwriters is subject to receipt and acceptance and subject to the underwriters' right to reject
any order in whole or in part.
Pricing
of the Offering
Units
sold by the underwriters to the public will initially be offered at the initial public offering price set forth on the cover of this
prospectus. Upon the execution of the underwriting agreement, the underwriters will be obligated to purchase the units at the prices
and upon the terms stated therein, and, as a result, will thereafter bear any risk associated with changing the offering price to the
public or other selling terms after completion of the initial public offering. The underwriters reserve the right to withdraw, cancel
or modify orders to the public and to reject orders in whole or in part.
Prior
to this offering, there has been no public market for our securities. Consequently, the initial public offering price for the units was
determined by negotiations between us and the underwriters. 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.
Over-allotment
Option
If
the underwriters sell more units than the total number set forth in the table above, we have granted to the underwriters an option, exercisable
for 45 days from the date of this prospectus, to purchase up to 1,125,000 additional units at the public offering price less the underwriting
discount. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, in connection with this
offering. To the extent the option is exercised, each underwriter must purchase a number of additional units approximately proportionate
to that underwriter's initial purchase commitment. Any units issued or sold under the option will be issued and sold on the same
terms and conditions as the other units that are the subject of this offering.
Lock-up
The
insider shares are identical to the ordinary shares included in the units being sold in this offering. However, our initial shareholders
and directors and officers have agreed not to transfer, assign or sell any of the insider shares (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. Notwithstanding
the foregoing, the insider shares will be released from the Lock-Up (1) on the earlier of 150 calendar 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 at least 150 days 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. The underwriters in their sole discretion may release any of the securities subject to these lock-up agreements at
any time without notice, other than in the case of the officers and directors, which shall be with notice.
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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.
The
private warrants will not be transferable, assignable or saleable until the later of (i) the Company's completion of a merger,
share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one
or more businesses or entities or (ii) 12 months from the date that the registration statement of which this prospectus is a part of
is declared effective by the SEC (except for permitted transferees and as described herein). (except
with respect to permitted transferees as described herein under the section of this prospectus entitled "Description of
Securities —Private Warrants").
Listing
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," "[  ]," and "[  ] W," 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.
Discounts
The
following table shows the underwriting discounts that we are to pay to the underwriters in connection with this offering. These amounts
are shown assuming both no exercise and full exercise of the underwriters' over-allotment option.
Payable
                                            by
Heroic
                                            Empire Acquisition Limited
No Exercise
Full Exercise
$
$
Per Unit
(1)
0.55
0.55
Total
(1)
4,125,000
4,743,750
(1)
Includes
    $0.35 per unit, or $2,625,000 (or up to $3,018,750 if the over-allotment option is exercised in full) in the aggregate payable to
    the underwriters for deferred underwriting discounts to be placed in a trust account located in the United States as described herein.
    The deferred discounts will be released to the underwriters only on completion of an initial business combination, in an amount equal
    to $0.35 multiplied by the number of public shares sold as part of the units in this offering, as described in this prospectus.
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In
addition, we have agreed to pay or reimburse the underwriters for travel, lodging and other "road show" expenses; certain
diligence and other fees including background checks on our directors, directors and executive officers; the preparation, binding and
delivery of bound volumes in form and style reasonably satisfactory to the representative; transaction Lucite cubes or similar commemorative
items in a style as reasonably requested by the representative; SEC filing fees, FINRA filing fees, transfer and warrant agent and registrar
fees and any expenses and fees incurred by underwriters' counsel.
Deferred
Underwriting Discounts
If
we do not complete our initial business combination and we subsequently liquidate, the trustee and the underwriters have agreed that
(i) they will forfeit any rights or claims to their deferred underwriting discounts, including any accrued interest thereon, then in
the trust account upon liquidation, and (ii) that the deferred underwriting discounts will be distributed on a pro rata basis,
including interest earned on the funds held in the trust account, and not previously released to us to pay our taxes, to the public
shareholders.
Regulatory
Restrictions on Purchase of Securities
In
connection with the offering, the underwriters may purchase and sell units in the open market. These transactions may include short sales,
stabilizing transactions and purchases to cover positions created by short sales. Short sales involve the sale by the underwriters of
a greater number of units than they are required to purchase in the offering, and a short position represents the amount of such sales
that have not been covered by subsequent purchases. A "covered short position" is a short position that is not greater than
the amount of additional units for which the underwriters' option described above may be exercised. The underwriters may cover
any covered short position by either exercising their option to purchase additional units or purchasing units in the open market. In
determining the source of units to cover the covered short position, the underwriters will consider, among other things, the price of
units available for purchase in the open market as compared to the price at which they may purchase additional units pursuant to the
option described above. "Naked" short sales are any short sales that create a short position greater than the amount of additional
units for which the option described above may be exercised. The underwriters must cover any such naked short position by purchasing
units in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward
pressure on the price of the units in the open market after pricing that could adversely affect investors who purchase in the offering.
Stabilizing transactions consist of various bids for or purchases of units made by the underwriters in the open market prior to the completion
of the offering.
The
underwriters may also impose a penalty bid. This occurs when a particular underwriter repays to the underwriters a portion of the underwriting
discount received by it because an underwriter has repurchased units sold by or for the account of such underwriter in stabilizing or
short covering transactions.
Purchases
to cover a short position and stabilizing transactions, as well as other purchases by the underwriters for their own accounts, may have
the effect of preventing or retarding a decline in the market price of the units, and together with the imposition of the penalty bid,
may stabilize, maintain or otherwise affect the market price of the units. As a result, the price of the units may be higher than the
price that otherwise might exist in the open market. The underwriters are not required to engage in these activities and may end any
of these activities at any time. These transactions may be effected on The Nasdaq Stock Market, in the over-the- counter market or otherwise.
In
connection with this offering, the underwriters may engage in passive market making transactions in the units on The Nasdaq Stock Market
in accordance with Rule 103 of Regulation M under the Exchange Act during a period before the commencement of offers or sales of the
units and extending through the completion of distribution. A passive market maker must display its bid at a price not in excess of the
highest independent bid of that security. However, if all independent bids are lowered below the passive market maker's bid, that
bid must then be lowered when specified purchase limits are exceeded. Passive market making may cause the price of the units to be higher
than the price that otherwise would exist in the open market in the absence of those transactions. The underwriters are not required
to engage in passive market making and may end passive market making activities at any time.
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Indemnification
We
have agreed to indemnify the several underwriters against certain liabilities, including liabilities under the Securities Act, or to
contribute to payments the underwriters may be required to make because of any of those liabilities.
Other
Terms
We
estimate that our portion of the total expenses of this offering payable by us will be $900,000, excluding underwriting discount
and commissions.
We
are not under any contractual obligation to engage any of the underwriters to provide any services for us after this offering, and have
no present intent to do so. However, any of the underwriters may introduce us to potential target businesses or assist us in raising
additional capital in the future. If any of the underwriters provide services to us after this offering, we may pay such underwriter
fair and reasonable fees that would be determined at that time in an arm's length negotiation; provided that no agreement will
be entered into with any of the underwriters and no fees for such services will be paid to any of the underwriters prior to the date
that is 90 days from the date of this prospectus, unless FINRA determines that such payment would not be deemed underwriters' compensation
in connection with this offering and we may pay the underwriters of this offering or any entity with which they are affiliated a finder's
fee or other compensation for services rendered to us in connection with the completion of a business combination.
The
underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include
sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging,
market making, brokerage and other financial and non-financial activities and services. Some of the underwriters and their affiliates
have engaged in, and may in the future engage in, investment banking and other commercial dealings in the ordinary course of business
with us or our affiliates, including in connection with acting in an advisory capacity or as a potential financing source in conjunction
with our potential acquisition of a company. In the ordinary course of their various business activities, the underwriters and their
respective affiliates, officers, directors and employees may purchase, sell or hold a broad array of investments and actively trade securities,
derivatives, loans, commodities, currencies, credit default swaps and other financial instruments for their own account and for the accounts
of their customers, and such investment and trading activities may involve or relate to assets, securities and/or instruments of the
issuer (directly, as collateral securing other obligations or otherwise) and/or persons and entities with relationships with the issuer.
The underwriters and their respective affiliates may also communicate independent investment recommendations, market color or trading
ideas and/or publish or express independent research views in respect of such assets, securities or instruments and may at any time hold,
or recommend to clients that they should acquire, long and/or short positions in such assets, securities and instruments.
Electronic
Distribution
A
prospectus in electronic format may be made available by e-mail or on the web sites or through online services maintained by one or more
of the underwriters or their affiliates. In those cases, prospective investors may view offering terms online and may be allowed to place
orders online. The underwriters may agree with us to allocate a specific number of ordinary shares for sale to online brokerage account
holders. Any such allocation for online distributions will be made by the underwriters on the same basis as other allocations. Other
than the prospectus in electronic format, the information on the underwriters' web sites and any information contained in any other
web site maintained by any of the underwriters is not part of this prospectus, has not been approved and/or endorsed by us or the underwriters
and should not be relied upon by investors.
Selling
Restrictions
Other
than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered
by this prospectus in any jurisdiction where action for that purpose is required. The securities offered by this prospectus may not be
offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with
the offer and sale of any such securities be distributed or published in any jurisdiction, except under circumstances that will result
in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are
advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus.
This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any securities offered by this prospectus in
any jurisdiction in which such an offer or a solicitation is unlawful.
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Notice
to Prospective Investors in the European Economic Area
In
relation to each member state of the European Economic Area the Prospectus Regulation lays down requirements for the drawing up, approval
and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market
situated or operating within a member state. An offer of units described in this prospectus may not be made to the public in that member
state prior to the publication of a prospectus in relation to the units that has been approved by the competent authority in that relevant
member state or, where appropriate, approved in another relevant member state and notified to the competent authority in that relevant
member state, all in accordance with the Prospectus Regulation, except that, an offer of our units may be made to the public in that
relevant member state at any time:
●
to
    any legal entity which is a qualified investor as defined in the Prospectus Regulation;
●
to
    fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Regulation), as permitted under
    the Prospectus Regulation, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the issuer for any
    such offer; or
●
in
    any other circumstances that do not require the publication by us of a prospectus pursuant to Article 1(4) of the Prospectus Regulation.
provided
that no such offer of units referred to in the bullet points above shall require us or any underwriter to publish a prospectus pursuant
to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation.
Each
purchaser of units described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged
and agreed that it is a "qualified investor" within the meaning of Article 2(e) of the Prospectus Regulation.
For
the purpose of this provision, the expression an "offer of units to the public" in any member state means the communication
in any form and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an investor
to decide to purchase or subscribe for the units and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129.
We
have not authorized and do not authorize the making of any offer of units through any financial intermediary on their behalf, other than
offers made by the underwriters with a view to the final placement of the units as contemplated in this prospectus. Accordingly, no purchaser
of the units, other than the underwriters, is authorized to make any further offer of the units on behalf of us or the underwriters.
Notice
to Prospective Investors in the United Kingdom
This
prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within the
meaning of Article 2(e) of the Prospectus Regulation that are also (i) investment professionals falling within Article 19(5) of the Financial
Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (ii) high net worth entities, and other persons
to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (each such person being referred to as a
"relevant person"). The units are only available to, and any invitation, offer or agreement to purchase or otherwise acquire
such units will be engaged in only with, relevant persons. This prospectus and its contents are confidential and should not be distributed,
published or reproduced (in whole or in part) or disclosed by recipients to any other persons in the United Kingdom. Any person in the
United Kingdom that is not a relevant person should not act or rely on this document or any of its contents.
Notice
to Prospective Investors in Canada
Pursuant
to section 3A.3 of National Instrument 33-105
Underwriting Conflicts
(NI 33-105), the underwriters are not required to comply
with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.
Resale
Restrictions
We
intend to distribute our units in the Province of Ontario, Canada (the "Canadian Offering Jurisdiction") by way of a private
placement and exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities in such Canadian
Offering Jurisdiction. Any resale of our units in Canada must be made under applicable securities laws that will vary depending on the
relevant jurisdiction and which may require resales to be made under available statutory exemptions or under a discretionary exemption
granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions in some circumstances may apply to resales
of interests made outside of Canada. Canadian purchasers are advised to seek legal advice prior to any resale of our units. We may never
be a "reporting issuer", as such term is defined under applicable Canadian securities legislation, in any province or territory
of Canada in which our units will be offered and there currently is no public market for any of the securities in Canada, and one may
never develop. Canadian investors are advised that we have no intention to file a prospectus or similar document with any securities
regulatory authority in Canada qualifying the resale of the securities to the public in any province or territory in Canada.
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Representations
of Purchasers
A
Canadian purchaser will be required to represent to us and the dealer from whom the purchase confirmation is received that:
●
the
    purchaser is entitled under applicable provincial securities laws to purchase our units without the benefit of a prospectus qualified
    under those securities laws;
●
where
    required by law, that the purchaser is purchasing as principal and not as agent;
●
the
    purchaser has reviewed the text above under Resale Restrictions; and
●
the
    purchaser acknowledges and consents to the provision of specified information concerning its purchase of our units to the regulatory
    authority that by law is entitled to collect the information.
Rights
of Action — Ontario Purchasers Only
Under
Ontario securities legislation, certain purchasers who purchase a security offered by this prospectus during the period of distribution
will have a statutory right of action for damages, or while still the owner of our units, for rescission against us in the event that
this prospectus contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation. The right of action
for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge of the facts giving
rise to the cause of action and three years from the date on which payment is made for our units. The right of action for rescission
is exercisable not later than 180 days from the date on which payment is made for our units. If a purchaser elects to exercise the right
of action for rescission, the purchaser will have no right of action for damages against us. In no case will the amount recoverable in
any action exceed the price at which our units were offered to the purchaser and, if the purchaser is shown to have purchased the securities
with knowledge of the misrepresentation, we will have no liability. In the case of an action for damages, we will not be liable for all
or any portion of the damages that are proven to not represent the depreciation in value of our units as a result of the misrepresentation
relied upon. These rights are in addition to, and without derogation from, any other rights or remedies available at law to an Ontario
purchaser. The foregoing is a summary of the rights available to an Ontario purchaser. Ontario purchasers should refer to the complete
text of the relevant statutory provisions.
Enforcement
of Legal Rights
All
of our directors and officers as well as the experts named herein are located outside of Canada and, as a result, it may not be possible
for Canadian purchasers to effect service of process within Canada upon us or those persons. All of our assets and the assets of those
persons are located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us or those persons in Canada
or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.
Collection
of Personal Information
If
a Canadian purchaser is resident in or otherwise subject to the securities laws of the Province of Ontario, the purchaser authorizes
the indirect collection of personal information pertaining to the Canadian purchaser by the Ontario Securities Commission (the "OSC")
and each Canadian purchaser will be required to acknowledge and agree that the Canadian purchaser has been notified by us (i) of the
delivery to the OSC of personal information pertaining to the Canadian purchaser, including, without limitation, the full name, residential
address and telephone number of the Canadian purchaser, the number and type of securities purchased and the total purchase price paid
in respect of the securities, (ii) that this information is being collected indirectly by the OSC under the authority granted to it in
securities legislation, (iii) that this information is being collected for the purposes of the administration and enforcement of the
securities legislation of Ontario, and (iv) that the title, business address and business telephone number of the public official in
Ontario who can answer questions about the OSC's indirect collection of the information is the Administrative Assistant to the
Director of Corporate Finance, the Ontario Securities Commission, Suite 1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8,
Telephone: (416) 593-8086, Facsimile: (416) 593-8252.
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Notice
to Prospective Investors in Hong Kong
The
units may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer
to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to "professional investors"
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other
circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap.
32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units may be issued or may be in the possession of
any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which
are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with
respect to units which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors"
within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.
The
contents of this document have not been reviewed by any regulatory authority in Hong Kong. You are advised to exercise caution in relation
to the offer. If you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
Notice
to Prospective Investors in Singapore
This
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and any other
document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units may not be circulated
or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly
or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act,
Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section
275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance
with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the
SFA.
Where
the units are subscribed or purchased under Section 275 of the SFA by a relevant person which is:
●
shares,
    debentures and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust
    shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made
    under Section 275 of the SFA except:
●
to
    an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of the
    SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and debentures of that corporation
    or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in a foreign
    currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets, and further
    for corporations, in accordance with the conditions specified in Section 275 of the SFA;
●
where
    no consideration is or will be given for the transfer; or
●
where
    the transfer is by operation of law.
Notification
under Section 309B(1)(c) of the Securities and Futures Act:
Solely for the purposes of its obligations pursuant to sections 309B(1)(a)
and 309B(1)(c) of the Securities and Futures Act and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore
(the "CMP Regulations 2018"), the Issuer has determined, and hereby notifies all relevant persons (as defined in Section
309A of the SFA) that the notes are (A) prescribed capital markets products (as defined in the CMP Regulations 2018) and (B) Excluded
Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on
Recommendations on Investment Products).
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Notice
to Prospective Investors in Switzerland
The
units may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange, or SIX, or on any other stock exchange
or regulated trading facility in Switzerland. This prospectus has been prepared without regard to the disclosure standards for issuance
prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under
art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated trading facility in Switzerland. Neither
this prospectus nor any other offering or marketing material relating to the units or the offering may be publicly distributed or otherwise
made publicly available in Switzerland.
Neither
this prospectus nor any other offering or marketing material relating to the offering, the company or the securities have been or will
be filed with or approved by any Swiss regulatory authority. In particular, this prospectus will not be filed with, and the offer of
securities will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA, or FINMA, and the offer of securities has
not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes, or CISA. The investor protection afforded
to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of units.
Notice
to Prospective Investors in the Cayman Islands
We
are not licensed to conduct investment business in the Cayman Islands by the Cayman Islands Monetary Authority and this prospectus does
not constitute an offer to members of the public of our units, whether by way of sale or subscription, in the Cayman Islands. Our units
have not been offered or sold, will not be offered or sold and no invitation to subscribe for our Units will be made, directly or indirectly,
to members of the public in the Cayman Islands.
Notice
to Prospective Investors in Italy
This
prospectus has not been submitted to the Commissione Nazionale per le Società e la Borsa, the Italian Securities Exchange Commission
("CONSOB"), for clearance and will not be subject to formal review or clearance by CONSOB.
Accordingly,
the Units may not be offered, and copies of this prospectus or any other document relating to the shares may not be distributed in Italy
except:
(a)
to
    "qualified investors" (investitori qualificati), as defined pursuant to Article 34-ter, first paragraph, letter b), of
    CONSOB regulation No. 11971 of May 14, 1999, as amended, concerning issuers ("Regulation No. 11971"), but excluding (i)
    small and medium enterprises and natural persons indicated in Regulation No. 11971 that have not been included in the register of
    qualified investors, (ii) management companies and financial intermediaries authorized to manage individual portfolios on behalf
    of third parties and (iii) fiduciary companies managing portfolio investments regulated by Article 60, paragraph 4 of Legislative
    Decree No. 415 of July 23, 1996; or
(b)
in
    other circumstances that are exempt from the rules on public offers pursuant to Article 100 of the Legislative Decree No. 58 of February
    24, 1998, as amended (the "Italian Financial Act"), and its implementing CONSOB regulations, including Regulation No.
    11971.
Any
such offer, sale or delivery of the Units offered hereby or distribution of copies of this Prospectus, or any other document relating
to the offering in the Republic of Italy must be in compliance with the selling restrictions under
(i)
made
    by soggetti abilitati (including investment firms (imprese di investimento), banks or financial intermediaries, as defined by Article
    1, first paragraph, letter r), of the Italian Financial Act), to the extent duly authorized to engage in the offering and/or underwriting
    and/or purchase of financial instruments in the Republic of Italy in accordance with the relevant provisions of the Italian Financial
    Act, CONSOB Regulation 16190 of October 29, 2007, as amended, Legislative Decree No. 385 of September 1, 1993, as amended (the "Italian
    Banking Act") and any other applicable laws and regulations; and
(ii)
in
    compliance with any other applicable requirements or limitations which may be imposed by CONSOB, the Bank of Italy or any other Italian
    regulatory authority.
Any
investor purchasing the Units offered hereby is solely responsible for ensuring that any offer or resale of the shares it purchased occurs
in compliance with applicable laws and regulations.
In
accordance with Article 100-bis of the Italian Financial Act, the subsequent resale on the secondary market in the Republic of Italy
of the Units offered hereby (which were part of an offer made pursuant to an exemption from the obligation to publish a prospectus) constitutes
a distinct and autonomous offer that must be made in compliance with the public offer and prospectus requirement rules provided under
the Italian Financial Act and the Regulation No. 11971 unless an exemption applies. Failure to comply with such rules may result in the
subsequent resale of such shares being declared null and void and the intermediary transferring the shares may be liable for any damage
suffered by the investors.
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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 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. Mayer Brown is acting
as counsel for the underwriters in this offering.
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EXPERTS
The
financial statements of Heroic Empire Acquisition Limited as of December 31, 2021 and for the period from August 20, 2021 (inception)
through December 31, 2021 appearing in this prospectus have been audited by Friedman 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 Heroic
Empire Acquisition Limited 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.
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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.
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Heroic
Empire ACQUISITION LIMITED
INDEX
TO FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
F-2
Balance Sheet
F-3
Statement of Operations
F-4
Statement of Changes in Shareholders' Deficit
F-5
Statement of Cash Flows
F-6
Notes to Financial Statements
F-7
F-
1
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
To the Board of Directors and Shareholders of
Heroic Empire Acquisition Limited
Opinion on the Financial Statements
We have audited the accompanying balance sheet
of Heroic Empire Acquisition Limited (the "Company") as of December 31, 2021 and the related statements of operations, changes
in shareholders' equity and cash flows for the period from August 20, 2021 (inception) through December 31, 2021 and the related
notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly,
in all material respects, the financial position of the Company as of December 31, 2021 and the results of its operations and its cash
flows for the period from August 20, 2021 (inception) through December 31, 2021, in conformity with accounting principles generally accepted
in the United States of America.
Explanatory Paragraph — Going Concern
The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, its business
plan is dependent on the completion of a financing and the Company's cash and working capital as of December 31, 2021 are not sufficient
to complete its planned activities. These conditions raise substantial doubt about the Company's ability to continue as a going
concern. Management's plans in regard to these matters are also described in Notes 1 and 3. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility
of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our
audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB")
and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the
standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding
of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the 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/ Friedman LLP
Friedman LLP
We have served as the Company's auditor
since 2021.
New York, New York
February 25, 2022
F-
2
HEROIC
EMPIRE ACQUISITION LIMITED
BALANCE
SHEET
AS
OF DECEMBER 31, 2021
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
ASSETS
Deferred offering costs
$
65,500
TOTAL ASSETS
$
65,500
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Advances from a related party
$
49,362
Total Current Liabilities
49,362
TOTAL LIABILITIES
49,362
Commitments and Contingencies
Shareholders' Equity:
Ordinary shares, $0.0001 par
    value; 50,000,000 shares authorized; no shares issued and outstanding; 2,156,250 shares issued and outstanding
(1)
216
Additional paid-in capital
24,784
Accumulated deficit
(8,862
)
Total Shareholders' Equity
16,138
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
$
65,500
(1)
Includes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters' over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.
See
accompanying notes to financial statements.
F-
3
HEROIC
EMPIRE ACQUISITION LIMITED
FOR
THE PERIOD FROM AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021
STATEMENT
OF OPERATIONS
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Formation and operating costs
$
(8,862
)
NET LOSS
$
(8,862
)
Basic and diluted weighted average shares outstanding
(1)
1,875,000
Basic and diluted net loss per share
$
(0.00
)
(1)
Excludes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters' over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.
F-
4
HEROIC
EMPIRE ACQUISITION LIMITED
STATEMENT
OF CHANGES IN SHAREHOLDERS' EQUITY
FOR
THE PERIOD FROM AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021
(Currency
expressed in United States Dollars ("US$"), except for number of shares)
Ordinary shares
Additional
Total
No. of shares
Amount
paid-in capital
Accumulated deficit
shareholders' equity
Issuance of ordinary shares to founder
(1)
2,156,250
$
216
$
24,784
$
-
$
25,000
Net loss for the period
-
-
(8,862
)
(8,862
)
Balance as of December 31, 2021
2,156,250
$
216
$
24,784
$
(8,862
)
$
16,138
(1)
Includes
    up to an aggregate of 281,250 ordinary shares subject to forfeiture to the extent that the underwriters' over-allotment option
    is not exercised in full or in part. Shares and per share data are presented on a retroactive basis to reflect the recapitalization
    on January 27, 2022.
F-
5
HEROIC
EMPIRE ACQUISITION LIMITED
STATEMENT
OF CASH FLOWS FOR THE PERIOD
FROM
AUGUST 20, 2021 (INCEPTION) TO DECEMBER 31, 2021
(Currency
expressed in United States Dollars ("US$"))
Cash flows from operating activities:
Net loss
$
(8,862
)
Change in operating assets and liabilities:
Net cash used in operating activities
(8,862
)
Cash flows from financing activities:
Advance from related party
8,862
Net cash provided by financing activities
8,862
NET CHANGE IN CASH
-
CASH, BEGINNING OF PERIOD
-
CASH, END OF PERIOD
$
-
Non-cash investing and financing activities
Deferred offering costs paid by a related party
$
65,500
Capital contribution paid to deferred offering cost
$
25,000
See
accompanying notes to financial statements.
F-
6
NOTE
1 - ORGANIZATION AND BUSINESS BACKGROUND
Heroic
Empire Acquisition Limited (the "Company" or "we", "us" and "our") is a blank check company incorporated on August 20, 2021, under the laws of the Cayman Islands for the purpose of acquiring, engaging in a
share exchange, share reconstruction and amalgamation, purchasing all or substantially all of the assets of, entering into contractual
arrangements, or engaging in any other similar business combination with one or more businesses or entities (Business Combination").
Although the Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination.
As
of December 31, 2021, the Company had not commenced any operations. All activity through December 31, 2021 relates 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 7,500,000 units ("Units") (or 8,625,000 Units if the underwriters' 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 450,000 Units at a price
of $10.00 per Unit in a private placement to Luminous Success LLC (the "Sponsor") (or 495,000 Units if the overallotment
is exercised in full) to the Sponsors (the "Private Units").
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 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
$10.20 per Unit sold in the Proposed Public Offering, including the proceeds of the sale of the Private Warrant, will be held in a trust
account ("Trust Account") and invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of
the Investment Company Act, with a maturity of 180 days or less, or in any open-ended investment company that holds itself out as a money
market fund meeting the conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i)
the consummation of a Business Combination or (ii) the distribution of the funds in the Trust Account 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 $10.20 per share, plus any pro rata interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its tax obligations). The per-share amount to be distributed
to shareholders who redeem their shares will not be reduced by the deferred underwriting commissions the Company will pay to the underwriters
(as discussed in Note 6). There will be no redemption rights upon the completion of a Business Combination with respect to the Company's
warrants. The 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 Accounting Standards Codification ("ASC") Topic 480 "
Distinguishing
Liabilities from Equity.
"
The
Company will proceed with a Business Combination if the Company has net tangible assets of at least $5,000,001 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.
F-
7
The
Company's initial shareholders (the "initial shareholders") have agreed (a) to vote their founder shares, the ordinary
shares included in the Private Units (the "Private 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 unless the Company provides
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 founder shares and Private Units (including underlying securities) (as well
as any Public Shares purchased during or after the Proposed Public Offering) into the right to receive 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 Units (including underlying securities) 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 18 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 18 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 27 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 initial shareholders
or their affiliates or designees must deposit into the Trust Account $750,000 or, $862,500 if the underwriters' over-allotment
option is exercised in full ($0.10 per share in either case), on or prior to the applicable deadline.
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 underwriters have 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 $10.20.
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 $10.20 per share (whether or not the underwriters' 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 underwriters 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.
F-
8
Going
Concern Consideration
At
December 31, 2021, the Company had cash balance of $0, working capital deficit of $49,362 and a net loss of $8,862 for the period from
August 20, 2021 (inception) to December 31, 2021. 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 December 31, 2021, the Sponsor agreed to loan
the Company up to an aggregate amount of $500,000 to be used, in part, for transaction costs incurred in connection with the Proposed
Public Offering. The 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").
●
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.
F-
9
●
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 Public
Offering. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs, as well as additional expenses incurred,
will be charged to operations.
●
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 December 31, 2021. 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 periods 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 Financial Accounting Standards Board ("FASB") Accounting Standards
Codification ("ASC") 480,
Distinguishing Liabilities from Equity
("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.
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.
●
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 281,250 ordinary shares
that are subject to forfeiture if the over-allotment option is not exercised by the underwriters (see Note 6). At December 31, 2021,
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
periods presented.
F-
10
●
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.
●
Concentration
    of credit risk
Financial
instruments that potentially subject the Company to concentration of credit risk consist of a cash account in a financial institution.
The Company has not experienced losses on this account and management believes the Company is not exposed to significant risks on such
account.
●
Fair
    value of financial instruments
The
fair value of the Company's assets and liabilities, which qualify as financial instruments under ASC Topic 820, "
Fair
Value Measurement
," approximates the carrying amounts represented in the accompanying balance sheets, primarily due to their
short-term nature.
●
Recent
    accounting pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company's financial statements.
NOTE
3 – PROPOSED PUBLIC OFFERING
The
Proposed Public Offering calls for the Company to offer for sale up to 7,500,000 Units at a proposed public offering price of $10.00
per Unit (plus up to an additional 1,125,000 units to cover over-allotments, if any). Each Unit will consist of one ordinary share and
one half (1/2) warrant ("Public Warrant"). Each whole Public Warrant will entitle the holder to purchase one ordinary share
at an exercise price of $11.50 per whole share.
NOTE
4 – PRIVATE PLACEMENT
The
Sponsor will agree to purchase an aggregate of 450,000 private units (or 495,000 Private Units if the underwriters' over-allotment
is exercised in full) at $10.00 per Private Unit (for a total purchase price of $4,500,000 or $4,950,000 in the aggregate if the underwriters'
over-allotment is exercised in full), in each case, in a private placement that will occur simultaneously with the closing of the Proposed
Public Offering). Each Private Unit consists of one Private Share and one half (1/2) redeemable warrant (each, a "Private Warrant").
Each whole Private Warrant is exercisable to purchase one ordinary share at a price of $11.50 per share. However, the Private Warrants
may only be exercised for a whole number of shares, meaning that the Private Warrants must be exercised in multiples of two.
NOTE
5 – RELATED PARTY TRANSACTIONS
Founder
Shares
In
September 2021, we issued 10,000 insider shares to Hao Liu for a purchase price of $1.00, or approximately $0.0001 per share. On October 29, 2021, Hao Liu transferred 10,000 insider shares to our sponsor and on the same day, we issued an additional 1,427,500 insider shares
to our sponsor for a purchase price of $24,999, or approximately $0.02 per share. In November 2021, our sponsor transferred an aggregate
of 110,000 insider shares to certain directors and officers of our Company, at a price of approximately $0.02 per share, which is identical to the
original price. In January 2022, we issued additional 718,750 additional
insider shares as bonus shares on a pro rata basis to our shareholders, and all shareholders (except for the sponsor) in turn transferred
the bonus shares that they received to our sponsor
, resulting in an aggregate of 2,162,500
ordinary shares issued and outstanding,
including
an aggregate of up to 281,250 shares subject to forfeiture by the Sponsor to the extent that the underwriters' over-allotment is
not exercised in full or in part, so that the Sponsor will collectively own 25% 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)
(see Note 6) for an aggregate purchase price of $25,000.
F-
11
Promissory
Note — Related Party
On September 23,
2021
, the Company issued an unsecured promissory note
to the Sponsor, pursuant to which the Company may borrow up to an aggregate principal amount of $500,000 (the "Promissory Note").
The Promissory Note is non-interest bearing and repayable no later than the date of the consummation of our initial business combination, amount up to $500,000 may be converted
into private units at a price of $10.00 per unit.
As
of December 31, 2021, the principal amount due and owing under the Promissory Note was $49,362.
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.
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 make working capital loans to the Company 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 $500,000 converted upon consummation of our business combination into additional
private units at a price of $10.00 per unit.
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 December 31, 2021, 2,156,250 Ordinary Shares were issued and outstanding (reflecting the recapitalization on January 27,
2022), of which 281,250 ordinary shares are subject to forfeiture to the extent that the underwriters' over-allotment option
is not exercised in full, so that the initial shareholders will own 20% of the issued and outstanding shares after the Proposed Public
Offering (excluding the sale of the Private Units and assuming the initial shareholders do not purchase any Units in the Proposed Public
Offering).
Warrants
— Each holder of a warrant shall entitle to purchase one ordinary share at a price of $11.50 per share. 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 Public 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.
F-
12
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.
The
Private Warrants are identical to the Public Warrants underlying the Units being sold in the Proposed Public Offering. Additionally,
the Private Warrants will be exercisable on a cashless basis and be non-redeemable so long as they are held by the initial purchasers
or their permitted transferees.
The
Company assessed the key terms applicable to the Public Warrants as well as the Private Warrants and believes the Public Warrants and
Private Warrants, if were issued, should be classified as equity in accordance with ASC 480 and 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.
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13
Underwriter
Agreement
The
Company will grant the underwriters a 45-day option to purchase up to 1,125,000 Units (over and above 7,500,000 units referred to above)
solely to cover over-allotments at the Proposed Public Offering price, less the underwriting discounts and commissions.
The
underwriters will be entitled to a cash underwriting discount of 5.5% of the gross proceeds of the Proposed Public Offering, of which
3.5% will be paid at the closing of the Proposed Public Offering and the balance will be deferred 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 February 25, 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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14
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.
$75,000,000
Heroic
Empire Acquisition Limited
7,500,000
Units
PROSPECTUS
EF
HUTTON
division
of Benchmark Investments, LLC
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
$
41,500
(1)
SEC Registration Fee
12,593
FINRA filing fee
20,877
Accounting fees and expenses
120,000
Nasdaq listing fees
5,000
Printing and engraving expenses
35,000
D&O insurance fee
300,000
Legal fees and expenses
250,000
Miscellaneous
115,030
(2)
Total
$
900,000
(1)
In
    addition to the initial acceptance fee that is charged by Continental Stock Transfer & Trust Company, as trustee, the registrant
    will be required to pay to Continental Stock Transfer & Trust Company $45,000 for acting as trustee, as transfer agent of the
    registrant's ordinary shares, as warrant agent for the registrant's warrants, and as escrow agent.
(2)
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:
●
As
    of January 31, 2022, an aggregate of 2,156,250 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 450,000 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 underwriters
in full or in part, they will purchase from the Company at a price of $10.00 per private unit up to an additional 45,000 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.
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 and Underwriters.
10.5
Form of Subscription Agreement among the Registrant and the Initial Shareholders.
10.6
Form of Administrative Support Agreement by and between the Registration and Luminous Success LLC.
14
Form of Code of Ethics.
23.1
Consent of Friedman 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
Calculation of Registration Fee
* To be filed with
an amendment.
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;
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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.
(6)
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)
    (ii)
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.
(h)
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.
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(i)
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 Hong Kong SAR, China, on the 25th day of February, 2022.
HEROIC
    EMPIRE ACQUISITION LIMITED
By:
/s/
    William Wai-Lun Ip
Name:
William
    Wai-Lun Ip
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/
    William Wai-Lun Ip
Chief
    Executive Officer
February
    25,
2022
William
    Wai-Lun Ip
(Principal
    executive officer) and Director
/s/
Satoshi Tominaga
Chief
    Financial Officer
February
    25,
2022
Satoshi
    Tominaga
(Principal
    financial and accounting officer)
/s/
Gable F. Gao
Independent
    Director
February
    25,
2022
Gable
    F. Gao
/s/
    Song Jing
Independent
    Director
February
    25,
2022
Song
Jing
/s/
Michael L. Coyne
Independent
    Director
February
    25,
2022
Michael
    L. Coyne
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AUTHORIZED
U.S. REPRESENTATIVE
Pursuant
to the Securities Act of 1933, as amended, the undersigned, the duly authorized representative in the United States of Heroic Empire
Acquisition Limited has signed this registration statement in the City of New York, on February 25, 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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