<SEC-DOCUMENT>0001104659-21-031530.txt : 20210303
<SEC-HEADER>0001104659-21-031530.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303165447
ACCESSION NUMBER:		0001104659-21-031530
CONFORMED SUBMISSION TYPE:	S-1/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Aldel Financial Inc.
		CENTRAL INDEX KEY:			0001840776
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		S-1/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-253166
		FILM NUMBER:		21709991

	BUSINESS ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
		BUSINESS PHONE:		8477916817

	MAIL ADDRESS:	
		STREET 1:		105 S MAPLE STREET
		CITY:			ITASCA
		STATE:			IL
		ZIP:			60143
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-1/A
<SEQUENCE>1
<FILENAME>tm213277-6_s1a.htm
<DESCRIPTION>S-1/A
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> <B>As filed with the U.S. Securities
and Exchange Commission on March 3, 2021.</B> </P>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No.&nbsp;333-253166</B></P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"> AMENDMENT NO. 2 </P>

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

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ALDEL FINANCIAL INC.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6770</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">86-1213144</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(State or other jurisdiction of</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Primary Standard Industrial</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(I.R.S. Employer</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>incorporation or organization)</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Classification Code Number)</I></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Identification Number)</I></FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">105 S. Maple Street<BR>
Itasca,&nbsp;Illinois 60143<BR>
Tel: (847) 791-6817</P>

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Hassan Baqar<BR>
105 S. Maple Street<BR>
Itasca,&nbsp;Illinois 60143<BR>
Tel: (847) 791-6817</P>

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

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Mitchell S. Nussbaum<BR>
Giovanni Caruso<BR>
Loeb&nbsp;&amp; Loeb LLP<BR>
345 Park Avenue<BR>
New York, New York 10154<BR>
Tel: (212) 407-4000</FONT></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Brad L. Shiffman<BR>
Yelena M. Barychev<BR>
Blank Rome LLP<BR>
405 Lexington Ave<BR>
New York, New York 10174<BR>
Tel: (212) 885-5003</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the securities being registered on this Form&nbsp;are
to be offered on a delayed or continuous basis pursuant to Rule&nbsp;415 under the Securities Act of 1933 check the following
box. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is filed to register additional securities
for an offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, please check the following box and list the Securities
Act registration statement number of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a post-effective amendment filed pursuant
to Rule&nbsp;462(c)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Form&nbsp;is a post-effective amendment filed pursuant
to Rule&nbsp;462(d)&nbsp;under the Securities Act, check the following box and list the Securities Act registration statement number
of the earlier effective registration statement for the same offering. <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Non-accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font-size: 10pt">Smaller reporting company <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Emerging growth company <FONT STYLE="font-family: Wingdings">x</FONT></FONT></TD></TR>
</TABLE>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Title of Each Class&nbsp;of Security Being Registered</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Amount<BR> Being<BR> Registered</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Proposed<BR>
 Maximum<BR>
 Offering Price<BR>
 per Security<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt">Proposed<BR>
 Maximum<BR>
 Aggregate<BR>
 Offering<BR>
 Price<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Amount of<BR>
 Registration<BR>
 Fee</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Units, each consisting of one share of Class&nbsp;A common stock, $0.0001 par value, and one-half of one redeemable warrant<SUP>(2)</SUP> </FONT></TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 12%; font-size: 10pt; text-align: center">23,000,000 Units</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">25,093</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Shares of Class&nbsp;A common stock included as part of the units<SUP>(3)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">23,000,000 Shares</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">Redeemable warrants included as part of the units<SUP>(3)</SUP>&nbsp;</FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-size: 10pt; text-align: center">11,500,000 Warrants</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>(4)</SUP></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">Total  </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">25,093</TD><TD STYLE="font-size: 10pt; text-align: left"><SUP>&nbsp;</SUP></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(1)</SUP>&nbsp;Estimated solely for the purpose of calculating the
registration fee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(2)</SUP>&nbsp;Includes 3,000,000 units, consisting of
3,000,000 shares of Class&nbsp;A common stock and 1,500,000 redeemable warrants, which may be issued upon exercise of a 45- day
option granted to the underwriters to cover over-allotments, if any.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(3)</SUP>&nbsp;Pursuant to Rule&nbsp;416, there are also
being registered an indeterminable number of additional securities as may be issued to prevent dilution resulting from stock splits,
stock dividends or similar transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>(4)</SUP>&nbsp;No fee pursuant to Rule&nbsp;457(g).</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: #D2232A"><FONT STYLE="color: Red"><B>The
information contained in this preliminary prospectus is not complete and may be changed. These securities may not be sold until
the registration statement filed with the Securities and Exchange Commission is effective. This preliminary prospectus is not
an offer to sell these securities and it 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">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; font-size: 10pt"><FONT STYLE="font-size: 10pt; color: red"><B>PRELIMINARY PROSPECTUS</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt; color: red"><B>SUBJECT TO COMPLETION</B></FONT></TD>
    <TD STYLE="width: 33%; font-size: 10pt; text-align: justify"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; color: red"><B>DATED MARCH 3, 2021</B></P></TD></TR>
</TABLE>

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">$200,000,000<BR>
20,000,000 Units&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 14pt">&nbsp;</FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 18pt">Aldel Financial Inc.</FONT>&nbsp;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Financial Inc. is a blank check company whose business
purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination
with one or more businesses, which we refer to as our initial business combination. We have not selected any specific business
combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly,
with any business combination target with respect to an initial business combination with us. Although we may acquire a business
in any industry, we intend to focus our search for a target business that is exiting the restructuring process or that has transient
(as defined herein) current ownership.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is an initial public offering of our securities. Each unit
has an offering price of $10.00 and consists of one share of Class&nbsp;A common stock and one-half of one redeemable warrant.
Each whole warrant entitles the holder thereof to purchase one share of Class&nbsp;A common stock at a price of $11.50 per share,
subject to adjustment as described herein. Only whole warrants are exercisable. No fractional warrants will be issued upon separation
of the units and only whole warrants will trade. The warrants will become exercisable on the later of 30 days after the completion
of our initial business combination and 12 months from the closing of this offering, and will expire five years (or ten years with
respect to the OTM Warrants (as defined below)) after the completion of our initial business combination or earlier upon redemption
or our liquidation, as described herein. The underwriters have a 45-day option from the date of this prospectus to purchase up
to 3,000,000 additional units to cover over-allotments, if any.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account described below as of
two business days prior to the consummation of our initial business combination, including interest earned on the funds held in
the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding shares of Class&nbsp;A
common stock that were sold as part of the units in this offering, which we refer to collectively as our public shares, subject
to the limitations and on the conditions described herein. If we are unable to complete our initial business combination within
24 months from the closing of this offering, we will 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
(which interest shall be net of taxes payable, and up to $100,000 of interest to pay dissolution expenses), divided by the number
of then outstanding public shares, subject to applicable law and certain conditions as further described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor has committed to purchase from us an aggregate of
(i)&nbsp;400,000 units (the &ldquo;private units&rdquo;) at a price of $10.00 per unit, with each unit consisting of one share
of Class&nbsp;A common stock (the &ldquo;private shares&rdquo;) and one-half of one warrant (each whole warrant, a &ldquo;private
warrant&rdquo;) to purchase one share of Class&nbsp;A common stock at an exercise price of $11.50 per share by exercising a whole
private warrant, and (ii)&nbsp;our sponsor and FG SPAC Partners LP, an affiliate of certain of our directors, have committed to
purchase an aggregate of 1,300,000 warrants (&ldquo;OTM Warrants&rdquo; and, together with the private units, the &ldquo;private
placement securities&rdquo;) at a price of $0.10 per warrant, each exercisable to purchase one share of Class&nbsp;A common stock
at $15.00 per share, for an aggregate purchase price of $130,000. These purchases will take place on a private placement basis
simultaneously with the consummation of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders currently own an aggregate of 5,750,000
shares of Class&nbsp;B common stock (up to 750,000 shares of which are subject to forfeiture depending on the extent to which the
underwriters&rsquo; over-allotment option is exercised), which will automatically convert into shares of Class&nbsp;A common stock
concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject
to the adjustments described herein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this offering, Aldel Capital LLC, or
any of its affiliates, agreed to enter into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or
any of its affiliates, shall purchase from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent
securities of any successor entity) (the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share,
or an aggregate purchase price of $20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will
close simultaneously with the closing of the business combination. The Maximum FPS Commitment (and the corresponding number of
Maximum Shares) shall be reduced on a dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their
discretion, to (i) purchase Common Stock in open market purchases following the IPO, and/or (ii) invest in the target company
prior to the closing of the business combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to
the nearest integral multiple of $10.00. For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in
aggregate, and in accordance with the foregoing terms, invested an amount equal to the Maximum FPS Commitment upon consummation
of the business combination, regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public stockholders
in connection with our initial business combination. Aldel Capital LLC will be restricted from making purchases if it is in possession
of any material nonpublic information not disclosed to the public or if such purchases are prohibited by Regulation M under the
Securities Exchange Act of 1934, as amended.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Currently, there is no public market for our units, Class&nbsp;A
common stock or warrants. We have applied to have our units listed on the New York Stock Exchange, or the NYSE, under the symbol
 &ldquo;ADF.U&rdquo; on or promptly after the date of this prospectus. We cannot guarantee that our securities will be approved
for listing on the NYSE. We expect the shares of Class&nbsp;A common stock and warrants comprising the units to begin separate
trading on the 52nd day following the date of this prospectus unless ThinkEquity, a division of Fordham Financial Management,&nbsp;Inc.,
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, we expect that the Class&nbsp;A common stock and warrants will be listed on the NYSE
under the symbols &ldquo;ADF&rdquo; and &ldquo;ADF WS,&rdquo; respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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;<I>Risk Factors</I>&rdquo; beginning on page 36 for a discussion of information that
should be considered in connection with an investment in our securities. Investors will not be entitled to protections normally
afforded to investors in Rule&nbsp;419 blank check offerings.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</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="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Per Unit</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt; width: 74%; font-size: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Initial public offering price</P></TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="padding-bottom: 1pt; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt"><FONT STYLE="font-size: 10pt">Underwriting discounts and commissions<SUP>(1)</SUP>&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.05</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proceeds to us, before expenses</P></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9.95</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">199,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD>In addition to the cash compensation set forth herein, we have agreed to issue to the underwriters 100,000 units, or up to
115,000 units if the underwriters&rsquo; over-allotment option is exercised in full, each consisting of one share of common stock
and one-half of one redeemable warrant (the &ldquo;Underwriter Units&rdquo;), in a private placement to be completed concurrently
with the consummation of this offering. Except with respect to certain registration rights and transfer restrictions, the Underwriter
Units will be identical to the public units sold in 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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of the proceeds we receive from this offering and the sale of
the private placement securities described in this prospectus, $200.0 million, or $230.0 million if the underwriters&rsquo; over-allotment
option is exercised in full (approximately $10.00 per unit in each case), will be deposited into a trust account in the United
States with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee, after deducting $1,000,000 in underwriting commissions
payable upon the closing of this offering and an aggregate of $3,130,000 to pay fees and expenses in connection with the closing
of this offering and for working capital following the closing of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">The underwriters are offering
the units for sale on a firm commitment basis. The underwriters expect to deliver the units to the purchasers on or about</FONT>&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">,
2021.</FONT></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a division of Fordham Financial Management,&nbsp;Inc.</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus is&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2021&nbsp;</P>


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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; width: 88%"><A HREF="#a_001">SUMMARY</A></TD><TD STYLE="font-size: 10pt; width: 1%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; width: 10%; text-align: right"><A HREF="#a_001">1</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_002">GENERAL</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_002">3</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_003">BUSINESS STRATEGY</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_003">3</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_004">OUR MANAGEMENT TEAM</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_004">4</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_005">BUSINESS COMBINATION CRITERIA</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_005">10</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_006">INITIAL BUSINESS COMBINATION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_006">11</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_007">SOURCING OF POTENTIAL INITIAL BUSINESS COMBINATION TARGETS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_007">12</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_008">CORPORATE INFORMATION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_008">14</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_009">THE OFFERING</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_009">15</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_010">RISKS</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_010">34</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_011">SUMMARY FINANCIAL DATA</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_011">35</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_012">RISK FACTORS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_012">36</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_013">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_013">81</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_014">USE OF PROCEEDS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_014">82</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_015">DIVIDEND POLICY</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_015">86</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_016">DILUTION</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_016">87</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_017">CAPITALIZATION</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_017">89</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_018">MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_018">90</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_019">PROPOSED BUSINESS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_019">97</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_020">MANAGEMENT</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_020">132</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_021">PRINCIPAL STOCKHOLDERS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_021">147</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_022">CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_022">152</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_023">DESCRIPTION OF SECURITIES</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_023">155</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_024">U.S. FEDERAL INCOME TAX CONSIDERATIONS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_024">178</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_025">UNDERWRITING</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_025">189</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_026">LEGAL MATTERS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_026">197</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt"><A HREF="#a_027">EXPERTS</A></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right"><A HREF="#a_027">197</A></TD>
    </TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_028">WHERE YOU CAN FIND ADDITIONAL INFORMATION</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_028">197</A></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -0.5in; padding-left: 0.5in"><A HREF="#a_029">INDEX TO FINANCIAL STATEMENTS</A></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_029">F-1</A></TD></TR>
</TABLE>


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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus contains references to trademarks and service
marks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this prospectus may appear
without the <SUP>&reg;</SUP> or <SUP>TM</SUP> symbols, but such references are not intended to indicate, in any way, that the applicable
licensor will not assert, to the fullest extent under applicable law, its rights to these trademarks and trade names. We do not
intend our use or display of other companies&rsquo; trade names, trademarks or service marks to imply a relationship with, or endorsement
or sponsorship of us by, any other companies.</P>

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




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

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

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

<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;company&rdquo; or &ldquo;our company&rdquo; are to Aldel Financial Inc., a Delaware
corporation;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;common stock&rdquo; are to our Class&nbsp;A common stock and our Class&nbsp;B common stock;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;DGCL&rdquo; are to the Delaware General Corporation Law as the same may be amended from time to time;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;directors&rdquo; are to our current directors and director nominees;</I></TD></TR></TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt"><I>&ldquo;forward purchase agreement&rdquo; are to the agreement
    providing that Aldel Capital LLC, an entity controlled by Robert I. Kauffman, our Chairman and Chief Executive Officer, or
    any other of its affiliates shall purchase from the Company up to a maximum of 2 million Class A shares of Common Stock (or
    the equivalent securities of any successor entity) (the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward
    purchase share, or an aggregate purchase price of $20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private
    placement that will close simultaneously with the closing of the business combination. The Maximum FPS Commitment (and the
    corresponding number of Maximum Shares) shall be reduced on a dollar-for-dollar basis in the amount used by Aldel Capital
    LLC and its affiliates, at their discretion, to (i) purchase Common Stock in open market purchases following the IPO, and/or
    (ii) invest in the target company prior to the closing of the business combination in cash. For the avoidance of doubt, Aldel
    Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing terms, invested an amount
    equal to the Maximum FPS Commitment upon consummation of the business combination;</I></FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;forward purchase shares&rdquo; are to the shares of Class&nbsp;A common stock to be purchased pursuant to the forward
purchase agreement;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I><I>&ldquo;founder shares&rdquo; are to shares of our common
stock initially purchased by our sponsor and FG SPAC Partners LP, an affiliate of certain of our directors, in a private placement,
and which will be converted into shares of Class&nbsp;B common stock prior to the closing of this offering. The shares of Class&nbsp;B
common stock to be issued upon the conversion of the common stock and the shares of Class&nbsp;A common stock that will be issued
upon the automatic conversion of the shares of Class&nbsp;B common stock at the time of our initial business combination, as described
herein, are also referred to as founder shares;</I></I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;initial stockholders&rdquo; are to holders of our founder shares prior to this offering;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;management&rdquo; or our &ldquo;management team&rdquo; are to our executive officers, directors and our senior advisor;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;OTM Warrants&rdquo; are to 1,300,000 warrants issued at a price of $0.10 per warrant, each exercisable to purchase
one share of Class&nbsp;A common stock at $15.00 per share;</I></TD></TR></TABLE>

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

</DIV>

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private placement&rdquo; are to the private placement to our sponsor and FG SPAC Partners LP (and/or their designees)
of the private units and OTM Warrants that will occur simultaneously with this offering;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private placement securities&rdquo; are to the private units (including the underlying private shares and private
warrants) and the OTM Warrants (including the underlying Class&nbsp;A shares) underlying securities;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private placement warrants&rdquo; are to the private warrants and the OTM Warrants issued to our sponsor and FG SPAC
Partners LP (and/or their designees) in a private placement simultaneously with the closing of this offering;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private shares&rdquo; are to the shares of Class&nbsp;A common stock sold as part of the private units;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private units&rdquo; are to the units issued to our sponsor (and/or its designees) in a
private placement simultaneously closing with the closing of this offering, with each private unit consisting of one private share
and one-half of one private warrant;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;private warrants&rdquo; are to the warrants sold as part of the private units;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;public shares&rdquo; are to shares of Class&nbsp;A common stock sold as part of the units in this offering (whether
they are purchased in this offering or thereafter in the open market);</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;public stockholders&rdquo; are to the holders of our public shares, including our initial stockholders and management
team to the extent our initial stockholders and/or members of our management team purchase public shares, provided that each initial
stockholder&rsquo;s and member of our management team&rsquo;s status as a &ldquo;public stockholder&rdquo; will only exist with
respect to such public shares;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;sponsor&rdquo; are to Aldel Investors LLC, a Delaware limited liability company;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I><I>&ldquo;transient,&rdquo; with respect to the current ownership
of a target company, means ownership by institutional investors that take small positions in the firms they hold and have high
portfolio turnover and no plans to hold the investment for the long-term;</I></I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;Underwriter Shares&rdquo; are to the shares of Class&nbsp;A common stock issued as part of the Underwriter Units;</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;Underwriter Warrants&rdquo; are to the warrants issued as part of the Underwriter Units; and</I></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><I>&ldquo;Underwriter Units&rdquo; are to the units issued to ThinkEquity, a division of Fordham Financial Management,&nbsp;Inc.,
the representative of the underwriters of this offering, in a private placement simultaneously with the closing of this offering.</I></TD></TR></TABLE>

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

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

</DIV>

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




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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we may pursue an acquisition in any business industry
or sector, we intend to concentrate our efforts on identifying a target business that is exiting the restructuring process or
that has transient current ownership, with particular emphasis on businesses that have strong management teams, realigned capital
structures, positive cash flows prospects, and a clear and well-defined pathway for growing profitably over the long-term. In addition,
we intend to capitalize on the ability of our management team to identify, acquire, and manage a business that is exiting the restructuring
process or that has transient current ownership, and which can benefit from their experience and differentiated global network.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our team, led by Robert I. Kauffman, our Chairman and Chief
Executive Officer, has decades of experience in identifying attractive risk adjusted return investments, often created by temporary
market disruptions or sector specific changes that require adjustments to business operations or capital structures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our strategy is to identify a business combination that we believe
can benefit from our experience and strategic guidance, and thus create long term value for our shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Covid-19 pandemic has significantly impacted the global
economy and the resulting disruption has created a large number of opportunities. Social distancing and stay-at-home orders have
impacted businesses. Additionally, the unprecedented fiscal and monetary interventions in response to the crisis have provided
needed stimulus and liquidity to the markets, but have also created distortions. We believe the current situation is evolving from
a &lsquo;liquidity phase&rsquo; to a &lsquo;solvency phase&rsquo;, as many businesses have been able to borrow to cover short term
cash flow shortfalls, but still face substantial revenue reductions or significant operational issues.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, business restructurings have increased and we expect
this trend to continue. We believe opportunities exist to target and combine with high-quality businesses that (a)&nbsp;have emerged
or are emerging from a restructuring process and are seeking a shareholder base that supports long term growth or (b)&nbsp;have
current ownership that is otherwise in transition or desires liquidity. It is essential to our strategy that the target would benefit
from becoming a stock exchange listed public company with access to capital markets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, not all companies that enter a restructuring process
have long-term structural issues. We believe that many of these companies may have fundamentally sound business models but are
in distress as a result of a mismatch of their capital structures to the revenue interruption due to the public health driven economic
contraction. Fundamentally strong companies with new capital structures and refocused business plans should be well positioned
to thrive as they emerge from the restructuring process and as Covid-19 related economic conditions subside. We seek to partner
with restructuring process participants that seek to exit part or all of their ownership in a restructured company. These participants
include distressed loan focused funds that guide businesses through the restructuring process, banks or other lenders that do not
wish to own long term equity ownership positions in a restructured company, and large enterprises that are spinning off businesses
as a result of restructuring. Our management team and board of directors have deep experience in working with these types of investors,
which we believe provides us a competitive advantage.</P>

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

</DIV>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market for companies exiting the restructuring process is
inefficient, in our opinion. The size of the potential market is large compared to the number of active participants, creating
a potentially fertile market for investors. Companies exiting the restructuring process often have new capital structures, have
gone through operational and management team changes and have implemented a refined business plan and strategy. In addition, many
of these companies are middle market in size. Private middle market companies that are emerging from a restructuring process can
be difficult to value. We believe the extensive background of our management team and board of directors, which covers many aspects
of mergers and acquisitions, bank and securitized debt financing markets as well as executing initial public offerings and other
equity capital markets activities, will provide us with significant execution capabilities. Additionally, we will seek to partner
with or bring in industry specific experts to assist and guide our target company to achieve their long-term growth plans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we will not limit our search to any particular business
segment, we will concentrate our focus on companies exiting the restructuring process, or businesses that have transient current
ownership. We will target companies that have strong management teams, realigned capital structures, positive cash flows prospects,
and a clear and well-defined pathway for growing profitably over the long-term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will utilize the extensive network of our management team
and board of directors to help source and evaluate target merger ideas. Their expertise ranges from banking, financial services,
real estate and asset-based finance, as well as venture capital and growth equity investing. We believe our team has the ability
to cultivate access to a broad spectrum of opportunities. In addition, we anticipate target business candidates will be brought
to our attention from unaffiliated sources including investment market participants, private equity funds, and other large business
enterprises seeking to divest non-core assets or divisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_004"></A><B>OUR MANAGEMENT TEAM</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to capitalize on the restructuring experience and
contacts of the members of our management team. Our management team is comprised of finance, technology and investment and merchant
banking leaders with senior level, multi-national operational and transactional experience drawn from top global institutions,
including Fortress Investment Group LLC, UBS (NYSE: UBS), BlackRock (NYSE: BLK), and T. Rowe Price (Nasdaq: TROW). Furthermore,
the members of our management have a variety of experience and expertise in distressed debt, mergers and acquisitions, bank and
securitized debt financing markets, executing initial public offerings and other equity capital markets activities, asset management,
financial product development, insurance, real estate as well as experience as investors and entrepreneurs. We have completed numerous
restructuring, going-public, mergers and acquisitions and financing transactions with billions of dollars of deal value. Our management
team also has extensive experience in operating public and private financial services companies, serving on both public and private
company boards of directors, including financial institutions, insurance, and technology companies, strong knowledge and experience
in financial, legal and regulatory matters, initial public offerings and private equity and venture capital.</P>

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

</DIV>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to capitalize on the significant contacts and
experience of our management team, including Rob I. Kauffman, our Chairman and Chief Executive Officer, D. Kyle Cerminara,
Martin S. Friedman, Mark H. Love and Charles E. Nearburg, members of our board of directors, Hassan Baqar, our Chief
Financial Officer, and Larry Swets,&nbsp;Jr., a senior advisor of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that these networks of contacts and relationships
will provide us with an important source of potential initial business combination targets. In addition, we anticipate that target
business candidates may be brought to our attention from various unaffiliated sources, including investment market participants,
private equity groups, investment banking firms, consultants, accounting firms and large business enterprises. Upon closing of
this offering, members of our management team will communicate with these networks of relationships to articulate the parameters
for our search for a target business and a potential business combination and begin the process of pursuing and reviewing promising
leads.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert I. Kauffman</B> has served as Chief Executive Officer
since January&nbsp;2021. Mr. Kauffman will serve as the Chairman of the board of directors upon the closing of this offering. Mr.&nbsp;Kauffman
was a co-founder, principal and member of the board of directors of Fortress Investment Group LLC from its founding in 1998 until
2012. During his tenure at the firm, Mr.&nbsp;Kauffman served as a member of Fortress&rsquo;s management committee and was responsible
for the management of Fortress&rsquo;s European private equity investment operations. While at Fortress Mr.&nbsp;Kauffman was primarily
focused on distressed debt restructurings, real estate and other asset based and financial services businesses. In the course of
his career, he has been involved in a wide variety of investment activities, including private fund raising, initial public offerings,
primary and secondary public share offerings in multiple jurisdictions, take private transactions, as well as billions of dollars
of bank and capital market debt financings and securitizations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to co-founding Fortress, Mr.&nbsp;Kauffman served as a
managing director at UBS, from 1997 to 1998 in its Principal Finance area. Prior to that he was a principal at BlackRock Financial
Management Inc., from 1993 to 1997 playing a key role in raising and investing their first Private Equity Fund, BlackRock Asset
Investors. Previously, Mr.&nbsp;Kauffman worked at Lehman Brothers from 1986 to 1993 primarily focused on the mortgage and securitization
markets both in the US and Europe.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since his departure from Fortress in 2012, Mr.&nbsp;Kauffman
has brought his extensive business experience to a variety of private investments, including a non-controlling stake in University
Bancorp Inc., a mortgage focused community bank based in Ann Arbor, Michigan.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman serves on the board of directors of
University Bancorp Inc., Hagerty Insurance, and an advisory board member of McLaren Racing LTD., a leading UK based Formula1
racing team. Mr.&nbsp;Kauffman is currently the chairman of the Race Team Alliance, an association of NASCAR Cup
Series&nbsp;teams; a co-owner of Chip Ganassi Racing, a professional American racing team active in IndyCar and NASCAR
racing; and the owner of RK Motors, a leading restorer and reseller of classic cars<FONT STYLE="background-color: white">;
and Speed Digital, a SaaS business focused on the collector car market<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #5E5E5E">.</FONT></FONT></P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman is also an investor and advisory board member
of Off The Chain Capital, a cryptocurrency focused hedge fund.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman earned a degree in Business Administration
from Northeastern University in 1986.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Hassan R. Baqar </B>has served as our Chief Financial Officer and a member of our
board of directors since January 2021. Mr. Baqar has over 20 years of experience within financial services focused on corporate
development, mergers &amp; acquisitions, capital raising, investments and real estate transactions. Mr. Baqar has served as the
founder and managing member of Sequoia Financial LLC, a financial services and advisory firm, since January 2019. Mr. Baqar has
also served as Chief Financial Officer of Insurance Income Strategies Ltd., a Bermuda based reinsurance company since October 2017,
as a director of GreenFirst Forest Products Inc. (TSXV: GFP) (formerly Itasca Capital Ltd.), a publicly-traded investment firm
since August 2019 and as Chief Financial Officer of GreenFirst Forest Products Inc. from June 2016 to December 2020, as a director
of Fundamental Global Reinsurance Ltd., a Cayman Islands reinsurance company since June 2020, and as a director and Chief Financial
Officer of Unbounded Media Corporation since June 2019.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0">In July 2020, Mr. Baqar began serving as Chief
Financial Officer of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging
with a company in the InsureTech, FinTech, broader financial services and insurance sectors. Previously, he served as Vice
President of Kingsway Financial Services Inc. (NYSE: KFS) (&ldquo;Kingsway&rdquo;) from January 2014 to January 2019 and as a
Vice President of Kingsway&rsquo;s subsidiary Kingsway America Inc. from January 2010 to January 2019. Mr. Baqar also served
as Chief Financial Officer and director of 1347 Capital Corp., a special purpose acquisition company, from April 2014 to July
2016 when the company completed its initial business combination to form Limbach Holdings, Inc. (Nasdaq: LMB). Mr. Baqar
served as a member of the board of directors of FG Financial Group, Inc. (Nasdaq: FGF) from October 2012 to May 2015. By
virtue of a management services agreement between 1347 Advisors LLC, a wholly owned subsidiary of Kingsway, and United
Insurance Management, L.C., he also served as the Chief Financial Officer of United Insurance Holdings Corp. (Nasdaq: UIHC),
a publicly held property and casualty insurance holding company, from August 2011 to April 2012.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">His previous experience also includes director of finance at
Itasca Financial, LLC from 2008 to 2009 and positions held at Lumbermens Mutual Casualty Company (a Kemper Insurance company),
a diversified mutual property-casualty insurance provider, from June&nbsp;2000 to April&nbsp;2008, where he most recently served
as a senior analyst. Mr.&nbsp;Baqar earned a Master&rsquo;s Degree in Business Administration from Northeastern Illinois University
in 2009 and a Bachelor&rsquo;s Degree in Accounting and Business Administration from Monmouth College in 2000. He also holds a
Certified Public Accountant designation.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0"><B>D. Kyle Cerminara </B>will serve as a director upon the closing of this offering.
Mr. Cerminara has over 20 years&rsquo; experience as an institutional investor, asset manager, director, chief executive, founder
and operator of multiple financial services and technology businesses. Mr. Cerminara co-founded Fundamental Global in 2012 and
serves as its chief executive officer. In July 2020, Mr. Cerminara began serving as director and President of FG New America Acquisition
Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company in the InsureTech, FinTech, broader
financial services and insurance sectors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Cerminara is a member of the board of directors of a number
of companies focused in the reinsurance, investment management, real estate, technology and communication sectors, including FG
Financial Group, Inc. (Nasdaq: FGF) (formerly known as 1347 Property Insurance Holdings, Inc.), which operates as a diversified
reinsurance, investment management and real estate holding company, since December 2016, GreenFirst Forest Products Inc. (TSXV:
GFP) (formerly Itasca Capital Ltd.), a public company focused on investments in the forest products industry, since August 2019,
BK Technologies Corporation (NYSE American: BKTI), a provider of two-way radio communications equipment, since July 2015, Ballantyne
Strong, Inc. (NYSE American: BTN), a holding company with diverse business activities focused on serving the entertainment and
retail markets, since February 2015, and Firefly Systems Inc., a venture- backed digital advertising company, since August 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">He was appointed chairman of FG Financial Group, Inc. in May
2018 and served as its principal executive officer from March 2020 to June 2020. He was also appointed chairman of GreenFirst Forest
Products Inc. in June 2018. Mr. Cerminara has served as the chairman of Ballantyne Strong, Inc. since May 2015. He also previously
served as its chief executive officer from November 2015 through April 2020. Mr. Cerminara was also the chairman of BK Technologies
Corporation from March 2017 until April 2020. He also served on the board of directors of Limbach Holdings, Inc. (Nasdaq: LMB),
a company which provides building infrastructure services, from March 2019 to March 2020; Iteris, Inc. (Nasdaq: ITI), a publicly-traded,
applied informatics company, from August 2016 to November 2017; and Magnetek, Inc., a publicly-traded manufacturer, in 2015. He
previously served on the board of directors of blueharbor bank, a community bank, from October 2013 to January 2020. He serves
as a Trustee and President of StrongVest ETF Trust, which was an open-end management investment company that is in the process
of being dissolved, since July 2016. Previously, Mr. Cerminara served as the co-chief investment officer of CWA Asset Management
Group, LLC, a position he held from January 2013 to December 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to these roles, Mr.&nbsp;Cerminara was a portfolio manager
at Sigma Capital Management, an independent financial adviser, from 2011 to 2012, a director and sector head of the Financials
Industry at Highside Capital Management from 2009 to 2011, and a portfolio manager and director at CR Intrinsic Investors from
2007 to 2009. Before joining CR Intrinsic Investors, Mr.&nbsp;Cerminara was a vice president, associate portfolio manager and analyst
at T. Rowe Price (Nasdaq: TROW) from 2001 to 2007, where he was named amongst Institutional Investor&rsquo;s Best of the Buy Side
Analysts in November&nbsp;2006, and an analyst at Legg Mason from 2000 to 2001. Mr.&nbsp;Cerminara received an MBA degree
from the Darden Graduate School of Business at the University of Virginia and a B.S. in Finance and Accounting from the Smith School
of Business at the University of Maryland, where he was a member of Omicron Delta Kappa, an NCAA Academic All American and Co-Captain
of the men&rsquo;s varsity tennis team. He also completed a China Executive Residency at the Cheung Kong Graduate School of Business
in Beijing, China. Mr.&nbsp;Cerminara holds the Chartered Financial Analyst (CFA) designation.</P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark H. Love</B> will serve as a director upon the closing
of this offering. Mr.&nbsp;Love is an entrepreneur, consultant and venture capitalist focusing on technology. Early-stage technology
investments made by Mr.&nbsp;Love include: Limelight Networks and The Facebook. Additional notable investments made by Mr.&nbsp;Love
include: Spotify, Lyft,&nbsp;Instacart, LinkedIn, Zynga, Parallels, Proofpoint, Alibaba.com, Acorns, LifeLock, Survey Monkey, Flipkart,
Telogis, Soasta, Pinterest, NJOY, Dollar Shave Club, Ripple, and Tenstorrent. Mr.&nbsp;Love is currently a Partner at Goldmark
Venture Partners, a growth-stage venture capital fund manager founded in 2007. In addition, Mr.&nbsp;Love has been a Consultant
at 17 Capital Partners, LLC, a consultant to wealth advisors of family offices, since 2017.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Previously, Mr.&nbsp;Love served as a principal of LKL Investment
Counsel LLC, a wealth advisor to family offices with a focus on technology investments, from 2005 to 2017, as a Senior Vice President
at RBC Daine Rauscher Inc., from 2001 to 2005, and at Sutro&nbsp;&amp; Co. Incorporated, from 1996 to 2001. At both firms he was
a wealth advisor to family offices and a technology investing specialist, as Senior Vice President at Merrill Lynch from 1994 to
1996, where the Chief Executive Officer of Merrill Lynch brought Mr.&nbsp;Love on to establish African American banking relationships
including the NBA (National Basketball Association), and as a Senior Vice President at PaineWebber Incorporated, from 1987 to 1994. </P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Martin S. Friedman</B> will serve as a director upon the
closing of this offering. Mr.&nbsp;Friedman has over 30 years of commercial banking and investment banking experience, in which
he applied and developed skills in financial analysis with an expertise in financial institutions, corporate finance, Securities
and Exchange Commission banking compliance and management. Mr.&nbsp;Friedman is the Founder, a Managing Member and the Chief Executive
Officer of FJ Capital Management LLC. Mr.&nbsp;Friedman founded FJ Capital Management LLC in 2007 and is the portfolio manager
for the firm&rsquo;s flagship Financial Opportunity Fund, an event-driven strategy focused on the U.S. community and regional bank
sector. Mr.&nbsp;Friedman established the Financial Opportunity Fund and has successfully navigated the fund, creating substantial
alpha since inception. Mr.&nbsp;Friedman created the Financial Opportunity Long/Short Fund in the spring of 2015, a fund focused
on the broader financial services sector and lower market volatility and beta. Mr.&nbsp;Friedman also created the FJ Hybrid funds
in 2017 which invests in both public micro-cap banks and private banks and has a longer investment time horizon. Previously, Mr.&nbsp;Friedman
was Director of Research for Friedman, Billings, Ramsey Group, a research and securities trading firm, from 1998 to 2007. Prior
to that, he was a securities analyst, focusing on the financial services industry with Friedman, Billings, Ramsey Group from 1992
to 1998.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman currently serves on the board of directors
for Dogwood State Bank based in Raleigh, North Carolina since May&nbsp;2019. He served on the board of directors of Silvergate
Bank in San Diego, CA from February&nbsp;2019 to January&nbsp;2020, and served on the board of directors of Denver, CO-based TIG
Bancorp from December&nbsp;2017 until October&nbsp;2019. In 2013, as part of the recapitalization of Anchor Bank, Madison, Wisconsin;
Mr.&nbsp;Friedman was elected to the board of directors where he served on the Board of the bank holding company and compensation
committee until 2015. Mr.&nbsp;Friedman served on the board of directors of Guaranty Savings Bank in Metairie, Louisiana from 2008
to 2009, and Access National Bank, in Reston, VA from 2009 to 2019.</P>

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</DIV>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman graduated from the University of Maryland
with a Bachelor of Science in Finance.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Charles E. Nearburg </B>will serve as a director upon the
closing of this offering. Founding Nearburg Producing Company in 1979, Charles grew it into one of the Top 100 Independent Producers
in the U.S., and always operating in an environmentally conscious way, received two Environmental Awards from the Bureau of Land
Management. &nbsp;In 2016-2017 Nearburg sold the majority of its producing assets to two firms backed by Warburg Pincus and Carnelian
Capital. &nbsp;Mr. Nearburg also owns STOL Aviation which is developing a world class &ldquo;back country&rdquo; short take-off
and landing airplane, and Nearburg Racing which prepares vintage Formula 1 cars for competition. &nbsp;He is also a minority owner
and advisory board member of McLaren Racing LTD, a top Formula 1 and Indy Car Team.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In honor of his son, Rett, who lost an 11-year battle with
Ewing&rsquo;s at age 21, Mr. Nearburg devotes substantial time and resources in support of Ewing&rsquo;s Sarcoma cancer research
and was instrumental in founding the Rett Nearburg International Ewing&rsquo;s Sarcoma Research Symposia, of which six have now
been held (<U>www.rett.org</U>).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A lifelong car racer, his career includes driving a 333SP Ferrari
at Le Mans, finishing 4th and 10th overall at the Sebring 12-Hours, and driving the late Walter Payton&rsquo;s Indy Car in the
1997 CART/FedEx Championship. &nbsp;In September 2010 at the Bonneville Salt Flats driving the &ldquo;Spirit of Rett&rdquo; streamliner,
Mr. Nearburg set a 414 MPH FIA record with a top speed of 422 MPH.&nbsp; &nbsp;This made the &ldquo;Spirit of Rett&rdquo; the fastest
single engine normally aspirated car in history, as well as the 3rd fastest internal combustion engine car in history.&nbsp; &nbsp;Mr.
Nearburg is one of only six people in history to have set a piston engine car record at over 400 MPH. &nbsp;The &ldquo;Spirit of
Rett&rdquo; was built in the Nearburg Racing shop. &nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A graduate of Dartmouth College, Mr. Nearburg received AB, BE,
and ME degrees at Dartmouth&rsquo;s Thayer School of Engineering, where he has been on the Board of Advisors for 30 years. &nbsp;He
is also a Trustee of University of Texas Southwestern Medical Foundation; the Petersen Automotive Museum in Los Angeles; the Art
Center College of Design in Pasadena; and a Life Trustee of the St. Mark&rsquo;s School of Texas in Dallas. &nbsp;He is a past
Trustee of the Maryland Institute College of Art in Baltimore; The Hockaday School in Dallas; and the Hood Museum of Art at Dartmouth
College.&nbsp;&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Larry G. Swets, Jr. </B>will serve as our Senior Advisor upon the closing of this offering.
Mr. Swets has over 25 years of experience within financial services encompassing both non-executive and executive roles. Mr. Swets
founded Itasca Financial LLC, an advisory and investment firm, in 2005 and has served as its managing member since inception. Mr.
Swets also founded and is the President of Itasca Golf Managers, Inc., a management services and advisory firm focused on the real
estate and hospitality industries, in August 2018. Mr. Swets has served as a director and the Chief Executive Officer of GreenFirst
Forest Products Inc. (TSXV: GFP) (formerly Itasca Capital Ltd.), a publicly-traded investment firm sinceJune 2016. Mr. Swets has
served as Chief Executive Officer of FG Financial Group, Inc. (Nasdaq: FGF) (formerly 1347 Property Insurance Holdings, Inc.),
which operates as a diversified reinsurance, investment management and real estate holding company, since November 2020, after
having served as Interim CEO beginning in June 2020. In July 2020, Mr. Swets began serving as a director and Chief Executive Officer
of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company in the
InsureTech, FinTech, broader financial services and insurance sectors. Previously, he served as the Chief Executive Officer of
Kingsway Financial Services Inc. (NYSE: KFS) from July 2010 to September 2018, including as its President from July 2010 to March
2017.</P>

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

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Prior to founding Itasca Financial LLC, Mr. Swets served as
an insurance company executive and advisor, including the role of director of investments and fixed income portfolio manager for
Lumbermens Mutual Casualty Company, formerly known as Kemper Insurance Companies. Mr. Swets began his career in insurance as an
intern in the Kemper Scholar program in 1994. Mr. Swets has also served as a member of the board of directors of FG Financial Group,
Inc. (Nasdaq: FGF) since November 2013, Limbach Holdings, Inc. (Nasdaq: LMB), a company which provides building infrastructure
services since July 2016, Insurance Income Strategies Ltd. since October 2017, Harbor Custom Development, Inc. (Nasdaq: HCDI) since
February 2020, Alexian Brothers Foundation since March 2018, and Unbounded Media Corporation since June 2019. Previously, he served
as a member of the board of directors of Kingsway Financial Services Inc. from September 2013 to December 2018, Atlas Financial
Holdings, Inc. (Nasdaq: AFH) from December 2010 to January 2018, FMG Acquisition Corp. (Nasdaq: FMGQ) from May 2007 to September
2008, United Insurance Holdings Corp. from 2008 to March 2012, and Risk Enterprise Management Ltd. from November 2007 to May 2012.
He is a member of the Young Presidents&rsquo; Organization. Mr. Swets earned a Master&rsquo;s Degree in Finance from DePaul University
in 1999 and a Bachelor&rsquo;s Degree from Valparaiso University in 1997. He also holds the Chartered Financial Analyst (CFA) designation.</P>

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

</DIV>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The past performance of our management team or their respective
affiliates is not a guarantee of either: (i)&nbsp;success with respect to any business combination we may consummate; or (ii)&nbsp;that
we will be able to identify a suitable candidate for our initial business combination. You should not rely on the historical record
of our management team&rsquo;s or their respective affiliates&rsquo; performance as indicative of any future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information on the experience and background of our
management team, see the section entitled &ldquo;Management.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_005"></A><B>BUSINESS COMBINATION CRITERIA</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consistent with our business strategy, we have identified the
following general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use
these criteria and guidelines in evaluating initial business combination opportunities, but we may decide to enter into our initial
business combination with a target business that does not meet these criteria and guidelines. We intend to seek to acquire companies
within industries that exhibit strong characteristics including, but not limited to, the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Emerging from a restructuring process;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Public market-ready scale;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Strong management team;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Current ownership that is in transition or desires liquidity;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Positive cash flows prospects;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Established operating models;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Long-term organic growth;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Attractive competitive dynamics; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Consolidation opportunities to add scale.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. 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 in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents,
as applicable, that we would file with the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent management and employees, document reviews, interviews
of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will be made
available to us.</P>

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

</DIV>

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

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

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

<DIV STYLE="padding-right: 0.2in; border: Black 1pt solid; left: 5.4pt; right: 5.4pt; padding-left: 0.2in">

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYSE rules&nbsp;require that we must consummate an initial business
combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held
in the trust account (net of amounts disbursed to management for working capital purposes, if permitted). Our board of directors
will make the determination as to the fair market value of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our board of directors is not able to independently determine
the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking firm
which is a member of FINRA or a valuation or appraisal firm with respect to the satisfaction of such criteria. While we consider
it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial
business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target
or if there is a significant amount of uncertainty as to the value of the target&rsquo;s assets or prospects.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate structuring our initial business combination so
that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity interests
or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-
transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain
objectives of the target management team or stockholders or for other reasons, but we will only complete such business combination
if the post-transaction company owns 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 &ldquo;Investment Company Act&rdquo;. Even if the post-transaction company owns or acquires
50% or more of the voting securities of the target, our stockholders prior to the business combination may collectively own a minority
interest in the post-transaction company, depending on valuations ascribed to the target and us in the business combination transaction.
For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the
issuance of a substantial number of new shares, our stockholders immediately prior to our initial business combination could own
less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity
interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such
business or businesses that is owned or acquired is what will be taken into account for purposes of the 80% of net assets test
described above. If the business combination involves more than one target business, the 80% of net assets test will be based on
the aggregate value of all of the target businesses.</P>

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

</DIV>

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

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

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

<DIV STYLE="padding-right: 0.2in; border: Black 1pt solid; left: 5.4pt; right: 5.4pt; padding-left: 0.2in">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the date of this prospectus, we will file a Registration
Statement on Form&nbsp;8-A with the SEC to voluntarily register our securities under Section&nbsp;12 of the Securities Exchange
Act of 1934, as amended, or the Exchange Act. As a result, we will be subject to the rules&nbsp;and regulations promulgated under
the Exchange Act. We have no current intention of filing a Form&nbsp;15 to suspend our reporting or other obligations under the
Exchange Act prior or subsequent to the consummation of our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_007"></A><B>SOURCING OF POTENTIAL INITIAL BUSINESS
COMBINATION TARGETS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe our management team&rsquo;s significant operating
and transaction experience and relationships will provide us with a substantial number of potential initial business combination
targets. Over the course of their careers, the members of our management team and our directors and advisors have developed a broad
network of contacts and corporate relationships around the world, which includes private equity firms, venture capitalists and
entrepreneurs. This network has grown through the activities of our management team sourcing, acquiring and financing businesses,
the reputation of our management team for integrity and fair dealing with sellers, financing sources and target management teams
and the experience of our management team in executing transactions under varying economic and financial market conditions. In
addition, members of our management team have developed contacts derived directly from serving on the boards of directors of several
public and private companies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This network has provided our management team with a flow of
referrals, which in the past has resulted in numerous transactions which were proprietary or where a limited group of investors
were invited to participate in the sale process. We believe that this network will provide us with multiple investment opportunities.
In addition, we anticipate that target business combination candidates will be brought to our attention by various unaffiliated
sources, including participants in our targeted markets and their advisors, private equity funds and large business enterprises
seeking to divest non-core assets or divisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, executive officers or directors, or completing the business combination through
a joint venture or other form of shared ownership with our sponsor, executive officers or directors. In the event we seek to complete
an initial business combination with a target that is affiliated with our sponsor, executive officers or directors, we, or a committee
of independent directors, would obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation
or appraisal firm stating that such an initial business combination is fair to our company from a financial point of view.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Members of our management team and our independent directors
and their affiliates will directly or indirectly own founder shares and/or private placement securities following this offering
and Aldel Capital LLC and its affiliates have committed to purchase shares pursuant to the forward purchase agreement 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.</P>

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

</DIV>

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

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

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

<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our officers and directors previously formed a special
purpose acquisition company, FG New America Acquisition Corp., which is currently seeking to complete an initial business combination.
In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar
to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination.
Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination, regardless of whether
any shares of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial business combination.
Aldel Capital LLC will be restricted from making purchases if it is in possession of any material nonpublic information not disclosed
to the public or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended.</P>

</DIV>

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

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

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

<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our executive offices are located at 105 S. Maple Street,&nbsp;Itasca,&nbsp;Illinois
60143, and our telephone number is (847) 791-6817. We intend to maintain a corporate website at following the consummation of this
offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an &ldquo;emerging growth company,&rdquo; as defined
in Section&nbsp;2(a)&nbsp;of the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), as modified by the Jumpstart
Our Business Startups Act of 2012 (the &ldquo;JOBS Act&rdquo;). As such, we are eligible to take advantage of certain exemptions
from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo;
including, but not limited to, not being required to comply with the auditor attestation requirements of Section&nbsp;404 of the
Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic
reports and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation
and stockholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive
as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Item 10(f)(1)&nbsp;of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure
obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1)&nbsp;the market value of our common stock held by non-affiliates
exceeds $250 million as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;our annual revenues exceeded $100 million during such
completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million as of the prior June&nbsp;30.</P>

</DIV>

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

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

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

<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_009"></A><B>THE OFFERING</B></P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 41%"><FONT STYLE="font-size: 10pt">Securities offered </FONT></TD>
    <TD STYLE="width: 59%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">20,000,000 units, at $10.00 per unit, each unit consisting of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&nbsp;</FONT>one
share of Class&nbsp;A common stock; and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&nbsp;</FONT>one-half
        of one redeemable warrant.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">Proposed NYSE symbols</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Units: &ldquo;ADF.U&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Class&nbsp;A common stock: &ldquo;ADF&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Warrants: &ldquo;ADF WS&rdquo;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">Trading commencement and separation of shares of Class&nbsp;A common stock and warrants</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The units are expected to begin trading on or promptly after the date of this prospectus. The shares of Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless ThinkEquity, a division of Fordham Financial Inc. (&ldquo;ThinkEquity&rdquo;), informs us of their decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. Once the shares of Class&nbsp;A common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders will need to have their brokers contact our transfer agent in order to separate the units into shares of Class&nbsp;A common stock and warrants. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you purchase at least two units, you will not be able to receive or trade a whole warrant.</FONT></P>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">Separate trading of the Class&nbsp;A common stock and warrants is prohibited until we have
    filed a Current Report on Form&nbsp;8-K </FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">In no event will the Class&nbsp;A common stock
and warrants be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K which includes an audited
balance sheet reflecting our receipt of the gross proceeds at the closing of this offering. We will file the Current Report on
Form&nbsp;8-K promptly after the closing of this offering, which closing is anticipated to take place three business days from
the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following the initial filing of such
Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial
information to reflect the exercise of the underwriters&rsquo; over- allotment option.</FONT></P></TD></TR>
</TABLE>

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

</DIV>

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

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<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt; width: 41%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Units:</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="width: 59%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number outstanding before this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number of private units to be issued in a private
placement simultaneously with this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD>
    <TD><FONT STYLE="font-size: 10pt">400,000<SUP>(1)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number of underwriter units to be issued in a private placement simultaneously with this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">100,000<SUP>(2)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number outstanding after this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">20,500,000<SUP>(3)(4)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Common stock:</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number outstanding before this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">5,750,000<SUP>(5)(6)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number outstanding after this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">25,500,000<SUP>(3)(6)(7)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Warrants:</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number of warrants outstanding before this offering</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Number of warrants to be outstanding after this offering and the private placements</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">11,550,000<SUP>(3)(8)</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt"><FONT STYLE="font-size: 10pt">Exercisability</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Each whole warrant offered in this offering is exercisable to purchase one share of Class&nbsp;A common stock. Only whole warrants are exercisable. No fractional warrants will be issued upon separation of the units and only whole warrants will trade.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 6pt">&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">We structured each unit to contain one-half of one warrant, with each whole warrant exercisable for one share of Class&nbsp;A common stock, as compared to units issued by some other similar special purpose acquisition companies which contain whole warrants exercisable for one whole share, in order to reduce the dilutive effect of the warrants upon completion of a 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></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(1)&nbsp;Represents the issuance to our sponsor (and/or its designees) of 400,000 private
units in a private placement to be completed concurrently with the consummation of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(2)&nbsp;Represents the issuance to the underwriters of 100,000
units, each consisting of one share of common stock and one-half of one redeemable warrant (the &ldquo;Underwriter Units&rdquo;),
in a private placement to be completed concurrently with the consummation of this offering. Excludes the issuance of an additional
15,000 Underwriter Units if the underwriters&rsquo; over-allotment option is exercised in full. Except as described herein, the
Underwriter Units are identical to the units issued in this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(3)&nbsp;Assumes no exercise of the underwriters&rsquo; over-allotment
option and the forfeiture of 750,000 founder shares by our initial stockholders for no consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(4)&nbsp;Excludes up to 2,000,000 shares of Class&nbsp;A common
stock which may be purchased by Aldel Capital LLC pursuant to the forward purchase agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(5)&nbsp;Includes up to 750,000 founder shares that will be
forfeited by our initial stockholders depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(6)&nbsp;Founder shares are currently classified as shares of
Class&nbsp;B common stock, which shares will automatically convert into shares of Class&nbsp;A common stock concurrently with or
immediately following the consummation of our initial business combination on a one- for-one basis, subject to adjustment as described
below adjacent to the caption &ldquo;Founder shares conversion and anti-dilution rights.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(7)&nbsp;Includes (i)&nbsp;20,000,000 public shares, (ii)&nbsp;5,000,000
founder shares, (iii)&nbsp;400,000 private shares underlying the private units and (iv)&nbsp;100,000 shares of Class&nbsp;A common
stock underlying the Underwriter Units (the &ldquo;Underwriter Shares&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(8)&nbsp;Includes (i)&nbsp;10,000,000 public warrants included
in the units to be sold in this offering, (ii)&nbsp;50,000 warrants underlying the Underwriter Units (the &ldquo;Underwriter Warrants&rdquo;)
and (iii)&nbsp;1,500,000 private placement warrants, consisting of (x)&nbsp;1,300,000 OTM Warrants and (y)&nbsp;200,000 private
warrants to be sold in private placements occurring simultaneously with the closing of this offering.</P>

</DIV>

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

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

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<DIV STYLE="padding: 0.2in; border: Black 1pt solid">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exercise price</FONT></TD>
    <TD STYLE="width: 59%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">$11.50 per share (or $15.00 per share with respect
                                                                      to the OTM Warrants), subject to adjustments as described herein. In addition, if (x)&nbsp;we issue additional shares of
                                                                      Class&nbsp;A common stock or equity-linked securities for capital raising purposes in connection with the closing of our
                                                                      initial business combination at an issue price or effective issue price of less than $9.20 per share of Class&nbsp;A common
                                                                      stock (with such issue price or effective issue price to be determined in good faith by our board of directors and, in the
                                                                      case of any such issuance to our initial stockholders or their affiliates, without taking into account any founder shares
                                                                      held by our initial stockholders or such affiliates, as applicable, prior to such issuance), (the &ldquo;Newly Issued
                                                                      Price&rdquo;) (y)&nbsp;the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds,
                                                                      and interest thereon, available for the funding of our initial business combination on the date of the consummation of our
                                                                      initial business combination (net of redemptions), and (z)&nbsp;the volume weighted average trading price of our Class&nbsp;A
                                                                      common stock during the 20 trading day period starting on the trading day after the day on which we consummate our initial
                                                                      business combination (such price, the &ldquo;Market Value&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 higher of the Market Value and the Newly Issued
                                                                      Price, and the $18.00 per share redemption trigger price described below under &ldquo;Redemption of warrants&rdquo; will be
                                                                      adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price.</FONT></P>
                                                                      <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Exercise period </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants will become exercisable on the later of:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&nbsp;</FONT>30
days after the completion of our initial business combination, and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;&nbsp;&nbsp;</FONT>12
        months from the closing of this offering;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided in each case that we have an effective registration
        statement under the Securities Act covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants and
        a current prospectus relating to them is available and such shares are registered, qualified or exempt from registration under
        the securities, or blue sky, laws of the state of residence of the holder (or we permit holders to exercise their warrants on a
        cashless basis under the circumstances specified in the warrant agreement). If and when the warrants become redeemable by us, we
        may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
        state securities laws.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not registering the shares of Class&nbsp;A common stock
        issuable upon exercise of the warrants at this time. However, we have agreed that as soon as practicable, but in no event later
        than 15 business days after the closing of our initial business combination, we will use our best efforts to file with the SEC
        and have an effective registration statement covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants
        and to maintain a current prospectus relating to those shares of Class&nbsp;A common stock until the warrants expire or are redeemed,
        as specified in the warrant agreement. If a registration statement covering the Class&nbsp;A common stock issuable upon exercise
        of the warrants is not effective by the 60<SUP>th</SUP> business day after the closing of our initial business combination, warrant
        holders may, until such time as there is an effective registration statement and during any period when we will have failed to
        maintain an effective registration statement, exercise warrants on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of
        the Securities Act or another exemption. Notwithstanding the above, if our shares of Class&nbsp;A common stock are at the time
        of any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of a &ldquo;covered
        security&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require holders of public warrants
        who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities
        Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement, and in the event
        we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws to the extent
        an exemption is not available.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants will expire at 5:00 p.m., New York City
time, five years (or ten years with respect to the OTM Warrants) after the completion of our initial business combination or earlier
upon redemption or liquidation. On the exercise of any warrant, the warrant exercise price will be paid directly to us and not
placed in the trust account.</P></TD></TR>
</TABLE>

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

</DIV>

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

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<DIV STYLE="padding-right: 0.2in; padding-left: 0.2in; border: Black 1pt solid">

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption of warrants</FONT></TD>
    <TD STYLE="width: 59%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Once the warrants become exercisable, we may
    redeem the outstanding warrants for cash (except as described herein with respect to the private placement warrants):</FONT></TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD STYLE="width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif">in whole and not in part;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">at a price of $0.01 per warrant;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">upon a minimum of 30 days&rsquo; prior written notice of redemption,
    which we refer to as the 30-day redemption period; and</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;<FONT STYLE="font-family: Symbol">&middot;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">if, and only if, the closing price of our Class&nbsp;A common
    stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations
    and the like and for certain issuances of Class&nbsp;A common stock and equity-linked securities for capital raising purposes
    in connection with the closing of our initial business combination as described elsewhere in this prospectus) for any 20 trading
    days within a 30- trading day period ending on the third trading day prior to the date on which we send the notice of redemption
    to the warrant holders.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 41%">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 59%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not redeem the warrants for cash unless an effective
        registration statement under the Securities Act covering the Class&nbsp;A common stock issuable upon exercise of the warrants is
        effective and a current prospectus relating to those shares of Class&nbsp;A common stock is available throughout the 30-day redemption
        period, except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under
        the Securities Act. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable
        to register or qualify the underlying securities for sale under all applicable state securities laws.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of the private placement warrants will be redeemable by
        us so long as they are held by the initial purchasers of the private placement warrants or their permitted transferees.</P></TD></TR>
</TABLE>

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

</DIV>

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

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

<!-- Field: Split-Segment; Name: 4 -->
<P STYLE="font-size: 10pt; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Cashless exercise</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid"><FONT STYLE="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 &ldquo;cashless basis.&rdquo; In determining whether to require all holders to exercise their warrants on a &ldquo;cashless basis,&rdquo; our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders of issuing the maximum number of shares of Class&nbsp;A common stock issuable upon the exercise of our warrants. In such event, each holder would pay the exercise price by surrendering the warrants for that number of shares of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A common stock underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; of our Class&nbsp;A common stock (defined below) over the exercise price of the warrants by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; will mean the average reported closing price of the Class&nbsp;A common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of redemption is sent to the holders of warrants. Please see &ldquo;<I>Description of Securities</I> &mdash; Warrants &mdash; Public Stockholders&rsquo; Warrants&rdquo; for additional information.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Forward Purchase Agreement</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid">
        <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">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination, regardless of whether
any shares of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial business combination.
Aldel Capital LLC will be restricted from making purchases if it is in possession of any material nonpublic information not disclosed
to the public or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended. The forward
purchase arrangement is not anticipated to have any impact on the redemption price of the Class&nbsp;A common stock, the conversion
ratio of Class&nbsp;B common stock to Class&nbsp;A common stock or the exercise of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any funds received by us from the sale of forward purchase shares
        may be used as part of the consideration to the sellers in the initial business combination, expenses in connection with the initial
        business combination or for working capital in the post-business combination company. We will not receive any proceeds with respect
        to any shares purchased under the forward purchase agreement in open market transactions.</P></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 41%; border-top: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Founder shares</FONT></TD>
    <TD STYLE="width: 59%; border-top: black 1pt solid; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;11, 2021, our sponsor paid $20,326.09 and FG
        SPAC Partners LP, an affiliate of certain of our directors, paid $4,673.91 to cover certain of our offering costs in exchange for 4,675,000 and 1,075,000 founder shares,
        respectively, or approximately $0.004 per share. On January&nbsp;15, 2021, our sponsor transferred an aggregate of 175,000 founder
        shares to members of our management and our board of directors, resulting in our sponsor holding 4,500,000 founder shares. Prior
        to the initial investment in the company of $25,000 by our sponsor and FG SPAC Partners LP, the company had no assets, tangible
        or intangible. The per share price of the founder shares was determined by dividing the amount of cash contributed to the company
        by the number of founder shares issued. The number of founder shares outstanding was determined based on the expectation that the
        total size of this offering would be a maximum of 23,000,000 units if the underwriters&rsquo; over- allotment option is exercised
        in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering (not including
        the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A common
        stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A common stock underlying the units issuable
        upon conversion of working capital loans). Up to 750,000 of the founder shares will be forfeited depending on the extent to which
        the underwriters&rsquo; over-allotment option is not exercised. If we increase or decrease the size of the offering pursuant to
        Rule&nbsp;462(b)&nbsp;under the Securities Act, we will effect a stock dividend or share contribution back to capital or other
        appropriate mechanism, as applicable, with respect to our Class&nbsp;B common stock immediately prior to the consummation of the
        offering in such amount as to maintain the ownership of founder shares by our initial stockholders, on an as- converted basis,
        at 20.0% of our issued and outstanding common stock upon the consummation of this offering (not including the shares of Class&nbsp;A
        common stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A common stock issuable pursuant to
        the forward purchase agreement, or the shares of Class&nbsp;A common stock underlying the units issuable upon conversion of working
        capital loans).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The founder shares are identical to the shares of Class&nbsp;A
        common stock included in the units being sold in this offering, except that:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="border-left: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the founder shares are subject to certain transfer restrictions, as described in more detail below;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the founder shares are entitled to registration rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they
    have agreed to (i)&nbsp;waive their redemption rights with respect to any founder shares and public shares they hold in
    connection with the completion of our initial business combination, (ii)&nbsp;waive their redemption rights with respect to
    any founder shares and public shares they hold in connection with a stockholder vote to approve an amendment to our amended
    and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public
    shares if we have not consummated an initial business combination within 24 months from the closing of this offering or with
    respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity
    and (iii)&nbsp;waive their rights to liquidating distributions from the trust account with respect to any founder shares they
    hold if we fail to complete our initial business combination within 24 months from the closing of this offering or any
    extended period of time that we may have to consummate an initial business combination as a result of an amendment to our
    amended and restated certificate of incorporation (although they will be entitled to liquidating distributions from the trust
    account with respect to any public shares they hold if we fail to complete our initial business combination within the
    prescribed time frame). If we submit our initial business combination to our public stockholders for a vote, our initial
    stockholders and the underwriters have agreed to vote their founder shares, private shares and Underwriter Shares, as
    applicable, and any public shares purchased during or after this offering in favor of our initial business combination. As a
    result, in addition to our initial stockholders&rsquo; founder shares and private shares and the Underwriter Shares, we would
    need 875,001, or approximately 4.4%, of the 20,000,000 public shares sold in this offering to be voted in favor of an initial
    business combination in order to have our initial business combination approved (assuming only a quorum is present at the
    meeting, and the over-allotment option is not exercised). To the extent Aldel Capital LLC purchases shares of Class&nbsp;A
    common stock in open market purchases pursuant to the forward purchase agreement, the number of public shares held by other
    stockholders to be voted in favor of the business combination would be reduced by the number of shares purchased by Aldel
    Capital LLC. Any forward purchase shares issued by us to Aldel Capital LLC through a private placement to occur
    simultaneously with the closing of our initial business combination in accordance with the forward purchase agreement will
    not be entitled to vote on our initial business combination since those shares will not be issued until the closing of such
    transaction; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-bottom: Black 1pt solid; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the founder shares are automatically convertible into our Class&nbsp;A common stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described below adjacent to the caption &ldquo;Founder shares conversion and anti-dilution rights.&rdquo;</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Transfer restrictions on founder shares</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Our initial stockholders have agreed not to transfer, assign or sell any of their founder shares until: (i)&nbsp;with respect to 50% of the founder shares, the earlier of (x)&nbsp;twelve months after the date of the consummation of an initial business combination or (y)&nbsp;the date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business combination and (ii)&nbsp;with respect to the remaining 50% of the founder shares, twelve months after the date of the consummation of our initial business combination; except to certain permitted transferees and under certain circumstances as described herein under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and Private Placement Securities&rdquo;. Any permitted transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer restrictions throughout this prospectus as the lock-up. Notwithstanding the foregoing, if we consummate a transaction after our initial business combination which results in our stockholders having the right to exchange their shares for cash, securities or other property, the founder shares will be released from the lock-up.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Founder
    shares conversion and anti-dilution rights</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The founder shares will automatically convert into shares of Class&nbsp;A common stock concurrently with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and subject to further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock or equity-linked securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class&nbsp;A common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the total number of shares of Class&nbsp;A common stock outstanding after such conversion (after giving effect to any redemptions of shares of Class&nbsp;A common stock by public stockholders and excluding the shares of Class&nbsp;A common stock underlying the Underwriter Units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement and the shares of Class&nbsp;A common stock issuable upon conversion of any working capital loans), including the total number of shares of Class&nbsp;A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity- linked securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial business combination, excluding any shares of Class&nbsp;A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class&nbsp;A common stock issued, or to be issued, to any seller in the initial business combination and any units or any underlying securities issued to our sponsor, officers or directors upon conversion of working capital loans or any shares issued pursuant to the forward purchase agreement, <I>provided that </I>such conversion of founder shares will never occur on a less than one-for-one basis.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Voting Rights</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Holders of record of our Class&nbsp;A common stock and holders of record of our Class&nbsp;B common stock will vote together as a single class on all matters submitted to a vote of our stockholders, with each share of common stock entitling the holder to one vote except as required by law.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Private units and underlying securities</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Our
    sponsor (and/or our designees) have committed, pursuant
    to a written agreement, to purchase an aggregate of 400,000 private units at $10.00 per unit for an aggregate purchase price
    of $4,000,000. The private units are identical to the units sold in this offering except that (a)&nbsp;the private units
    (including the underlying securities) may not, subject to certain limited exceptions, be transferred, assigned or sold by the
    holders until 30 days after the completion of our initial business combination and (b)&nbsp;the private warrants, so long as
    they are held by our sponsor and FG SPAC Partners LP (and/or our designees) or their permitted transferees, (i)&nbsp;will not
    be redeemable by us (except as described below under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and
    Private Placement Securities&rdquo;), (ii)&nbsp;may be exercised by the holders on a cashless basis and (iii)&nbsp;will be
    entitled to registration rights. A portion of the purchase price of the private units will be added to the proceeds from this
    offering to be held in the trust account such that at the time of closing $200 million (or $230 million if the underwriters
    exercise their over- allotment option in full) will be held in the trust account. If we do not complete our initial business
    combination within 24 months from the closing of this offering, the private units (and the underlying securities) will expire
    worthless.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">OTM Warrants</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">In
    addition to the private warrants underlying the private units held by our sponsor, our sponsor and FG SPAC Partners LP (and/or our designees)
    have committed, pursuant to written agreements, to purchase an aggregate of 1,300,000 OTM Warrants at $0.10 per warrant, each
    exercisable to purchase one share of Class&nbsp;A common stock at $15.00 per share, in private placements that will close
    simultaneously with the closing of this offering. A portion of the purchase price of the OTM Warrants will be added to the
    proceeds from this offering to be held in the trust account such that at the time of closing of this offering $200 million
    (or $230 million if the underwriters exercise their over- allotment option in full) will be held in the trust account. If we
    do not complete our initial business combination within 24 months from the closing of this offering, the private placement
    warrants will expire worthless. The private placement warrants will be non-redeemable and exercisable on a cashless basis so
    long as they are held by their initial purchasers or their permitted transferees (except as described below under
    &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and Private Placement Securities&rdquo;). If the private
    placement warrants are held by holders other than their initial purchasers or their permitted transferees, the private
    placement warrants will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the
    units being sold in this offering.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Transfer restrictions on private placement
securities</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">The private placement securities (including the Class&nbsp;A shares underlying the units and warrants contained therein) will not be transferable, assignable or salable until 30 days after the completion of our initial business combination, except as described herein under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and Private Placement Securities&rdquo;.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Underwriter Units and underlying securities</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to issue to the underwriters 100,000 units, or
        up to 115,000 units if the underwriters&rsquo; over-allotment option is exercised in full at the closing of this offering. The
        Underwriter Units are identical to the units sold in this offering except that the Underwriter Warrants, so long as they are held
        by the underwriter or its permitted transferees, (i)&nbsp;will not be redeemable by us, (ii)&nbsp;may not (including the Class&nbsp;A
        common stock issuable upon exercise of these warrants), subject to certain limited exceptions, be transferred, assigned or sold
        by the holders until after the completion of our initial business combination, (iii)&nbsp;may be exercised by the holders on a
        cashless basis, (iv)&nbsp;will be entitled to registration rights and (v)&nbsp;for so long as they are held by the underwriters,
        will not be exercisable more than five years from the effective date of the registration statement of which this prospectus forms
        a part in accordance with FINRA Rule&nbsp;5110(g)(8)(A).</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Underwriter Warrants are held by holders other than the
        underwriter or its permitted transferees, the Underwriter Warrants will be redeemable by us and exercisable by the holders on the
        same basis as the warrants included in the units being sold in this offering. In addition, for as long as the Underwriter Warrants
        are held by the underwriters or their designees or affiliates, they may not be exercised after five years from the effective date
        of the registration statement of which this prospectus forms a part.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters have agreed to (i)&nbsp;waive their redemption
        rights with respect to their Underwriter Shares in connection with the completion of our initial business combination, (ii)&nbsp;waive
        their redemption rights with respect to their Underwriter Shares in connection with a stockholder vote to approve an amendment
        to our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem
        100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
        or (B)&nbsp;with respect to any other provision relating to stockholders&rsquo; rights or pre-initial business combination activity
        and (iii)&nbsp;waive their rights to liquidating distributions from the trust account with respect to their Underwriter Shares
        if we fail to complete our initial business combination within 24 months from the closing of this offering. In addition, the underwriters
        have agreed to vote any Underwriter Shares held by them in favor of our initial business combination.</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Transfer restrictions on Underwriter Units
and underlying securities</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The Underwriter Units (including the underlying Underwriter Warrants, the Underwriter Shares and the shares of Class&nbsp;A common stock issuable upon exercise of the Underwriter Warrants) will not be transferable, assignable or salable until the completion of our initial business combination. Following such period, the Underwriter Units (including the Underwriter Warrants, the Underwriter Shares and the shares of Class&nbsp;A common stock issuable upon exercise of the Underwriter Warrants) will be transferable, assignable or salable, except that the Underwriter Units will not trade.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Proceeds to be held in trust account</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rules&nbsp;of the NYSE provide that at least 90% of the
        gross proceeds from this offering and the sale of the private placement securities be deposited in a trust account. Of the proceeds
        we will receive from this offering and the sale of the private placement securities described in this prospectus, $200.0 million,
        or $230.0 million if the underwriters&rsquo; over-allotment option is exercised in full (approximately $10.00 per unit in each
        case), will be deposited into a segregated trust account located in the United States at JPMorgan Chase Bank, N.A. with Continental
        Stock Transfer&nbsp;&amp; Trust Company acting as trustee, after deducting $1,000,000 in underwriting commissions payable upon
        the closing of this offering and an aggregate of $3,130,000 to pay fees and expenses in connection with the closing of this offering
        and for working capital following the closing of this offering.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except with respect to interest earned on the funds held in
        the trust account that may be released to us to pay our taxes, the proceeds from this offering and the sale of the private placement
        securities will not be released from the trust account until the earliest of (i)&nbsp;the completion of our initial business combination,
        (ii)&nbsp;the redemption of our public shares if we are unable to complete our initial business combination within 24 months from
        the closing of this offering, subject to applicable law, and (iii)&nbsp;the redemption of our public shares properly submitted
        in connection with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or
        timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within
        24 months from the closing of this offering or with respect to any other material provisions relating to stockholders&rsquo; rights
        or pre-initial business combination activity. The proceeds deposited in the trust account could become subject to the claims of
        our creditors, if any, which could have priority over the claims of our public stockholders.</P></TD></TR>
</TABLE>

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<TR STYLE="vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%"><FONT STYLE="font-size: 10pt">Anticipated expenses and funding sources</FONT></TD>
<TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%">Unless and until we complete our initial business combination, no proceeds held in the trust account will be available for our use, except the withdrawal of interest to pay our taxes and/or to redeem our public shares in connection with an amendment to our amended and restated certificate of incorporation, as described above. The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations. We estimate the interest earned on the trust account will be approximately $200,000 per year, assuming an interest rate of 0.1% per year; however, we can provide no assurances regarding this amount. Unless and until we complete our initial business combination, we may pay our expenses only from such interest withdrawn from the trust account and: &nbsp;<BR>
 &nbsp;</TD></TR>
</TABLE>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="border-left: Black 1pt solid; width: 41%">&nbsp;</TD>
<TD STYLE="width: 4%"></TD><TD STYLE="width: 4%; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">the net proceeds of this offering and the sale of the
private placement securities not held in the trust account, which initially will be approximately $1,555,000 in working capital
after the payment of approximately $1,575,000 in expenses relating to this offering; and</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
<TD></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">any loans or additional investments from our sponsor,
members of our management team or their affiliates or other third parties, although they are under no obligation to advance funds
or invest in us, and <I>provided that </I>any such loans will not have any claim on the proceeds held in the trust account unless
such proceeds are released to us upon completion of our initial business combination. Up to $1,500,000 of such loans may be convertible
into units, at a price of $10.00 per unit, at the option of the lender.</TD>
</TR>     <TR STYLE="vertical-align: top; text-align: justify">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%"><FONT STYLE="font-size: 10pt">Conditions to completing our initial business combination</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid; width: 59%"><FONT STYLE="font-size: 10pt">NYSE rules&nbsp;require that we must consummate an initial business combination with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the trust account (net of amounts disbursed to management for working capital purposes, if permitted. Our board of directors will make the determination as to the fair market value of our initial business combination. If our board of directors is not able to independently determine the fair market value of our initial business combination, we will obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation or appraisal firm. While we consider it unlikely that our board of directors will not be able to make an independent determination of the fair market value of our initial business combination, it may be unable to do so if it is less familiar or experienced with the business of a particular target or if there is a significant amount of uncertainty as to the value of the target&rsquo;s assets or prospects. We will complete our initial business combination only if the post-transaction company in which our public stockholders own shares will own or acquire 50% or more of the outstanding voting securities of the target or is otherwise not required to register as an investment company under the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more of the voting securities of the target, our stockholders prior to our initial business combination may collectively own a minority interest in the post business combination company, depending on valuations ascribed to the target and us in 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 or shares of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the issuance of a substantial number of new shares, our stockholders immediately prior to our initial business combination could own less than a majority of our issued and outstanding shares subsequent to our initial business combination. If less than 100% of the equity interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such business or businesses that is owned or acquired is what will be taken into account for purposes of the 80% of net assets test described above, <I>provided that </I>in the event that the business combination involves more than one target business, the 80% of net assets test will be based on the aggregate value of all of the target businesses and we will treat the target businesses together as our initial business combination for purposes of a seeking stockholder approval or conducting a tender offer, as applicable.</FONT></TD></TR>
</TABLE>

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    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Permitted purchases of public shares and public warrants by our affiliates</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor,
initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
There is no limit on the number of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase
in such transactions, subject to compliance with applicable law and the NYSE rules. However, other than contemplated by the forward
purchase agreement, they have no current commitments, plans or intentions to engage in such transactions and have not formulated
any terms or conditions for any such transactions. None of the funds held in the trust account will be used to purchase shares
or public warrants in such transactions. If they engage in such transactions, they will be restricted from making any such purchases
when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited
by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer
subject to the tender offer rules&nbsp;under the Exchange Act or a going-private transaction subject to the going-private rules&nbsp;under
the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such
rules, the purchasers will comply with such rules. We expect any such purchases will be reported pursuant to Section&nbsp;13 and
Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject to such reporting requirements. See &ldquo;<I>Proposed
Business &mdash; Permitted&nbsp;&nbsp;Purchases&nbsp;&nbsp;of&nbsp;&nbsp;Our Securities</I>&rdquo; for a description of how our
sponsor, initial stockholders, directors, executive officers, advisors or any of their affiliates will select which stockholders
to purchase securities from in any private transaction. The purpose of any such purchases of shares could be to vote such shares
in favor of the business combination and thereby increase the likelihood of obtaining stockholder approval of the business combination
or to satisfy a closing condition in an agreement with a target that requires us to have a minimum net worth or a certain amount
of cash at the closing of our initial business combination, where it appears that such requirement would otherwise not be met.
The purpose of any such purchases of public warrants could be to reduce the number of public warrants outstanding or to vote such
warrants on any matters submitted to the warrantholders for approval in connection with our initial business combination. Any such
purchases of our securities may result in the completion of our initial business combination that may not otherwise have been possible.
In addition, if such purchases are made, the public &ldquo;float&rdquo; of our Class&nbsp;A common stock or warrants may be reduced
and the number of beneficial holders of our securities may be reduced, which may make it difficult to maintain or obtain the quotation,
listing or trading of our securities on a national securities exchange.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Redemption rights for public stockholders upon completion of our initial business combination</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">We will provide our public stockholders with the opportunity to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our initial business combination, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.00 per public share, whether or not the underwriters exercise their over-allotment option. There will be no redemption rights upon the completion of our initial business combination with respect to our warrants. Our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares they hold and any public shares they may acquire during or after this offering in connection with the completion of our initial business combination.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; width: 41%; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manner of conducting redemptions</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 59%; border-right: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
        to redeem all or a portion of their public shares upon the completion of our initial business combination either (i)&nbsp;in connection
        with a stockholder meeting called to approve the business combination or (ii)&nbsp;without a stockholder vote by means of a tender
        offer. The decision as to whether we will seek stockholder approval of a proposed business combination or conduct a tender offer
        will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the transaction and
        whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock exchange listing
        requirement. Asset acquisitions and share purchases would not typically require stockholder approval while direct mergers with
        our company where we do not survive and any transactions where we issue more than 20% of our outstanding Class&nbsp;A common stock
        or seek to amend our amended and restated certificate of incorporation would require stockholder approval. So long as we obtain
        and maintain a listing for our securities on the NYSE we will be required to comply with the NYSE&rsquo;s stockholder approval
        rules.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The requirement that we provide our public stockholders with
        the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended
        and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or
        our listing on the NYSE. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.
        If we amend such provisions of our amended and restated certificate of incorporation, we will provide our public stockholders with
        the opportunity to redeem their public shares in connection with a stockholder meeting.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we provide our public stockholders with the opportunity to
        redeem their public shares in connection with a stockholder meeting, we will:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates the solicitation of proxies, and not pursuant to the tender offer rules, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; border-right: Black 1pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">file proxy materials with the SEC.</FONT></TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-left: black 1pt solid; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-top: Black 1pt solid; border-right: black 1pt solid; width: 59%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval, we will complete
        our initial business combination only if a majority of the outstanding shares of common stock voted (or such greater number
        of shares as is required by applicable law) are voted in favor of the initial business combination. A quorum for such
        meeting will consist of the holders present in person or by proxy of shares of outstanding capital stock of the Company
        representing a majority of the voting power of all outstanding shares of capital stock of the Company entitled to vote
        at such meeting. Our initial stockholders will count towards this quorum and our initial stockholders, sponsor, officers
        and directors and the underwriters have agreed to vote any founder shares, private shares and Underwriter Shares they
        hold and any public shares purchased during or after this offering (including in open market and privately-negotiated
        transactions) in favor of our initial business combination. For purposes of seeking approval of the majority of our outstanding
        shares of common stock voted, non-votes will have no effect on the approval of our initial business combination once a
        quorum is obtained. As a result, in addition to our initial stockholders&rsquo; founder shares and private shares and
        the Underwriter Shares, we would need 875,001, or approximately 4.4%, of the 20,000,000 public shares sold in this offering
        to be voted in favor of an initial business combination in order to have our initial business combination approved (assuming
        only a quorum is present at the meeting, and the over-allotment option is not exercised). This voting threshold, and the
        voting agreements of our initial stockholders, may make it more likely that we will consummate our initial business combination.
        Each public stockholder may elect to redeem its public shares irrespective of whether they vote for or against the proposed
        transaction or whether they were a stockholder on the record date for the stockholder meeting held to approve the proposed
        transaction. To the extent Aldel Capital LLC purchases shares of Class&nbsp;A common stock in open market purchases pursuant
        to the forward purchase agreement, the number of public shares held by other stockholders to be voted in favor of the
        business combination would be reduced by the number of shares purchased by Aldel Capital LLC. Any forward purchase shares
        issued by us to Aldel Capital LLC through a private placement to occur simultaneously with the closing of our initial
        business combination in accordance with the forward purchase agreement will not be entitled to vote on our initial business
        combination since those shares will not be issued until the closing of such transaction.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</TD></TR>
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    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid">If a stockholder vote is not required and we do not decide to
        hold a stockholder vote for business or other legal reasons, we will:</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">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, which regulates the solicitation of proxies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt solid; width: 41%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; width: 59%; border-right: Black 1pt solid">In the event we conduct redemptions pursuant to the tender offer
        rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule&nbsp;14e-1(a)&nbsp;under the
        Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer
        period. In addition, the tender offer will be conditioned on public stockholders not tendering more than the number of public shares
        we are permitted to redeem. If public stockholders tender more shares than we have offered to purchase, we will withdraw the tender
        offer and not complete such initial business combination.</TD></TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: black 1pt solid; border-bottom: Black 1pt solid; width: 59%; padding-right: 5.4pt; padding-left: 5.4pt">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the public announcement of our initial business combination,
        if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in
        accordance with Rule&nbsp;10b5-1 to purchase shares of our Class&nbsp;A common stock in the open market, in order to comply with
        Rule&nbsp;14e-5 under the Exchange Act.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to require our public stockholders seeking to exercise
        their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s
        option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically
        using The Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy
        materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior
        to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with
        a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written
        request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such
        shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public
        shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy
        such delivery requirements.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that this will allow our transfer agent
to efficiently process any redemptions without the need for further communication or action from the redeeming public stockholders,
which could delay redemptions and result in additional administrative cost. If the proposed initial business combination is not
approved and we continue to search for a target company, we will promptly return any certificates or shares delivered by public
stockholders who elected to redeem their shares. Our amended and restated certificate of incorporation will provide that in no
event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001. In addition,
our proposed initial business combination may impose a minimum cash requirement for: (i)&nbsp;cash consideration to be paid to
the target or its owners, (ii)&nbsp;cash for working capital or other general corporate purposes or (iii)&nbsp;the retention of
cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all shares of
Class&nbsp;A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant
to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete
the initial business combination or redeem any shares in connection with such initial business combination, and all shares of
Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof. We may, however, raise funds through
the issuance of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business
combination, including pursuant to forward purchase agreements or backstop arrangements we may enter into following consummation
of this offering, in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.</P></TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 41%"><FONT STYLE="font-size: 10pt">Limitation on redemption rights of stockholders
holding 15% or more of the shares sold in this offering if we hold stockholder vote</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 59%; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Notwithstanding the foregoing redemption rights, if we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from redeeming its shares with respect to more than an aggregate of 15% of the shares sold in this offering, without our prior consent. We believe the restriction described above will discourage stockholders from accumulating large blocks of shares, and subsequent attempts by such holders to use their ability to redeem their shares as a means to force us or our management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent this provision, a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to exercise its redemption rights against a business combination if such holder&rsquo;s shares are not purchased by us, our sponsor or our management at a premium to the then-current market price or on other undesirable terms. By limiting our stockholders&rsquo; ability to redeem to no more than 15% of the shares sold in this offering, we believe we will limit the ability of a small group of stockholders to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash. However, we would not be restricting our stockholders&rsquo; ability to vote all of their shares (including all shares held by those stockholders that hold more than 15% of the shares sold in this offering) for or against our initial business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Release of funds in trust account on closing
of our initial business combination</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">On the completion of our initial business combination, the funds held in the trust account will be used to pay amounts due to any public stockholders who exercise their redemption rights as described above under &ldquo;Redemption rights for public stockholders upon completion of our initial business combination,&rdquo; to pay all or a portion of the consideration payable to the target or owners of the target of our initial business combination and to pay other expenses associated with our initial business combination. If our initial business combination is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection with our initial business combination, we may apply the balance of the cash released to us from the trust account, as well as the proceeds we may receive from the forward purchase agreement, for general corporate purposes, including for maintenance or expansion of operations of post- transaction businesses, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund the purchase of other companies or for working capital.</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; padding-right: 3pt; width: 40%"><FONT STYLE="font-size: 10pt">Redemption of public shares and distribution and liquidation if no initial business combination</FONT></TD>
    <TD STYLE="width: 60%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation provides
        that we will have only 24 months from the closing of this offering to complete our initial business combination. If we are unable
        to complete our initial business combination within such 24 month period, we will: (i)&nbsp;cease all operations except for the
        purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business days thereafter, redeem the
        public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
        interest earned on the funds held in the trust account (which interest shall be net of taxes payable and up to $100,000 of interest
        to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
        public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions, if any), and
        (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
        and our board of directors, liquidate and dissolve, subject, in each case, to our obligations under Delaware law to provide for
        claims of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions
        with respect to our warrants, which will expire worthless if we fail to complete our initial business combination within the 24-month
        time period.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders have entered into agreements with us,
        pursuant to which they have waived their rights to liquidating distributions from the trust account with respect to their founder
        shares if we fail to complete our initial business combination within 24 months from the closing of this offering or any extended
        period of time that we may have to consummate an initial business combination as a result of an amendment to our amended and restated
        certificate of incorporation. However, if our initial stockholders or management team acquire public shares in or after this offering,
        they will be entitled to liquidating distributions from the trust account with respect to such public shares if we fail to complete
        our initial business combination within the allotted 24-month time frame.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

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

</DIV>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; width: 40%; border-top: black 1pt solid; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 60%; border-top: black 1pt solid; border-right: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our initial stockholders, executive officers and directors have agreed, pursuant to a written agreement with us, that they will not propose any amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity, unless we provide our public stockholders with the opportunity to redeem their Class&nbsp;A common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described above under &ldquo;Limitations on redemptions.&rdquo; For example, our board of directors may propose such an amendment if it determines that additional time is necessary to complete our initial business combination. In such event, we will conduct a proxy solicitation and distribute proxy materials pursuant to Regulation 14A of the Exchange Act seeking stockholder approval of such proposal, and in connection therewith, provide our public stockholders with the redemption rights described above upon stockholder approval of such amendment.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 5.4pt; border-left: black 1pt solid; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; border-bottom: black 1pt solid; border-left: black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Limited payments to insiders </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There will be no finder&rsquo;s fees, reimbursement, consulting
        fee, monies in respect of any payment of a loan or other compensation paid by us to our sponsor, officers or directors, or any
        affiliate of our sponsor or officers prior to, or in connection with any services rendered in order to effectuate, the consummation
        of our initial business combination (regardless of the type of transaction). However, the following payments will be
        made to our sponsor, officers or directors, or their affiliates, and, if made prior to our initial business combination will be
        made from funds held outside the trust account.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
        of up to an aggregate of $225,000 and $25,000 in loans made to us by our sponsor and FG SPAC Solutions LLC, an affiliate of
        certain of our directors, respectively, to cover offering-related and organizational expenses;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<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="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt; width: 40%">&nbsp;</TD><TD STYLE="width: 60%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment
to our sponsor of $10,000 per month for office space, secretarial and administrative services provided to members of our management
team;</P>
                                                             <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursement
for any out-of-pocket expenses related to identifying, investigating, negotiating and completing an initial business combination;
and</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment
        of loans which may be made by our sponsor or an affiliate of our sponsor or certain of our officers and directors to finance transaction
        costs in connection with an intended initial business combination. Up to $1,500,000 of such loans may be convertible into units
        at a price of $10.00 per unit at the option of the lender. Except for the foregoing, the terms of such loans, if any, have not
        been determined and no written agreements exist with respect to such loans.</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Audit Committee </FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">We will establish and maintain an audit committee. Among its responsibilities, the audit committee will review on a quarterly basis all payments that were made to our sponsor, officers or directors, or our or their affiliates and monitor compliance with the other terms relating to this offering. If any noncompliance is identified, then the audit committee will be charged with the responsibility to promptly take all action necessary to rectify such noncompliance or otherwise to cause compliance with the terms of this offering. For more information, see the section entitled &ldquo;<I>Management &mdash; Committees of the Board of Directors &mdash; Audit Committee</I>.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A brief summary of some of the risk factors that make an investment
in us speculative or risky include:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether we will be able to complete our initial business combination, particularly in light of disruption that may result from
limitations imposed by the COVID-19 pandemic;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether we will be successful in retaining or recruiting, or making changes required in, our officers, key employees or directors
following our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>How much time our officers and directors allocate to us and potentially having conflicts of interest with our business or in
approving our initial business combination, as a result of which they would then receive expense reimbursements and other benefits;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether we will need to obtain additional financing to complete our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether there is a sufficient pool of prospective target businesses for us to acquire, given competition;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether our officers and directors are able to generate a number of potential investment opportunities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Whether our securities are delisted from Nasdaq prior to our business combination or an inability to have our securities listed
on Nasdaq following a business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The fact that we may have limited liquidity in our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The fact there has not previously been a market for our securities; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our financial performance following our business combination.</TD></TR></TABLE>

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

</DIV>




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

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

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



<DIV STYLE="padding: 0.1in; border: Black 1pt solid">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_011"></A><B>SUMMARY FINANCIAL DATA</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Balance Sheet Data:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 87%; font: 10pt Times New Roman, Times, Serif; text-align: left">Working capital deficit</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">56,470</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">56,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Total stockholder&rsquo;s equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
</TABLE>



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

</DIV>






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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_012"></A><B>RISK FACTORS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Risks Relating to Our Business and Structure</B></P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The COVID-19 pandemic has resulted in a widespread health crisis
that could adversely affect the economies and financial markets worldwide, and the business of any potential target business with
which we consummate a business combination could be materially and adversely affected. Furthermore, we may be unable to complete
a business combination if continued concerns relating to COVID-19 restrict travel, limit the ability to have meetings with potential
investors or the target company&rsquo;s personnel, vendors and services providers are unavailable to negotiate and consummate a
transaction in a timely manner.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The extent to which COVID-19 impacts our search for a business
combination will depend on future developments, which are highly uncertain and cannot be predicted, including new information which
may emerge concerning the severity of COVID-19 and the actions to contain COVID-19 or treat its impact, among others. If the disruptions
posed by COVID-19 or other matters of global concern continue for an extensive period of time, our ability to consummate a business
combination, or the operations of a target business with which we ultimately consummate a business combination, may be materially
adversely affected.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our stockholders may not be afforded an opportunity to vote
on our proposed initial business combination, and even if we hold a vote, holders of our founder shares will participate in such
vote, which means we may complete our initial business combination even though a majority of our public stockholders do not support
such a combination.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders will own 20% of our
outstanding common stock immediately following the closing of this offering (not including the shares of Class&nbsp;A common
stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A common stock issuable pursuant to the
forward purchase agreement, or the shares of Class&nbsp;A common stock underlying the units issuable upon conversion of
working capital loans). Assuming that Aldel Capital LLC, or its affiliates, purchase the Maximum Shares (as defined herein),
our initial stockholders and underwriters will own 7,500,000 shares of Class A common stock (including the shares of
Class&nbsp;A common stock underlying the Underwriter Units, the private units and the shares of Class&nbsp;A common stock
issuable pursuant to the forward purchase agreement, but excluding the shares of Class&nbsp;A common stock underlying the
units issuable upon conversion of working capital loans), or up to 29.4% of our outstanding common stock as of immediately
following the closing of this offering. Our initial stockholders and management team also may from time to time purchase
Class&nbsp;A common stock prior to our initial business combination. Our amended and restated certificate of incorporation
provides that, if we seek stockholder approval of an initial business combination, such initial business combination will be
approved if we receive the affirmative vote of a majority of the shares voted at such meeting, including the founder shares.
As a result, in addition to our initial stockholders&rsquo; founder shares and private shares and the Underwriter Shares, we
would need 875,001, or approximately 4.4%, of the 20,000,000 public shares sold in this offering to be voted in favor of an
initial business combination in order to have our initial business combination approved (assuming only a quorum is present at
the meeting, and the over-allotment option is not exercised). To the extent Aldel Capital LLC purchases shares of
Class&nbsp;A common stock in open market purchases pursuant to the forward purchase agreement, the number of public shares
held by other stockholders to be voted in favor of the business combination would be reduced by the number of shares
purchased by Aldel Capital LLC, and could result in no public shareholders being required to vote in favor of the transaction
for it to be approved. Any forward purchase shares issued by us to Aldel Capital LLC through a private placement to occur
simultaneously with the closing of our initial business combination in accordance with the forward purchase agreement will
not be entitled to vote on our initial business combination since those shares will not be issued until the closing of such
transaction. Accordingly, if we seek stockholder approval of our initial business combination, the agreement by our initial
stockholders and management team to vote in favor of our initial business combination will increase the likelihood that we
will receive the requisite stockholder approval for such initial business combination.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the time of your investment in us, you will not be provided
with an opportunity to evaluate the specific merits or risks of our initial business combination. Since our board of directors
may complete a business combination without seeking stockholder approval, public stockholders may not have the right or opportunity
to vote on the business combination, unless we seek such stockholder vote. Accordingly, your only opportunity to affect the investment
decision regarding our initial business combination may be limited to exercising your redemption rights within the period of time
(which will be at least 20 business days) set forth in our tender offer documents mailed to our public stockholders in which we
describe our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may seek to enter into a business combination transaction
agreement with minimum cash requirement for (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash
for working capital or other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy other conditions. While
we may have access to up to $20 million from sales of shares of Class&nbsp;A common stock in a private placement to occur simultaneously
with the closing of our initial business combination pursuant to the forward purchase agreement, if too many public stockholders
exercise their redemption rights, we would not be able to meet such closing condition and, as a result, would not be able to proceed
with the 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. Consequently, if accepting all properly submitted redemption requests would cause our
net tangible assets to be less than $5,000,001 or make us unable to satisfy a minimum cash condition as described above, we would
not proceed with such redemption and the related business combination and may instead search for an alternate business combination.
Prospective targets will be aware of these risks and, thus, may be reluctant to enter into a business combination transaction with
us.</P>

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The requirement that we complete our initial business combination
within 24 months after the closing of this offering may give potential target businesses leverage over us in negotiating a business
combination and may limit the time we have in which to conduct due diligence on potential business combination targets, in particular
as we approach our dissolution deadline, which could undermine our ability to complete our initial business combination on terms
that would produce value for our stockholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any potential target business with which we enter into negotiations
concerning a business combination will be aware that we must complete our initial business combination within 24 months from the
closing of this offering. Consequently, such target business may obtain leverage over us in negotiating a business combination,
knowing that if we do not complete our initial business combination with that particular target business, we may be unable to complete
our initial business combination with any target business. This risk will increase as we get closer to the timeframe described
above. In addition, we may have limited time to conduct due diligence and may enter into our initial business combination on terms
that we would have rejected upon a more comprehensive investigation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may not be able to complete our initial business combination
within 24 months after the closing of this offering, in which case we would cease all operations except for the purpose of winding
up and we would redeem our public shares and liquidate.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may not be able to find a suitable target business and complete
our initial business combination within 24 months after the closing of this offering. Our ability to complete our initial business
combination may be negatively impacted by general market conditions, volatility in the capital and debt markets and the other risks
described herein. For example, the COVID-19 pandemic continues to grow both in the U.S. and globally and, while the extent of the
impact of the pandemic on us will depend on future developments, it could limit our ability to complete our initial business combination,
including as a result of increased market volatility, decreased market liquidity and third-party financing being unavailable on
terms acceptable to us or at all. Furthermore, we may be unable to complete a business combination if continued concerns relating
to COVID-19 restrict travel, limit the ability to have meetings with potential investors or the target company&rsquo;s personnel,
vendors and services providers are unavailable to negotiate and consummate a transaction in a timely manner. Additionally, the
COVID-19 pandemic and other events (such as terrorist attacks, natural disasters or a significant outbreak of other infectious
diseases) may negatively impact businesses we may seek to acquire. It may also have the effect of heightening many of the other
risks described in this &lsquo;&lsquo;Risk Factors&rsquo;&rsquo; section, such as those related to the market for our securities
and cross-border transactions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we have not completed our initial business combination within
such time period, we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably
possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
(which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number
of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders
(including the right to receive further liquidating distributions, if any), and (iii)&nbsp;as promptly as reasonably possible following
such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject
in each case, to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor,
initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination,
although they are under no obligation to do so. There is no limit on the number of shares our initial stockholders, directors,
officers, advisors or their affiliates may purchase in such transactions, subject to compliance with applicable law and the NYSE
rules. However, other than contemplated by the forward purchase agreement, they have no current commitments, plans or intentions
to engage in such transactions and have not formulated any terms or conditions for any such transactions. None of the funds in
the trust account will be used to purchase shares or public warrants in such transactions. Such purchases may include a contractual
acknowledgment that such stockholder, although still the record holder of our shares, is no longer the beneficial owner thereof
and therefore agrees not to exercise its redemption rights. In the event that our sponsor, initial stockholders, directors, executive
officers, advisors or their affiliates purchase shares in privately negotiated transactions from public stockholders who have already
elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem
their shares. The purpose of any such purchases of shares could be to vote such shares in favor of the business combination and
thereby increase the likelihood of obtaining stockholder approval of the business combination or to satisfy a closing condition
in an agreement with a target that requires us to have a minimum net worth or a certain amount of cash at the closing of our initial
business combination, where it appears that such requirement would otherwise not be met. The purpose of any such purchases of public
warrants could be to reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the
warrant holders for approval in connection with our initial business combination. Any such purchases of our securities may result
in the completion of our initial business combination that may not otherwise have been possible. We expect any such purchases will
be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange Act to the extent such purchasers are subject to such
reporting requirements. See &ldquo;<I>Proposed Business &mdash; Permitted Purchases of Our Securities</I>&rdquo; for a description
of how our sponsor, directors, executive officers, advisors or any of their affiliates will select which stockholders to purchase
securities from in any private transaction.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will comply with the proxy rules&nbsp;or tender offer rules,
as applicable, when conducting redemptions in connection with our initial business combination. Despite our compliance with these
rules, if a stockholder fails to receive our proxy materials or tender offer documents, as applicable, such stockholder may not
become aware of the opportunity to redeem its shares. In addition, proxy materials or tender offer documents, as applicable, that
we will furnish to holders of our public shares in connection with our initial business combination will describe the various procedures
that must be complied with in order to validly tender or submit public shares for redemption. For example, we intend to require
our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street
name,&rdquo; to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent, or to deliver their
shares to our transfer agent electronically prior to the date set forth in the proxy materials or tender offer documents, as applicable.
In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial
business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public
stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business
days prior to the vote in which the name of the beneficial owner of such shares is included. In the event that a stockholder fails
to comply with these or any other procedures disclosed in the proxy or tender offer materials, as applicable, its shares may not
be redeemed. See the section of this prospectus entitled &ldquo;<I>Proposed Business &mdash; Manner of Conducting Redemptions</I>.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Changes in the market for directors and officers liability
insurance could make it more difficult and more expensive for us to negotiate and complete an initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In recent months, the market for directors and officers liability
insurance for special purpose acquisition companies has changed. Fewer insurance companies are offering quotes for directors and
officers liability coverage, the premiums charged for such policies have generally increased and the terms of such policies have
generally become less favorable. There can be no assurance that these trends will not continue.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The increased cost and decreased availability of directors and
officers liability insurance could make it more difficult and more expensive for us to negotiate an initial business combination.
In order to obtain directors and officers liability insurance or modify its coverage as a result of becoming a public company,
the post-business combination entity might need to incur greater expense, accept less favorable terms or both. However, any failure
to obtain adequate directors and officers liability insurance could have an adverse impact on the post-business combination&rsquo;s
ability to attract and retain qualified officers and directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, even after we were to complete an initial business
combination, our directors and officers could still be subject to potential liability from claims arising from conduct alleged
to have occurred prior to the initial business combination. As a result, in order to protect our directors and officers, the post-business
combination entity may need to purchase additional insurance with respect to any such claims (&ldquo;run-off insurance&rdquo;).
The need for run-off insurance would be an added expense for the post-business combination entity, and could interfere with or
frustrate our ability to consummate an initial business combination on terms favorable to our investors</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our public stockholders will be entitled to receive funds from
the trust account only upon the earlier to occur of: (i)&nbsp;our completion of an initial business combination, and then only
in connection with those shares of Class&nbsp;A common stock that such stockholder properly elected to redeem, subject to the limitations
described herein, (ii)&nbsp;the redemption of any public shares properly tendered in connection with a stockholder vote to amend
our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our
public shares if we do not complete our initial business combination within 24 months from the closing of this offering or with
respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity, and
(iii)&nbsp;the redemption of our public shares if we are unable to complete an initial business combination within 24 months from
the closing of this offering, subject to applicable law and as further described herein. In addition, if our plan to redeem our
public shares if we are unable to complete an initial business combination within 24 months from the closing of this offering is
not completed for any reason, compliance with Delaware law may require that we submit a plan of dissolution to our then-existing
stockholders for approval prior to the distribution of the proceeds held in our trust account. In that case, public stockholders
may be forced to wait beyond 24 months from the closing of this offering before they receive funds from our trust account. In no
other circumstances will a public stockholder have any right or interest of any kind in the trust account. Holders of warrants
will not have any right to the proceeds held in the trust account with respect to the warrants. Accordingly, to liquidate your
investment, you may be forced to sell your public shares or warrants, potentially at a loss.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since the net proceeds of this offering and the sale of the
private placement securities are intended to be used to complete an initial business combination with a target business that has
not been selected, we may be deemed to be a &ldquo;blank check&rdquo; company under the United States securities laws. However,
because we will have net tangible assets in excess of $5,000,000 upon the closing of this offering and the sale of the private
placement securities and will file a Current Report on Form&nbsp;8-K, including an audited balance sheet demonstrating this fact,
we are exempt from rules&nbsp;promulgated by the SEC to protect investors in blank check companies, such as Rule&nbsp;419. Accordingly,
investors will not be afforded the benefits or protections of those rules. Among other things, this means our units will be immediately
tradable and we will have a longer period of time to complete our initial business combination than do companies subject to Rule&nbsp;419.
Moreover, if this offering were subject to Rule&nbsp;419, that rule&nbsp;would prohibit the release of any interest earned on funds
held in the trust account to us unless and until the funds in the trust account were released to us in connection with our completion
of an initial business combination. For a more detailed comparison of our offering to offerings that comply with Rule&nbsp;419,
please see &ldquo;<I>Proposed Business &mdash; Comparison of This Offering to Those of Blank Check Companies Subject to Rule&nbsp;419</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we seek stockholder approval of our initial business combination
and we do not conduct redemptions pursuant to the tender offer rules, and if you or a &ldquo;group&rdquo; of stockholders are deemed
to hold in excess of 15% of our Class&nbsp;A common stock, you will lose the ability to redeem all such shares in excess of 15%
of our Class&nbsp;A common stock.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Because of our limited resources and the significant competition
for business combination opportunities, it may be more difficult for us to complete our initial business combination. If we are
unable to complete our initial business combination, our public stockholders may receive only their <I>pro rata </I>portion of
the funds in the trust account that are available for distribution to public stockholders, and our warrants will expire worthless.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect to encounter competition from other entities having
a business objective similar to ours, including private investors (which may be individuals or investment partnerships), other
blank check companies and other entities, domestic and international, competing for the types of businesses we intend to acquire.
Many of these individuals and entities are well-established and have extensive experience in identifying and effecting, directly
or indirectly, acquisitions of companies operating in or providing services to various industries. Many of these competitors possess
similar or greater technical, human and other resources to ours or more local industry knowledge than we do and our financial resources
will be relatively limited when contrasted with those of many of these competitors. While we believe there are numerous target
businesses we could potentially acquire with the net proceeds of this offering and the sale of the private placement securities,
our ability to compete with respect to the acquisition of certain target businesses that are sizable will be limited by our available
financial resources. This inherent competitive limitation gives others an advantage in pursuing the acquisition of certain target
businesses. Furthermore, we are obligated to offer holders of our public shares the right to redeem their shares for cash at the
time of our initial business combination in conjunction with a stockholder vote or via a tender offer. Target companies will be
aware that this may reduce the resources available to us for our initial business combination. Any of these obligations may place
us at a competitive disadvantage in successfully negotiating a business combination. If we are unable to complete our initial business
combination, our public stockholders may receive only their <I>pro rata </I>portion of the funds in the trust account that are
available for distribution to public stockholders, and our warrants will expire worthless.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>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 24 months following the closing of the offering, it could
limit the amount available to fund our search for a target business or businesses and complete our initial business combination,
and we will depend on loans from our sponsor or management team to fund our search and to complete our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Of the net proceeds of this offering, only $1,555,0000 will
be available to us initially outside the trust account to fund our working capital requirements. We believe that, upon closing
of this offering, the funds available to us outside of the trust account will be sufficient to allow us to operate for at least
the 24 months following such closing; however, we cannot assure you that our estimate is accurate. Of the funds available to us,
we could use a portion of the funds available to us to pay fees to consultants to assist us with our search for a target business.
We could also use a portion of the funds as a down payment or to fund a &ldquo;no-shop&rdquo; provision (a provision in letters
of intent or merger agreements designed to keep target businesses from &ldquo;shopping&rdquo; around for transactions with other
companies or investors 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 entered into a letter of intent or merger agreement where we paid
for the right to receive exclusivity from a target business and were subsequently required to forfeit such funds (whether as a
result of our breach or otherwise), we might not have sufficient funds to continue searching for, or conduct due diligence with
respect to, a target business.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that our offering expenses exceed our estimate
of $1,575,000, we may fund such excess with funds not to be held in the trust account. In such case, the amount of funds we intend
to be held outside the trust account would decrease by a corresponding amount. Conversely, in the event that the offering expenses
are less than our estimate of $1,575,000, the amount of funds we intend to be held outside the trust account would increase by
a corresponding amount. The amount held in the trust account will not be impacted as a result of such increase or decrease. If
we are required to seek additional capital, we would need to borrow funds from our sponsor, management team or other third parties
to operate or may be forced to liquidate. Neither our sponsor, members of our management team nor any of their affiliates is under
any obligation to advance funds to us in such circumstances. Any such advances would be repaid only from funds held outside the
trust account or from funds released to us upon completion of our initial business combination. Up to $1,500,000 of such loans
may be convertible into units at a price of $10.00 per unit at the option of the lender. Prior to the completion of our initial
business combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do
not believe third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to
funds in our trust account. If we are unable to complete our initial business combination because we do not have sufficient funds
available to us, we will be forced to cease operations and liquidate the trust account. Consequently, our public stockholders may
only receive an estimated $10.00 per share on our redemption of our public shares, and our warrants will expire worthless.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If third parties bring claims against us, the proceeds held
in the trust account could be reduced and the per- share redemption amount received by stockholders may be less than $10.00 per
share.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our placing of funds in the trust account may not protect those
funds from third party claims against us. Although we will seek to have all vendors, service providers, prospective target businesses
and other entities with which we do business execute agreements with us waiving any right, title, interest or claim of any kind
in or to any monies held in the trust account for the benefit of our public stockholders, such parties may not execute such agreements,
or even if they execute such agreements they may not be prevented from bringing claims against the trust account, including, but
not limited to, fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging
the enforceability of the waiver, in each case in order to gain advantage with respect to a claim against our assets, including
the funds held in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held
in the trust account, our management will consider whether competitive alternatives are reasonably available to us and will only
enter into an agreement with such third party if management believes that such third party&rsquo;s engagement would be in the best
interests of the company under the circumstances. The underwriters of this offering as well as our registered independent public
accounting firm will not execute agreements with us waiving such claims to the monies held in the trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Examples of possible instances where we may engage a third party
that refuses to execute a waiver include the engagement of a third party consultant whose particular expertise or skills are believed
by management to be significantly superior to those of other consultants that would agree to execute a waiver or in cases where
management is unable to find a service provider willing to execute a waiver. In addition, there is no guarantee that such entities
will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations, contracts or agreements
with us and will not seek recourse against the trust account for any reason. Upon redemption of our public shares, if we are unable
to complete our initial business combination within the prescribed timeframe, or upon the exercise of a redemption right in connection
with our initial business combination, we will be required to provide for payment of claims of creditors that were not waived that
may be brought against us within the 10 years following redemption. Accordingly, the per-share redemption amount received by public
stockholders could be less than the $10.00 per public share initially held in the trust account, due to claims of such creditors.
Our sponsor has agreed that it will be liable to us if and to the extent any claims by a third party 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 other similar agreement or business combination agreement, reduce the amount of funds in the trust account to below the lesser
of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per public share held in the trust account as of the date of
the liquidation of the trust account, if less than $10.00 per public share due to reductions in the value of the trust assets,
less taxes payable, <I>provided that </I>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 we believe that
our sponsor&rsquo;s only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be able to
satisfy those obligations.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, if any such claims were successfully made against
the trust account, the funds available for our initial business combination and redemptions could be reduced to less than $10.00
per public share. In such event, we may not be able to complete our initial business combination, and you would receive such lesser
amount per share in connection with any redemption of your public shares. None of our officers or directors will indemnify us for
claims by third parties including, without limitation, claims by vendors and prospective target businesses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our directors may decide not to enforce the indemnification
obligations of our sponsor, resulting in a reduction in the amount of funds in the trust account available for distribution to
our public stockholders.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the proceeds in the trust account are reduced
below the lesser of (i)&nbsp;$10.00 per share and (ii)&nbsp;the actual amount per public share held in the trust account as of
the date of the liquidation of the trust account if less than $10.00 per public share due to reductions in the value of the trust
assets, in each case less taxes payable, and our sponsor asserts that it is unable to satisfy its obligations or that it has no
indemnification obligations related to a particular claim, our independent directors would determine whether to take legal action
against our sponsor to enforce its indemnification obligations. While we currently expect that our independent directors would
take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible that our independent
directors in exercising their business judgment and subject to their fiduciary duties may choose not to do so in any particular
instance. If our independent directors choose not to enforce these indemnification obligations, the amount of funds in the trust
account available for distribution to our public stockholders may be reduced below $10.00 per share.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, after we distribute the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed,
any distributions received by stockholders could be viewed under applicable debtor/creditor and/or bankruptcy laws as either a
 &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent conveyance.&rdquo; As a result, a bankruptcy court could seek to recover
some or all amounts received by our stockholders. In addition, our board of directors may be viewed as having breached its fiduciary
duty to our creditors and/or having acted in bad faith, by paying public stockholders from the trust account prior to addressing
the claims of creditors, thereby exposing itself and us to claims of punitive damages.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If, before distributing the proceeds in the trust account
to our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not
dismissed, the claims of creditors in such proceeding may have priority over the claims of our stockholders and the per-share amount
that would otherwise be received by our stockholders in connection with our liquidation may be reduced.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If, before distributing the proceeds in the trust account to
our public stockholders, we file a bankruptcy petition or an involuntary bankruptcy petition is filed against us that is not dismissed,
the proceeds held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate
and subject to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims
deplete the trust account, the per-share amount that would otherwise be received by our stockholders in connection with our liquidation
may be reduced.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrictions on the nature of our investments; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>restrictions on the issuance of securities, each of which may make it difficult for us to complete our initial business combination.
In addition, we may have imposed upon us burdensome requirements, including:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>registration as an investment company with the SEC;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>adoption of a specific form of corporate structure; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reporting, record keeping, voting, proxy and disclosure requirements and other rules&nbsp;and regulations that we are not subject
to.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In order not to be regulated as an investment company under
the Investment Company Act, unless we can qualify for an exclusion, we must ensure that we are engaged primarily in a business
other than investing, reinvesting or trading of securities and that our activities do not include investing, reinvesting, owning,
holding or trading &ldquo;investment securities&rdquo; constituting more than 40% of our assets (exclusive of U.S. government securities
and cash items) on an unconsolidated basis. Our business will be to identify and complete a business combination and thereafter
to operate the post-transaction business or assets for the long term. We do not plan to buy businesses or assets with a view to
resale or profit from their resale. We do not plan to buy unrelated businesses or assets or to be a passive investor.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe that our anticipated principal activities
will subject us to the Investment Company Act. To this end, the proceeds held in the trust account may only be invested in United
States &ldquo;government securities&rdquo; within the meaning of Section&nbsp;2(a)(16) of the Investment Company Act having a maturity
of 185 days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 promulgated under the Investment Company
Act which invest only in direct U.S. government treasury obligations. Pursuant to the trust agreement, the trustee is not permitted
to invest in other securities or assets. By restricting the investment of the proceeds to these instruments, and by having a business
plan targeted at acquiring and growing businesses for the long term (rather than on buying and selling businesses in the manner
of a merchant bank or private equity fund), we intend to avoid being deemed an &ldquo;investment company&rdquo; within the meaning
of the Investment Company Act. This offering is not intended for persons who are seeking a return on investments in government
securities or investment securities. The trust account is intended as a holding place for funds pending the earliest to occur of
either: (i)&nbsp;the completion of our initial business combination; (ii)&nbsp;the redemption of any public shares properly tendered
in connection with a stockholder vote to amend our amended and restated certificate of incorporation to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months
from the closing of this offering; and (iii)&nbsp;absent an initial business combination within 24 months from the closing of this
offering or with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination
activity, our return of the funds held in the trust account to our public stockholders as part of our redemption of the public
shares. If we do not invest the proceeds as discussed above, we may be deemed to be subject to the Investment Company Act. If we
were deemed to be subject to the Investment Company Act, compliance with these additional regulatory burdens would require additional
expenses for which we have not allotted funds and may hinder our ability to complete a business combination. If we are unable to
complete our initial business combination, our public stockholders may only receive their <I>pro rata </I>portion of the funds
in the trust account that are available for distribution to public stockholders, and our warrants will expire worthless.</P>

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Under the DGCL, stockholders may be held liable for claims by
third parties against a corporation to the extent of distributions received by them in a dissolution. The <I>pro rata </I>portion
of our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If a corporation complies with certain procedures set forth in Section&nbsp;280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect
to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s <I>pro rata </I>share of the claim or the amount
distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution.
However, it is our intention to redeem our public shares as soon as reasonably possible following the 24th month from the closing
of this offering in the event we do not complete our initial business combination and, therefore, we do not intend to comply with
the foregoing procedures.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Because we will not be complying with Section&nbsp;280, Section&nbsp;281(b)&nbsp;of
the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing
and pending claims or claims that may be potentially brought against us within the 10 years following our dissolution. However,
because we are a blank check company, rather than an operating company, and our operations will be limited to searching for prospective
target businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers,&nbsp;etc.)
or prospective target businesses. If our plan of distribution complies with Section&nbsp;281(b)&nbsp;of the DGCL, any liability
of stockholders with respect to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s <I>pro rata </I>share
of the claim or the amount distributed to the stockholder, and any liability of the stockholder would likely be barred after the
third anniversary of the dissolution. We cannot assure you that we will properly assess all claims that may be potentially brought
against us. As such, our stockholders could potentially be liable for any claims to the extent of distributions received by them
(but no more) and any liability of our stockholders may extend beyond the third anniversary of such date. Furthermore, if the <I>pro
rata </I>portion of our trust account distributed to our public stockholders upon the redemption of our public shares in the event
we do not complete our initial business combination within 24 months from the closing of this offering is not considered a liquidating
distribution under Delaware law and such redemption distribution is deemed to be unlawful (potentially due to the imposition of
legal proceedings that a party may bring or due to other circumstances that are currently unknown), then pursuant to Section&nbsp;174
of the DGCL, the statute of limitations for claims of creditors could then be six years after the unlawful redemption distribution,
instead of three years, as in the case of a liquidating distribution.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Provisions in our amended and restated certificate of incorporation
and Delaware law may inhibit a takeover of us, which could limit the price investors might be willing to pay in the future for
our shares of Class&nbsp;A common stock and could entrench management.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our amended and restated certificate of incorporation contains
provisions that may discourage unsolicited takeover proposals that stockholders may consider to be in their best interests. These
provisions include a staggered board of directors and the ability of the board of directors to designate the terms of and issue
new series of preferred stock, which may make more difficult the removal of directors and may discourage transactions that otherwise
could involve payment of a premium over prevailing market prices for our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Provisions in our amended and restated certificate of incorporation
and Delaware law may have the effect of discouraging lawsuits against our directors and officers.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our amended and restated certificate of incorporation will require,
unless we consent in writing to the selection of an alternative forum, that (i)&nbsp;any derivative action or proceeding brought
on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
to us or our stockholders, (iii)&nbsp;any action asserting a claim against us, our directors, officers or employees arising pursuant
to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws, or (iv)&nbsp;any action asserting
a claim against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the Court
of Chancery in the State of Delaware, except any claim (A)&nbsp;as to which the Court of Chancery of the State of Delaware determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does
not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B)&nbsp;which
is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C)&nbsp;for which the Court of
Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court for the District
of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit
will be deemed to have consented to service of process on such stockholder&rsquo;s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance
with federal securities laws and the rules&nbsp;and regulations thereunder.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Notwithstanding the foregoing, our amended and restated certificate
of incorporation will provide that the exclusive forum provision will not apply to suits brought to enforce a duty or liability
created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section&nbsp;27 of the
Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules&nbsp;and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative
forum, the federal courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act against us or any of our directors, officers, other employees or agents. Any person or entity purchasing
or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions. We note,
however, that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance
with the federal securities laws and the rules&nbsp;and regulations thereunder. Section&nbsp;22 of the Securities Act creates concurrent
jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act
or the rules&nbsp;and regulations thereunder. Although we believe this provision benefits us by providing increased consistency
in the application of Delaware law in the types of lawsuits to which it applies, the provision may limit our stockholders&rsquo;
ability to obtain a favorable judicial forum for disputes with us and may have the effect of discouraging lawsuits against our
directors and officers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Risks Relating to Completing a Business Combination</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Because we are neither limited to evaluating a target business
in a particular industry sector nor have we selected any specific target businesses with which to pursue our initial business combination,
you will be unable to ascertain the merits or risks of any particular target business&rsquo;s operations.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our efforts to identify a prospective initial business combination
target will not be limited to a particular industry, sector or geographic region. While we may pursue an initial business combination
opportunity in any industry or sector, we intend to capitalize on the ability of our management team to identify, acquire and operate
a business or businesses that can benefit from our management team&rsquo;s established global relationships and operating experience.
Our management team has extensive experience in identifying and executing strategic investments globally and has done so successfully
in a number of sectors. Our amended and restated certificate of incorporation prohibits us from effectuating a business combination
with another blank check company or similar company with nominal operations. Because we have not yet selected any specific target
business with respect to a business combination, there is no basis to evaluate the possible merits or risks of any particular target
business&rsquo;s operations, results of operations, cash flows, liquidity, financial condition or prospects. To the extent we complete
our initial business combination, we may be affected by numerous risks inherent in the business operations with which we combine.
For example, if we combine with a financially unstable business or an entity lacking an established record of sales or earnings,
we may be affected by the risks inherent in the business and operations of a financially unstable or a development stage entity.
Although our officers and directors will endeavor to evaluate the risks inherent in a particular target business, we cannot assure
you that we will properly ascertain or assess all of the significant risk factors or that we will have adequate time to complete
due diligence.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Furthermore, some of these risks may be outside of our control
and leave us with no ability to control or reduce the chances that those risks will adversely impact a target business. We also
cannot assure you that an investment in our units will ultimately prove to be more favorable to investors than a direct investment,
if such opportunity were available, in a business combination target. Accordingly, any stockholders or warrant holders who choose
to remain stockholders or warrant holders following the business combination could suffer a reduction in the value of their securities.
Such stockholders or warrant holders are unlikely to have a remedy for such reduction in value unless they are able to successfully
claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary duty owed to them,
or if they are able to successfully bring a private claim under securities laws that the proxy materials or tender offer documents,
as applicable, relating to the business combination contained an actionable material misstatement or material omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Past performance by our management team and their affiliates
may not be indicative of future performance of an investment in us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Information regarding performance by, or businesses associated
with, our management team or businesses associated with them is presented for informational purposes only. The past performance
of our management team or their respective affiliates is not a guarantee of either: (i)&nbsp;success with respect to any business
combination we may consummate; or (ii)&nbsp;that we will be able to identify a suitable candidate for our initial business combination.
You should not rely on the historical record of our management team&rsquo;s or their respective affiliates&rsquo; performance as
indicative of any future performance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Involvement of members of our management and companies with
which they are affiliated in civil disputes and litigation or governmental investigations unrelated to our business affairs could
materially impact our ability to consummate an initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Members of our management team and companies with which they
are affiliated have been, and in the future will continue to be, involved in a wide variety of business affairs, including transactions,
such as sales and purchases of businesses, and ongoing operations. As a result of such involvement, members of our management and
companies with which they are affiliated in past have been, and may in the future continue to be, involved in civil disputes and
litigation and governmental investigations relating to their business affairs unrelated to our company which may progress. Given
our management&rsquo;s extensive involvement in financial services, asset management, insurance and other regulated industries,
those civil disputes, litigation and governmental investigations could involve FINRA, SEC and/or state regulatory bodies and could
result in settlements where parties are named publicly. Any such claims, investigations or settlements may be detrimental to our
reputation and could negatively affect our ability to identify and complete an initial business combination and may have an adverse
effect on the price of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>We may seek business combination opportunities in industries
or sectors that may be outside of our management&rsquo;s areas of expertise.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We will consider a business combination outside of our management&rsquo;s
areas of expertise if a business combination candidate is presented to us and we determine that such candidate offers an attractive
business combination opportunity for our company. Although our management will endeavor to evaluate the risks inherent in any particular
business combination candidate, we cannot assure you that we will adequately ascertain or assess all of the significant risk factors.
We also cannot assure you that an investment in our units will not ultimately prove to be less favorable to investors in this offering
than a direct investment, if an opportunity were available, in a business combination candidate. In the event we elect to pursue
a business combination outside of the areas of our management&rsquo;s expertise, our management&rsquo;s expertise may not be directly
applicable to its evaluation or operation, and the information contained in this prospectus regarding the areas of our management&rsquo;s
expertise would not be relevant to an understanding of the business that we elect to acquire. As a result, our management may not
be able to ascertain or assess adequately all of the relevant risk factors. Accordingly, any stockholders who choose to remain
stockholders following our initial business combination could suffer a reduction in the value of their shares. Such stockholders
are unlikely to have a remedy for such reduction in value.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Although we have identified general criteria and guidelines
for evaluating prospective target businesses, it is possible that a target business with which we enter into our initial business
combination will not have all of these positive attributes. If we complete our initial business combination with a target that
does not meet some or all of these guidelines, such combination may not be as successful as a combination with a business that
does meet all of our general criteria and guidelines. In addition, if we announce a prospective business combination with a target
that does not meet our general criteria and guidelines, a greater number of stockholders may exercise their redemption rights,
which may make it difficult for us to meet any closing condition with a target business that requires us to have a minimum net
worth or a certain amount of cash. In addition, if stockholder approval of the transaction is required by law, or we decide to
obtain stockholder approval for business or other legal reasons, it may be more difficult for us to attain stockholder approval
of our initial business combination if the target business does not meet our general criteria and guidelines. If we are unable
to complete our initial business combination, our public stockholders may only receive their <I>pro rata </I>portion of the funds
in the trust account that are available for distribution to public stockholders, and our warrants will expire worthless.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our amended and restated certificate of incorporation authorizes
the issuance of up to 380,000,000 shares of Class&nbsp;A common stock, par value $0.0001 per share, 20,000,000 shares of Class&nbsp;B
common stock, par value $0.0001 per share, and 1,000,000 shares of preferred stock, par value $0.0001 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Immediately after this offering, there will be 360,000,000 and
14,500,000 (assuming in each case that the underwriters have not exercised their over-allotment option and the forfeiture of 750,000
shares of Class&nbsp;B common stock) authorized but unissued shares of Class&nbsp;A common stock and Class&nbsp;B common stock,
respectively, available for issuance which amount does not take into account shares reserved for issuance upon exercise of outstanding
warrants or shares issuable upon conversion of the Class&nbsp;B common stock. Immediately after this offering, there will be no
shares of preferred stock issued and outstanding. The Class&nbsp;B common stock is automatically convertible into Class&nbsp;A
common stock concurrently with or immediately following the consummation of our initial business combination, initially at a one-for-
one ratio but subject to adjustment as set forth herein and in our amended and restated certificate of incorporation. These amounts
exclude the issuance of forward purchase shares issuable pursuant to our forward purchase agreement with Aldel Capital LLC at the
time of the initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We may issue a substantial number of additional shares of Class&nbsp;A
common stock or shares of preferred stock to complete our initial business combination (including pursuant to our forward purchase
agreement with Aldel Capital LLC) or under an employee incentive plan after completion of our initial business combination. We
may also issue shares of Class&nbsp;A common stock upon conversion of the Class&nbsp;B common stock at a ratio greater than one-to-one
at the time of our initial business combination as a result of the anti-dilution provisions as set forth therein. However, our
amended and restated certificate of incorporation provides, among other things, that prior to our initial business combination,
we may not issue additional shares that would entitle the holders thereof to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote
as a class with our public shares (a)&nbsp;on any initial business combination or (b)&nbsp;to approve an amendment to our amended
and restated certificate of incorporation to (x)&nbsp;extend the time we have to consummate a business combination beyond 24 months
from the closing of this offering or (y)&nbsp;amend the foregoing provisions. These provisions of our amended and restated certificate
of incorporation, like all provisions of our amended and restated certificate of incorporation, may be amended with a stockholder
vote. The issuance of additional shares of common stock or shares of preferred stock:</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">may significantly dilute the equity interest of investors in this offering;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">may subordinate the rights of holders of Class&nbsp;A common stock if shares of preferred stock are issued with rights senior
to those afforded our Class&nbsp;A common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">could cause a change in control if a substantial number of shares of Class&nbsp;A common stock is issued, which may affect,
among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal
of our present officers and directors; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">may adversely affect prevailing market prices for our units, Class&nbsp;A common stock and/or warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Unlike some other similarly structured special purpose acquisition
companies, our initial stockholders will receive additional shares of Class&nbsp;A common stock if we issue certain shares to consummate
an initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The founder shares will automatically convert into shares of
Class&nbsp;A common stock concurrently with or immediately following the consummation of our initial business combination on a
one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and
subject to further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock or equity-linked
securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class&nbsp;A
common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the
total number of shares of Class&nbsp;A common stock outstanding after such conversion (after giving effect to any redemptions of
shares of Class&nbsp;A common stock by public stockholders and excluding the shares of Class&nbsp;A common stock underlying the
Underwriter Units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement and the shares of
Class&nbsp;A common stock issuable upon conversion of any working capital loans), including the total number of shares of Class&nbsp;A
common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked securities or rights issued
or deemed issued, by the company in connection with or in relation to the consummation of the initial business combination, excluding
any shares of Class&nbsp;A common stock or equity-linked securities or rights exercisable for or convertible into shares of Class&nbsp;A
common stock issued, or to be issued, to any seller in the initial business combination and any units or any underlying securities
issued to our sponsor, officers or directors upon conversion of working capital loans, or any shares issued pursuant to the forward
purchase agreement, <I>provided that </I>such conversion of founder shares will never occur on a less than one-for-one basis. This
is different than some other similarly structured special purpose acquisition companies in which the initial stockholders will
only be issued an aggregate of 20% of the total number of shares to be outstanding prior to the initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>The grant of registration rights to our initial stockholders
and holders of our private placement warrants, private units, Underwriter Units and forward purchase shares may make it more difficult
to complete our initial business combination, and the future exercise of such rights may adversely affect the market price of our
shares of Class&nbsp;A common stock.</B></P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Pursuant to an agreement to be entered into concurrently with
the issuance and sale of the securities in this offering, our initial stockholders and their permitted transferees can demand that
we register the shares of Class&nbsp;A common stock into which founder shares are convertible, holders of our private placement
securities and the securities issuable pursuant to the forward purchase agreement and their permitted transferees can demand that
we register the private placement securities and the Class&nbsp;A common stock issuable upon exercise of the warrants included
therein, holders of units that may be issued upon conversion of working capital loans may demand that we register such units or
the underlying securities issuable upon conversion of such units, holders of the Underwriter Units can demand that we register
the Underwriter Shares, the Underwriter Warrants and the shares of Class&nbsp;A common stock underlying the Underwriter Warrants,
and Aldel Capital LLC and its permitted transferees can demand that we register any shares of Class&nbsp;A common stock acquired
pursuant to the forward purchase agreement (other than shares purchased in open market transactions). The registration rights will
be exercisable with respect to the founder shares, the private placement warrants, the Class&nbsp;A common stock issuable upon
exercise of such private placement warrants, the private shares, the Underwriter Shares, the Underwriter Units, the Class&nbsp;A
common stock issuable upon exercise of the Underwriter Warrants, the forward purchase shares, and the Class&nbsp;A common stock
underlying the units that may be issued upon conversion of working capital loans.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We will bear the cost of registering these securities. The registration
and availability of such a significant number of securities for trading in the public market may have an adverse effect on the
market price of our Class&nbsp;A common stock. In addition, the existence of the registration rights may make our initial business
combination more costly or difficult to conclude. This is because the stockholders of the target business may increase the equity
stake they seek in the combined entity or ask for more cash consideration to offset the negative impact on the market price of
our Class&nbsp;A common stock that is expected when the shares of common stock owned by our initial stockholders, holders of our
private placement warrants, holders of the Underwriter Units or holders of our working capital loans or their respective permitted
transferees are registered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Resources could be wasted in researching business combinations
that are not completed, which could materially adversely affect subsequent attempts to locate and acquire or merge with another
business. If we are unable to complete our initial business combination, our public stockholders may only receive their <I>pro
rata </I>portion of the funds in the trust account that are available for distribution to public stockholders, and our warrants
will expire worthless.</B></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our operations are dependent upon a relatively small group of
individuals and, in particular, our executive officers and directors and our senior advisor. We believe that our success depends
on the continued service of our officers and directors, at least until we have completed our initial business combination. In addition,
our executive officers and directors are not required to commit any specified amount of time to our affairs and, accordingly, will
have conflicts of interest in allocating their time among various business activities, including identifying potential business
combinations and monitoring the related due diligence. We do not have an employment agreement with, or key-man insurance on the
life of, any of our directors or executive officers. The unexpected loss of the services of one or more of our directors or executive
officers could have a detrimental effect on us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our ability to successfully effect our initial business combination
is dependent upon the efforts of our key personnel. The role of our key personnel in the target business, however, cannot presently
be ascertained. Although some of our key personnel may remain with the target business in senior management or advisory positions
following our initial business combination, it is likely that some or all of the management of the target business will remain
in place. While we intend to closely scrutinize any individuals we engage after our initial business combination, we cannot assure
you that our assessment of these individuals will prove to be correct. These individuals may be unfamiliar with the requirements
of operating a company regulated by the SEC, which could cause us to have to expend time and resources helping them become familiar
with such requirements.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our key personnel may negotiate employment or consulting agreements
with a target business in connection with a particular business combination, and a particular business combination may be conditioned
on the retention or resignation of such key personnel. These agreements may provide for them to receive compensation following
our initial business combination and as a result, may cause them to have conflicts of interest in determining whether a particular
business combination is the most advantageous.</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><B>We may have a limited ability to assess the management of
a prospective target business which may affect our initial business combination with a target business whose management may not
have the skills, qualifications or abilities to manage a public company.</B></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">When evaluating the desirability of effecting our initial business
combination with a prospective target business, our ability to assess the target business&rsquo;s management may be limited due
to a lack of time, resources or information. Our assessment of the capabilities of the target business&rsquo;s management, therefore,
may prove to be incorrect and such management may lack the skills, qualifications or abilities we suspected. Should the target
business&rsquo;s management not possess the skills, qualifications or abilities necessary to manage a public company, the operations
and profitability of the post-combination business may be negatively impacted. Accordingly, any stockholders or warrant holders
who choose to remain stockholders or warrant holders following the business combination could suffer a reduction in the value of
their securities. Such stockholders or warrant holders are unlikely to have a remedy for such reduction in value unless they are
able to successfully claim that the reduction was due to the breach by our officers or directors of a duty of care or other fiduciary
duty owed to them, or if they are able to successfully bring a private claim under securities laws that the proxy solicitation
or tender offer materials, as applicable, relating to the business combination contained an actionable material misstatement or
material omission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>The officers and directors of an acquisition candidate may
resign upon completion of our initial business combination. The loss of a business combination target&rsquo;s key personnel could
negatively impact the operations and profitability of our post-combination business.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The role of an acquisition candidate&rsquo;s key personnel upon
the completion of our initial business combination cannot be ascertained at this time. Although we contemplate that certain members
of an acquisition candidate&rsquo;s management team will remain associated with the acquisition candidate following our initial
business combination, it is possible that members of the management of an acquisition candidate will not wish to remain in place.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our executive officers and directors are not required to, and
will not, commit their full time to our affairs, which may result in a conflict of interest in allocating their time between our
operations and our search for a business combination and their other businesses. We do not intend to have any full-time employees
prior to the completion of our initial business combination. Each of our executive officers is engaged in several other business
endeavors for which he may be entitled to substantial compensation, and our executive officers are not obligated to contribute
any specific number of hours per week to our affairs. Our independent directors also serve as officers and board members for other
entities. Certain of our officers and directors previously formed a special purpose acquisition company, FG New America Acquisition
Corp., which is currently seeking to complete an initial business combination. If our executive officers&rsquo; and directors&rsquo;
other business affairs require them to devote substantial amounts of time to such affairs in excess of their current commitment
levels, it could limit their ability to devote time to our affairs which may have a negative impact on our ability to complete
our initial business combination. For a complete discussion of our executive officers&rsquo; and directors&rsquo; other business
affairs, please see &ldquo;<I>Management &mdash; Officers and Directors</I>.&rdquo;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Our officers and directors presently have, and any of them
in the future may have additional, fiduciary or contractual obligations to other entities and, accordingly, may have conflicts
of interest in determining to which entity a particular business opportunity should be presented.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Following the closing of this offering and until we consummate
our initial business combination, we intend to engage in the business of identifying and combining with one or more businesses.
Each of our officers and directors presently has, and any of them in the future may have, additional fiduciary or contractual obligations
to other entities pursuant to which such officer or director is or will be required to present a business combination opportunity
to such entity. Accordingly, they may have conflicts of interest in determining to which entity a particular business opportunity
should be presented. These conflicts may not be resolved in our favor and a potential target business may be presented to another
entity prior to its presentation to us. Our amended and restated certificate of incorporation will provide that we renounce our
interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person
solely in his or her capacity as a director or officer of the company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted
to refer that opportunity to us without violating another legal obligation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our officers and directors previously formed a special
purpose acquisition company, FG New America Acquisition Corp., which is currently seeking to complete an initial business combination.
In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar
to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination.
Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">For a complete discussion of our executive officers&rsquo; and
directors&rsquo; business affiliations and the potential conflicts of interest that you should be aware of, please see &ldquo;<I>Management
 &mdash; Officers and Directors</I>,&rdquo; &ldquo;<I>Management &mdash; Conflicts of Interest</I>&rdquo; and &ldquo;<I>Certain
Relationships and Related Party Transactions</I>.&rdquo;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Our executive officers, directors, security holders and their
respective affiliates may have competitive pecuniary interests that conflict with our interests.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We have not adopted a policy that expressly prohibits our directors,
executive officers, security holders or affiliates from having a direct or indirect pecuniary or financial interest in any investment
to be acquired or disposed of by us or in any transaction to which we are a party or have an interest. In fact, we may enter into
a business combination with a target business that is affiliated with our sponsor, our directors or executive officers, although
we do not intend to do so. Nor do we have a policy that expressly prohibits any such persons from engaging for their own account
in business activities of the types conducted by us. Accordingly, such persons or entities may have a conflict between their interests
and ours.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The personal and financial interests of our directors and officers
may influence their motivation in timely identifying and selecting a target business and completing a business combination. Consequently,
our directors&rsquo; and officers&rsquo; discretion in identifying and selecting a suitable target business may result in a conflict
of interest when determining whether the terms, conditions and timing of a particular business combination are appropriate and
in our stockholders&rsquo; best interest. If this were the case, it would be a breach of their fiduciary duties to us as a matter
of Delaware law and we or our stockholders might have a claim against such individuals for infringing on our stockholders&rsquo;
rights. However, we might not ultimately be successful in any claim we may make against them for such reason.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Since our initial stockholders, executive officers and directors
will lose their entire investment in us if our initial business combination is not completed (other than with respect to public
shares they may acquire during or after this offering), a conflict of interest may arise in determining whether a particular business
combination target is appropriate for our initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">On January&nbsp;11, 2021, our sponsor paid $20,326.09 and FG
SPAC Partners LP, an affiliate of certain of our directors, paid $4,673.91 to cover certain of our offering costs in exchange for
4,675,000 and 1,075,000 founder shares, respectively, or approximately $0.004 per share. On January&nbsp;15, 2021, our sponsor
transferred an aggregate of 175,000 founder shares to members of our management and our board of directors, resulting in our sponsor
holding 4,500,000 founder shares. Prior to the initial investment in the company of $25,000 by the sponsor and FG SPAC Partners
LP, the company had no assets, tangible or intangible. The purchase price of the founder shares was determined by dividing the
amount of cash contributed to the company by the number of founder shares issued.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The number of founder shares outstanding was determined based
on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters&rsquo; over-allotment
option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares after this offering
(not including the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A
common stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A common stock underlying the units
issuable upon conversion of working capital loans). Up to 750,000 of the founder shares will be forfeited depending on the extent
to which the underwriters&rsquo; over-allotment is exercised. The founder shares will be worthless if we do not complete an initial
business combination. In addition, our sponsor and FG SPAC Partners LP (and/or their designees) have committed to purchase an aggregate
of 1,300,000 OTM Warrants, exercisable for one share of Class&nbsp;A common stock at $15.00 per share for an aggregate purchase
price of $130,000, or $0.10 per OTM Warrant, that will also be worthless if we do not complete our initial business combination.
In addition, our sponsor (and/or
its designees) has committed to purchase an aggregate of 400,000 private units, consisting of one private share and one-half
of one private warrant, that will also be worthless if we do not complete our initial business combination. The personal and financial
interests of our executive officers and directors may influence their motivation in identifying and selecting a target business
combination, completing an initial business combination and influencing the operation of the business following the initial business
combination. This risk may become more acute as the 24-month anniversary of the closing of this offering nears, which is the deadline
for our completion of an initial business combination.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay
our debt obligations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we
breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation
of that covenant;</TD></TR></TABLE>

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

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

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">our inability to pay dividends on our Class&nbsp;A common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available
for dividends on our Class&nbsp;A common stock if declared, expenses, capital expenditures, acquisitions and other general corporate
purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in
government regulation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements,
execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.</TD></TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The net proceeds from this offering and the sale of the private
placement securities will provide us with $201,555,000 (or $231,555,000 if the underwriters&rsquo; over-allotment option is exercised
in full) that we may use to complete our initial business combination. In addition, we may receive up to $20 million in proceeds
from the sale of shares of Class&nbsp;A common stock in a private placement to occur simultaneously with the closing of our initial
business combination pursuant to the forward purchase agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">We may effectuate our initial business combination with a single
target business or multiple target businesses simultaneously or within a short period of time. However, we may not be able to effectuate
our initial business combination with more than one target business because of various factors, including the existence of complex
accounting issues and the requirement that we prepare and file <I>pro forma </I>financial statements with the SEC that present
operating results and the financial condition of several target businesses as if they had been operated on a combined basis. By
completing our initial business combination with only a single entity, our lack of diversification may subject us to numerous economic,
competitive and regulatory developments. Further, we would not be able to diversify our operations or benefit from the possible
spreading of risks or offsetting of losses, unlike other entities which may have the resources to complete several business combinations
in different industries or different areas of a single industry. Accordingly, the prospects for our success may be:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: left; width: 0.25in"></TD><TD STYLE="text-align: left; width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: left">solely dependent upon the performance of a single business, property or asset, or</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>Because we must furnish our stockholders with target business
financial statements, we may lose the ability to complete an otherwise advantageous initial business combination with some prospective
target businesses.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">The federal proxy rules&nbsp;require that the proxy statement
with respect to the vote on an initial business combination include historical and <I>pro forma </I>financial statement disclosure.
We will include the same financial statement disclosure in connection with our tender offer documents, whether or not they are
required under the tender offer rules. These financial statements may be required to be prepared in accordance with, or be reconciled
to, accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;), or international financial reporting
standards as issued by the International Accounting Standards Board (&ldquo;IFRS&rdquo;), 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) (&ldquo;PCAOB&rdquo;). These financial statement requirements may limit the pool of potential target
businesses we may acquire because some targets may be unable to provide such financial statements in time for us to disclose such
statements in accordance with federal proxy rules&nbsp;and complete our initial business combination within the prescribed time
frame.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">Our amended and restated certificate of incorporation does not
provide a specified maximum redemption threshold, except that in no event will we redeem our public shares in an amount that would
cause our net tangible assets to be less than $5,000,001. In addition, our proposed initial business combination may impose a minimum
cash requirement for: (i)&nbsp;cash consideration to be paid to the target or its owners, (ii)&nbsp;cash for working capital or
other general corporate purposes or (iii)&nbsp;the retention of cash to satisfy other conditions. As a result, we may be able to
complete our initial business combination even though a substantial majority of our public stockholders do not agree with the transaction
and have redeemed their shares or, if we seek stockholder approval of our initial business combination and do not conduct redemptions
in connection with our initial business combination pursuant to the tender offer rules, have entered into privately negotiated
agreements to sell their shares to our sponsor, officers, directors, advisors or any of their affiliates. In the event the aggregate
cash consideration we would be required to pay for all shares of Class&nbsp;A common stock that are validly submitted for redemption
plus any amount required to satisfy cash conditions pursuant to the terms of the proposed business combination exceed the aggregate
amount of cash available to us, we will not complete the business combination or redeem any shares in connection with such initial
business combination, all shares of Class&nbsp;A common stock submitted for redemption will be returned to the holders thereof,
and we instead may search for an alternate business combination.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">In order to effectuate a business combination, special purpose
acquisition companies have, in the recent past, amended various provisions of their charters and governing instruments, including
their warrant agreements. For example, special purpose acquisition companies have amended the definition of business combination,
increased redemption thresholds and extended the time to consummate an initial business combination and, with respect to their
warrants, amended their warrant agreements to require the warrants to be exchanged for cash and/or other securities. Amending our
amended and restated certificate of incorporation will require the approval of holders of 65% of our common stock, and amending
our warrant agreement will require a vote of holders of at least 50% of the public warrants and, solely with respect to any amendment
to the terms of the private placement warrants or any provision of the warrant agreement with respect to the private placement
warrants, 50% of the number of the then outstanding private placement warrants. In addition, our amended and restated certificate
of incorporation requires us to provide our public stockholders with the opportunity to redeem their public shares for cash if
we propose an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation
to redeem 100% of our public shares if we do not complete an initial business combination within 24 months of the closing of this
offering or with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination
activity. To the extent any of such amendments would be deemed to fundamentally change the nature of the securities offered through
this registration statement, we would register, or seek an exemption from registration for, the affected securities. We cannot
assure you that we will not seek to amend our charter or governing instruments or extend the time to consummate an initial business
combination in order to effectuate our initial business combination.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B>The provisions of our amended and restated certificate of
incorporation that relate to our pre-business combination activity (and corresponding provisions of the agreement governing the
release of funds from our trust account) may be amended with the approval of holders of 65% of our common stock, which is a lower
amendment threshold than that of some other special purpose acquisition companies. It may be easier for us, therefore, to amend
our amended and restated certificate of incorporation to facilitate the completion of an initial business combination that some
of our stockholders may not support.</B></P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation
provides that any of its provisions related to pre- business combination activity (including the requirement to deposit
proceeds of this offering and the private placements of warrants and the private units into the trust account and not release
such amounts except in specified circumstances, and to provide redemption rights to public stockholders as described herein)
may be amended if approved by holders of 65% of our common stock entitled to vote thereon and corresponding provisions of the
trust agreement governing the release of funds from our trust account may be amended if approved by holders of 65% of our
common stock entitled to vote thereon. If we amend such provisions of our amended and restated certificate of incorporation,
we will provide our public stockholders with the opportunity to redeem their public shares in connection with a stockholder
meeting. In all other instances, our amended and restated certificate of incorporation may be amended by holders of a
majority of our outstanding common stock entitled to vote thereon, subject to applicable provisions of the DGCL or applicable
stock exchange rules. Our initial stockholders, who will collectively beneficially own 20% of our common stock upon the
closing of this offering (assuming they do not purchase any units in this offering or in open market transactions and
excluding the shares of Class&nbsp;A common stock underlying the Underwriter Units, the shares of Class&nbsp;A common stock
issuable pursuant to the forward purchase agreement and the shares of Class&nbsp;A common stock issuable upon conversion of
any working capital loans), may participate in any vote to amend our amended and restated certificate of incorporation and/or
trust agreement and will have the discretion to vote in any manner they choose. As a result, we may be able to amend the
provisions of our amended and restated certificate of incorporation which govern our pre- business combination behavior more
easily than some other special purpose acquisition companies, and this may increase our ability to complete a business
combination with which you do not agree. Our stockholders may pursue remedies against us for any breach of our amended and
restated certificate of incorporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders, executive officers and directors have
agreed, pursuant to written agreements with us, that they will not propose any amendment to our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of this offering or with respect to any other material provisions
relating to stockholders&rsquo; rights or pre-initial business combination activity, unless we provide our public stockholders
with the opportunity to redeem their Class&nbsp;A common stock upon approval of any such amendment at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the
trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our stockholders are not parties to, or third-party beneficiaries
of, these agreements and, as a result, will not have the ability to pursue remedies against our sponsor, executive officers, directors
or director nominees for any breach of these agreements. As a result, in the event of a breach, our stockholders would need to
pursue a stockholder derivative action, subject to applicable law.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain agreements related to this offering may be amended
without stockholder approval.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of the agreements related to this offering to which we
are a party, other than the warrant agreement and the investment management trust agreement, may be amended without stockholder
approval. Such agreements are: the underwriting agreement; the letter agreement among us and our initial stockholders, sponsor,
officers and directors; the registration rights agreement among us and our initial stockholders; the private placement warrants
purchase agreement between us and our sponsor; the private placement units purchase agreement between us and our sponsor; the forward
purchase agreement with Aldel Capital LLC; and the administrative services agreement among us, our sponsor and an affiliate of
our sponsor. These agreements contain various provisions that our public stockholders might deem to be material. For example, our
letter agreement and the underwriting agreement contain certain lock-up provisions with respect to the founder shares, private
placement warrants and other securities held by our initial stockholders, sponsor, officers and directors. Amendments to such agreements
would require the consent of the applicable parties thereto and would need to be approved by our board of directors, which may
do so for a variety of reasons, including to facilitate our initial business combination. While we do not expect our board of directors
to approve any amendment to any of these agreements prior to our initial business combination, it may be possible that our board
of directors, in exercising its business judgment and subject to its fiduciary duties, chooses to approve one or more amendments
to any such agreement. Any amendment entered into in connection with the consummation of our initial business combination will
be disclosed in our proxy materials or tender offer documents, as applicable, related to such initial business combination, and
any other material amendment to any of our material agreements will be disclosed in a filing with the SEC. Any such amendments
would not require approval from our stockholders, may result in the completion of our initial business combination that may not
otherwise have been possible, and may have an adverse effect on the value of an investment in our securities. For example, amendments
to the lock-up provision discussed above may result in our initial stockholders selling their securities earlier than they would
otherwise be permitted, which may have an adverse effect on the price of our securities.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not selected any specific business combination target
but intend to target businesses with enterprise values that are greater than we could acquire with the net proceeds of this offering
and the sale of the private placement securities as well as proceeds we may receive from the sale of shares of Class&nbsp;A common
stock pursuant to the forward purchase agreement. As a result, if the cash portion of the purchase price exceeds the amount available
from the trust account, net of amounts needed to satisfy any redemption by public stockholders, we may be required to seek additional
financing to complete such proposed initial business combination. We cannot assure you that such financing will be available on
acceptable terms, if at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the extent that additional financing proves to be unavailable
when needed to complete our initial business combination, we would be compelled to either restructure the transaction or abandon
that particular business combination and seek an alternative target business candidate. Further, we may be required to obtain additional
financing in connection with the closing of our initial business combination for general corporate purposes, including for maintenance
or expansion of operations of the post- transaction businesses, the payment of principal or interest due on indebtedness incurred
in completing our initial business combination, or to fund the purchase of other companies. If we are unable to complete our initial
business combination, our public stockholders may only receive their <I>pro rata </I>portion of the funds in the trust account
that are available for distribution to public stockholders, and our warrants will expire worthless. In addition, even if we do
not need additional financing to complete our initial business combination, we may require such financing to fund the operations
or growth of the target business. The failure to secure additional financing outside of the forward purchase agreement could have
a material adverse effect on the continued development or growth of the target business. None of our officers, directors or stockholders
is required to provide any financing to us in connection with or after our initial business combination.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination, regardless of whether
any shares of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial business combination.
However, if the sale of the forward purchase shares does not close by reason of (i)&nbsp;the failure of a condition or contingency
or (ii)&nbsp;Aldel Capital LLC&rsquo;s failure to fund the purchase price for the forward purchase shares because they lack sufficient
funds, we may lack sufficient funds to consummate our initial business combination, or we may need to seek alternative financing.
We have not obligated Aldel Capital LLC to reserve funds to satisfy its obligations under the forward purchase agreement. In addition,
if Aldel Capital LLC purchases shares of Class&nbsp;A common stock or enters into a bridge financing arrangement with the target
company, we will not receive any funds from the proceeds of such transaction. In the event of a failure to fund by Aldel Capital
LLC or if Aldel Capital LLC purchases shares of Class&nbsp;A common stock or enters into a bridge financing arrangement with the
target company, we may not be able to obtain additional funds to account for such shortfall on terms favorable to us or at all.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our initial stockholders control a substantial interest
in us and thus may exert a substantial influence on actions requiring a stockholder vote before and after the consummation of
the business combination, potentially in a manner that you do not support.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon closing of this offering, our initial stockholders
will own 20% of our issued and outstanding common stock (assuming they do not purchase any units in this offering or in open
market transactions and excluding the shares of Class&nbsp;A common stock underlying the Underwriter Units, the shares of
Class&nbsp;A common stock issuable pursuant to the forward purchase agreement and the shares of Class&nbsp;A common stock
issuable upon conversion of any working capital loans). Assuming that Aldel Capital LLC, or its affiliates, purchase the
Maximum Shares (as defined herein), our initial stockholders and underwriters will own 7,500,000 shares of Class A common
stock (including the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private units and the shares
of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement, but not including the shares of
Class&nbsp;A common stock underlying the units issuable upon conversion of working capital loans), or up to 29.4% of our
outstanding common stock as of immediately following the closing of this offering. Accordingly, they may exert a substantial
influence on actions requiring a stockholder vote before and after the consummation of the business combination, potentially
in a manner that you do not support, including amendments to our amended and restated certificate of incorporation. In the
event that Aldel Capital LLC purchases public shares in the open market or in privately negotiated transactions pursuant to
the forward purchase agreement, the number of shares of Class&nbsp;A common stock required to be voted by other public
stockholders on actions requiring a stockholder vote would be reduced by the number of shares so purchased, and could result
in no public shareholders being required to vote in favor of the business combination for it to be approved. In addition, if
our initial stockholders purchase any units in this offering or if our initial stockholders purchase any additional
Class&nbsp;A common stock in the aftermarket or in privately negotiated transactions, this would increase their
control.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with the forward purchase agreement, Aldel
Capital LLC, may from time to time purchase shares of Class&nbsp;A common stock in open market transactions. Other than as
disclosed in this prospectus, neither our initial stockholders nor, to our knowledge, any of our officers or directors, have
any current intention to purchase additional securities. Factors that would be considered in making such additional purchases
would include consideration of the current trading price of our Class&nbsp;A common stock. In addition, our board of
directors, whose members were elected by our sponsor, is and will be divided into three classes, each of which will generally
serve for a term of three years with only one class of directors being elected in each year. We may not hold an annual
meeting of stockholders to elect new directors prior to the completion of our initial business combination, in which case all
of the current directors will continue in office until at least the completion of the business combination. If there is an
annual meeting, as a consequence of our &ldquo;staggered&rdquo; board of directors, only a minority of the board of directors
will be considered for election and our initial stockholders, because of their ownership position, will have considerable
influence regarding the outcome. Accordingly, our initial stockholders will continue to exert control at least until the
completion of our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our sponsor paid $20,326.09 and FG SPAC Partners LP, an affiliate of certain of our directors, paid
$4,673.91 to cover certain of our offering costs in exchange 4,675,000 and 1,075,000 founder shares, respectively, or approximately
$0.004 per founder share and, accordingly, you will experience immediate and substantial dilution from the purchase of our shares
of Class&nbsp;A common stock.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The difference between the public offering price per share (allocating
all of the unit purchase price to the share of Class&nbsp;A common stock and none to the warrant included in the unit) and the
<I>pro forma </I>net tangible book value per share of our Class&nbsp;A common stock after this offering constitutes the dilution
to you and the other investors in this offering. Our initial stockholders acquired the founder shares at a nominal price, significantly
contributing to this dilution. Upon closing of this offering, and assuming no value is ascribed to the warrants included in the
units, the private units, the OTM Warrants or the Underwriter Units and the other public stockholders will incur an immediate and
substantial dilution of approximately 92.0% or $9.20 per share, assuming no exercise of the underwriters&rsquo; over-allotment
option), the difference between the <I>pro forma </I>net tangible book value per share after this offering of $0.80 and the initial
offering price of $10.00 per unit. This dilution would increase to the extent that the anti- dilution provisions of the founder
shares result in the issuance of shares of Class&nbsp;A common stock on a greater than one-to-one basis upon conversion of the
founder shares at the time of our initial business combination and would become exacerbated to the extent that public stockholders
seek redemptions from the trust for their public shares. In addition, because of the anti-dilution protection in the founder shares,
any equity or equity-linked securities issued in connection with our initial business combination would be disproportionately dilutive
to our Class&nbsp;A common stock.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>The determination of the offering price of our units, the
size of this offering and terms of the units is more arbitrary than the pricing of securities and size of an offering of an operating
company in a particular industry. You may have less assurance, therefore, that the offering price of our units properly reflects
the value of such units than you would have in a typical offering of an operating company.</B></P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the history and prospects of companies whose principal business is the acquisition of other companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>prior offerings of those companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our prospects for acquiring an operating business at attractive values;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a review of debt to equity ratios in leveraged transactions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our capital structure;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an assessment of our management and their experience in identifying operating companies;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general conditions of the securities markets at the time of this offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other factors as were deemed relevant.</TD></TR></TABLE>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We may amend the terms of the warrants in a manner that may
be adverse to holders of public warrants with the approval by the holders of at least 50% of the then outstanding public warrants.
As a result, the exercise price of your warrants could be increased, the exercise period could be shortened and the number of shares
of Class&nbsp;A common stock purchasable upon exercise of a warrant could be decreased, all without your approval.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants to make any change
that adversely affects the interests of the registered holders of public warrants. Accordingly, we may amend the terms of the public
warrants in a manner adverse to a holder if holders of at least 50% of the then outstanding public warrants approve of such amendment.
Although our ability to amend the terms of the public warrants with the consent of at least 50% of the then outstanding public
warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the
warrants, convert the warrants into cash or stock (at a ratio different than initially provided), shorten the exercise period or
decrease the number of shares of Class&nbsp;A common stock purchasable upon exercise of a warrant.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our warrant agreement will provide that, subject to applicable
law, (i)&nbsp;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)&nbsp;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.</P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have the ability to redeem outstanding warrants at any time
after they become exercisable and prior to their expiration, at a price of $0.01 per warrant, <I>provided that </I>the closing
price of our Class&nbsp;A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock capitalizations,
reorganizations, recapitalizations and the like and for certain issuances of Class&nbsp;A common stock and equity-linked securities
for capital raising purposes in connection with the closing of our initial business combination as described elsewhere in this
prospectus) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to proper notice of such
redemption <I>provided that </I>on the date we give notice of redemption. We will not redeem the warrants unless an effective registration
statement under the Securities Act covering the shares of Class&nbsp;A common stock issuable upon exercise of the warrants is effective
and a current prospectus relating to those shares of Class&nbsp;A common stock is available throughout the 30-day redemption period,
except if the warrants may be exercised on a cashless basis and such cashless exercise is exempt from registration under the Securities
Act. If and when the warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or
qualify the underlying securities for sale under all applicable state securities laws. Redemption of the outstanding warrants could
force you to (i)&nbsp;exercise your warrants and pay the exercise price therefor at a time when it may be disadvantageous for you
to do so, (ii)&nbsp;sell your warrants at the then-current market price when you might otherwise wish to hold your warrants or
(iii)&nbsp;accept the nominal redemption price which, at the time the outstanding warrants are called for redemption, is likely
to be substantially less than the market value of your warrants. None of the private placement warrants will be redeemable by us
so long as they are held by their initial purchasers or their permitted transferees.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will be issuing warrants to purchase 10,000,000 shares of
our Class&nbsp;A common stock (or up to 11,500,000 shares of Class&nbsp;A common stock if the underwriters&rsquo; over-allotment
option is exercised in full) as part of the units offered by this prospectus and, simultaneously with the closing of this offering,
we will be issuing in a private placement an aggregate of (x)&nbsp;1,550,000 private placement warrants, consisting of (i)&nbsp;1,300,000
OTM Warrants and (ii)&nbsp;200,000 private warrants, and (y)&nbsp;50,000 Underwriter Warrants (or up to 57,500 Underwriter Warrants
if the underwriters&rsquo; over-allotment option is exercised in full). In addition, if our sponsor or an affiliate of our sponsor
or certain of our officers and directors makes any working capital loans, up to $1,500,000 of such loans may be convertible into
up to 150,000 units, consisting of one share and one-half warrant, at a price of $10.00 per unit at the option of the lender. The
units would be identical to the private placement units. To the extent we issue common stock to effectuate a business transaction,
the potential for the issuance of a substantial number of additional shares of Class&nbsp;A common stock upon exercise of these
warrants could make us a less attractive acquisition vehicle to a target business. Such warrants, when exercised, will increase
the number of issued and outstanding shares of Class&nbsp;A common stock and reduce the value of the Class&nbsp;A common stock
issued to complete the business transaction. Therefore, our warrants may make it more difficult to effectuate a business transaction
or increase the cost of acquiring the target business.</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each unit contains one-half of one warrant. Pursuant to the
warrant agreement, no fractional warrants will be issued upon separation of the units, and only whole units will trade. If, upon
exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round
down to the nearest whole number the number of shares of Class&nbsp;A common stock to be issued to the warrant holder. This is
different from other offerings similar to ours whose units include one common share and one warrant to purchase one whole share.
We have established the components of the units in this way in order to reduce the dilutive effect of the warrants upon completion
of 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 share, thus making us, we believe, a more attractive merger partner
for target businesses. Nevertheless, this unit structure may cause our units to be worth less than if it included a warrant to
purchase one whole share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>You will not be permitted to exercise your warrants unless
we register and qualify the underlying Class&nbsp;A common stock or certain exemptions are available.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the issuance of the Class&nbsp;A common stock upon exercise
of the warrants is not registered, qualified or exempt from registration or qualification under the Securities Act and applicable
state securities laws, holders of warrants will not be entitled to exercise such warrants and such warrants may have no value and
expire worthless. In such event, holders who acquired their warrants as part of a purchase of units will have paid the full unit
purchase price solely for the Class&nbsp;A common stock included in the units.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not registering the Class&nbsp;A common stock issuable
upon exercise of the warrants under the Securities Act or any state securities laws at this time. However, under the terms of the
warrant agreement, we have agreed that, as soon as practicable, but in no event later than 15 business days, after the closing
of our initial business combination, we will use our best efforts to file with the SEC a registration statement covering the registration
under the Securities Act of the Class&nbsp;A common stock issuable upon exercise of the warrants and thereafter will use our best
efforts to cause the same to become effective within 60 business days following our initial business combination and to maintain
a current prospectus relating to the Class&nbsp;A common stock issuable upon exercise of the warrants until the expiration of the
warrants in accordance with the provisions of the warrant agreement. We cannot assure you that we will be able to do so if, for
example, any facts or events arise which represent a fundamental change in the information set forth in the registration statement
or prospectus, the financial statements contained or incorporated by reference therein are not current or correct or the SEC issues
a stop order.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the shares of Class&nbsp;A common stock issuable upon exercise
of the warrants are not registered under the Securities Act, under the terms of the warrant agreement, holders of warrants who
seek to exercise their warrants will not be permitted to do so for cash and, instead, will be required to do so on a cashless basis
in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another exemption.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will warrants be exercisable for cash or on a cashless
basis, and we will not be obligated to issue any shares to holders seeking to exercise their warrants, unless the issuance of the
shares upon such exercise is registered or qualified under the securities laws of the state of the exercising holder, or an exemption
from registration or qualification is available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our shares of Class&nbsp;A common stock are at the time of
any exercise of a warrant not listed on a national securities exchange such that they satisfy the definition of &ldquo;covered
securities&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, not permit holders of warrants
who seek to exercise their warrants to do so for cash and, instead, require them to do so on a cashless basis in accordance with
Section&nbsp;3(a)(9)&nbsp;of the Securities Act; in the event we so elect, we will not be required to file or maintain in effect
a registration statement or register or qualify the shares underlying the warrants under applicable state securities laws, and
in the event we do not so elect, we will use our best efforts to register or qualify the shares underlying the warrants under applicable
state securities laws to the extent an exemption is not available.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will we be required to net cash settle any warrant,
or issue securities (other than upon a cashless exercise as described above) or other compensation in exchange for the warrants
in the event that we are unable to register or qualify the shares underlying the warrants under the Securities Act or applicable
state securities laws.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may only be able to exercise your public warrants on a &ldquo;cashless
basis&rdquo; under certain circumstances, and if you do so, you will receive fewer shares of Class&nbsp;A common stock from such
exercise than if you were to exercise such warrants for cash.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrant agreement provides that in the following circumstances
holders of warrants who seek to exercise their warrants will not be permitted to do for cash and will, instead, be required to
do so on a cashless basis in accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act: (i)&nbsp;if the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants are not registered under the Securities Act in accordance with the terms of
the warrant agreement; (ii)&nbsp;if we have so elected and the shares of Class&nbsp;A common stock is at the time of any exercise
of a warrant not listed on a national securities exchange such that they satisfy the definition of &ldquo;covered securities&rdquo;
under Section&nbsp;18(b)(1)&nbsp;of the Securities Act; and (iii)&nbsp;if we have so elected and we call the public warrants for
redemption. If you exercise your public warrants on a cashless basis, you would pay the warrant exercise price by surrendering
the warrants for that number of shares of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product
of the number of shares of Class&nbsp;A common stock underlying the warrants, multiplied by the excess of the &ldquo;fair market
value&rdquo; of our shares of Class&nbsp;A common stock (as defined in the next sentence) over the exercise price of the warrants
by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo; is the average reported closing price of the shares of Class&nbsp;A
common stock for the 10 trading days ending on the third trading day prior to the date on which the notice of exercise is received
by the warrant agent or on which the notice of redemption is sent to the holders of warrants, as applicable. As a result, you would
receive fewer shares of Class&nbsp;A common stock from such exercise than if you were to exercise such warrants for cash.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have applied to have our units listed on the NYSE on or promptly
after the date of this prospectus and our Class&nbsp;A common stock and warrants on or promptly after their date of separation.
We cannot guarantee that our securities will be approved for listing on the NYSE. Although after giving effect to this offering
we expect to meet, on a <I>pro forma </I>basis, the minimum initial listing standards set forth in the NYSE&rsquo;s listing standards,
we cannot assure you that our securities will be, or will continue to be, listed on the NYSE in the future or prior to our initial
business combination. In order to continue listing our securities on the NYSE prior to our initial business combination, we must
maintain certain financial, distribution and share price levels. Generally, we must maintain a minimum average global market capitalization
and a minimum number of holders of our securities. Additionally, in connection with our initial business combination, we will be
required to demonstrate compliance with the NYSE&rsquo;s initial listing requirements, which are more rigorous than the NYSE&rsquo;s
continued listing requirements, in order to continue to maintain the listing of our securities on the NYSE. For instance, our share
price would generally be required to be at least $4.00 per share, our global market capitalization would be required to be at least
$150 million, the aggregate market value of our publicly-held shares would be required to be at least $40 million and we would
be required to have a minimum of 400 round lot holders and 1,100,000 publicly held shares. We cannot assure you that we will be
able to meet those initial listing requirements at that time.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a limited availability of market quotations for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reduced liquidity for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a determination that our Class&nbsp;A common stock is a &ldquo;penny stock&rdquo; which will require brokers trading in our
Class&nbsp;A common stock to adhere to more stringent rules&nbsp;and possibly result in a reduced level of trading activity in
the secondary trading market for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a limited amount of news and analyst coverage; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a decreased ability to issue additional securities or obtain additional financing in the future.</TD></TR></TABLE>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are subject to laws and regulations enacted by national,
regional and local governments. In particular, we will be required to comply with certain SEC and other legal requirements. Compliance
with, and monitoring of, applicable laws and regulations may be difficult, time consuming and costly. Those laws and regulations
and their interpretation and application may also change from time to time and those changes could have a material adverse effect
on our business, investments and results of operations. In addition, a failure to comply with applicable laws or regulations, as
interpreted and applied, could have a material adverse effect on our business, including our ability to negotiate and complete
our initial business combination, and results of operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compliance obligations under the Sarbanes-Oxley Act may make
it more difficult for us to effectuate our initial business combination, require substantial financial and management resources,
and increase the time and costs of completing an initial business combination.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;404 of the Sarbanes-Oxley Act requires that we
evaluate and report on our system of internal controls beginning with our Annual Report on Form&nbsp;10-K for the year ending December&nbsp;31,
2021. Only in the event we are deemed to be a large accelerated filer or an accelerated filer, and no longer qualify as an emerging
growth company, will we be required to comply with the independent registered public accounting firm attestation requirement on
our internal control over financial reporting. Further, for as long as we remain an emerging growth company, we will not be required
to comply with the independent registered public accounting firm attestation requirement on our internal control over financial
reporting. The fact that we are a blank check company makes compliance with the requirements of the Sarbanes- Oxley Act particularly
burdensome on us as compared to other public companies because a target business with which we seek to complete our initial business
combination may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of its internal controls.
The development of the internal control of any such entity to achieve compliance with the Sarbanes-Oxley Act may increase the time
and costs necessary to complete any such business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>We are an emerging growth company and a smaller reporting
company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure requirements available
to emerging growth companies or smaller reporting companies, this could make our securities less attractive to investors and may
make it more difficult to compare our performance with other public companies.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an &ldquo;emerging growth company&rdquo; within the meaning
of the Securities Act, as modified by the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements
that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required
to comply with the auditor internal controls attestation requirements of Section&nbsp;404 of the Sarbanes-Oxley Act, reduced disclosure
obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements
of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously
approved. As a result, our stockholders may not have access to certain information they may deem important. We could be an emerging
growth company for up to five years, although circumstances could cause us to lose that status earlier, including if the market
value of our Class&nbsp;A common stock held by non-affiliates exceeds $700 million as of any June&nbsp;30 before that time, in
which case we would no longer be an emerging growth company as of the following December&nbsp;31. We cannot predict whether investors
will find our securities less attractive because we will rely on these exemptions. If some investors find our securities less attractive
as a result of our reliance on these exemptions, the trading prices of our securities may be lower than they otherwise would be,
there may be a less active trading market for our securities and the trading prices of our securities may be more volatile.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, Section&nbsp;102(b)(1)&nbsp;of the JOBS Act exempts
emerging growth companies from being required to comply with new or revised financial accounting standards until private companies
(that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities
registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act
provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging
growth companies but any such an election to opt out is irrevocable. We have elected not to opt out of such extended transition
period which means that when a standard is issued or revised and it has different application dates for public or private companies,
we, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised
standard. This may make comparison of our financial statements with another public company which is neither an emerging growth
company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because
of the potential differences in accounting standards used.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Item 10(f)(1)&nbsp;of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure
obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1)&nbsp;the market value of our common stock held by non-affiliates
exceeds $250 million as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;our annual revenues exceeded $100 million during such
completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million as of the prior June&nbsp;30<SUP>th</SUP>.
To the extent we take advantage of such reduced disclosure obligations, it may also make comparison of our financial statements
with other public companies difficult or impossible.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cyber incidents or attacks directed at us could result in
information theft, data corruption, operational disruption and/or financial loss.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We depend on digital technologies, including information systems,
infrastructure and cloud applications and services, including those of third parties with which we may deal. Sophisticated and
deliberate attacks on, or security breaches in, our systems or infrastructure, or the systems or infrastructure of third parties
or the cloud, could lead to corruption or misappropriation of our assets, proprietary information and sensitive or confidential
data. As an early stage company without significant investments in data security protection, we may not be sufficiently protected
against such occurrences. We may not have sufficient resources to adequately protect against, or to investigate and remediate any
vulnerability to, cyber incidents. It is possible that any of these occurrences, or a combination of them, could have adverse consequences
on our business and lead to financial loss.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>If we effect our initial business combination with a company
located outside of the United States, we would be subject to a variety of additional risks that may adversely affect us.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we pursue a target company with operations or opportunities
outside of the United States for our initial business combination, we may face additional burdens in connection with investigating,
agreeing to and completing such initial business combination, and if we effect such initial business combination, we would be subject
to a variety of additional risks that may negatively impact our operations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we pursue a target a company with operations or opportunities
outside of the United States for our initial business combination, we would be subject to risks associated with cross-border business
combinations, including in connection with investigating, agreeing to and completing our initial business combination, conducting
due diligence in a foreign jurisdiction, having such transaction approved by any local governments, regulators or agencies and
changes in the purchase price based on fluctuations in foreign exchange rates.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we effect our initial business combination with such a company,
we would be subject to any special considerations or risks associated with companies operating in an international setting, including
any of the following:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>costs and difficulties inherent in managing cross-border business operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>rules&nbsp;and regulations regarding currency redemption;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>complex corporate withholding taxes on individuals;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>laws governing the manner in which future business combinations may be effected;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>exchange listing and/or delisting requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>tariffs and trade barriers;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulations related to customs and import/export matters;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>local or regional economic policies and market conditions;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unexpected changes in regulatory requirements;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>challenges in managing and staffing international operations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>longer payment cycles;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>tax issues, such as tax law changes and variations in tax laws as compared to the United States;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>currency fluctuations and exchange controls;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>rates of inflation;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>challenges in collecting accounts receivable;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cultural and language differences;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>employment regulations;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>underdeveloped or unpredictable legal or regulatory systems;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>corruption;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>protection of intellectual property;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>social unrest, crime, strikes, riots and civil disturbances;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regime changes and political upheaval;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>terrorist attacks and wars; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>deterioration of political relations with the United States.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may not be able to adequately address these additional risks.
If we were unable to do so, we may be unable to complete such initial business combination, or, if we complete such initial business
combination, our operations might suffer, either of which may adversely impact our business, financial condition and results of
operations.</P>

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




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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_013"></A><B>CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Some of the statements contained in this prospectus may constitute
 &ldquo;forward-looking statements&rdquo; for purposes of the federal securities laws. Our forward-looking statements include, but
are not limited to, statements regarding our or our management team&rsquo;s expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo;
 &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intends,&rdquo; &ldquo;may,&rdquo;
 &ldquo;might,&rdquo; &ldquo;plan,&rdquo; &ldquo;possible,&rdquo; &ldquo;potential,&rdquo; &ldquo;predict,&rdquo; &ldquo;project,&rdquo;
 &ldquo;should,&rdquo; &ldquo;would&rdquo; and similar expressions may identify forward-looking statements, but the absence of these
words does not mean that a statement is not forward-looking. Forward-looking statements in this prospectus may include, for example,
statements about:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to select an appropriate target business or businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to complete our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expectations around the performance of the prospective target business or businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial
business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our officers and directors allocating their time to other businesses and potentially having conflicts of interest with our
business or in approving our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>proceeds from the forward purchase agreement being available to us;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our potential ability to obtain additional financing to complete our initial business combination;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our pool of prospective target businesses;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the ability of our officers and directors to generate a number of potential business combination opportunities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our public securities&rsquo; potential liquidity and trading;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the lack of a market for our securities;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the use of proceeds not held in the trust account or available to us from interest income on the trust account balance;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the trust account not being subject to claims of third parties; or</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our financial performance following this offering.</TD></TR></TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_014"></A><B>USE OF PROCEEDS</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are offering 20,000,000 units at an offering price of $10.00
per unit. We estimate that the net proceeds of this offering together with the funds we will receive from the sale of the private
placement securities will be used as set forth in the following table.</P>

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

<TABLE 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-left: 0.125in; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Without<BR> Over-allotment Option</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Over-allotment Option Exercised</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-style: italic; text-align: left">Gross proceeds</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 74%; font-size: 10pt; text-align: left">Gross proceeds from units offered to public<SUP>(1)</SUP>&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Gross proceeds from private placement&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,130,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">4,130,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total gross proceeds</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">204,130,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right">234,130,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; font-style: italic; text-align: left"><I>Estimated offering expenses<SUP>(2)</SUP></I></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Underwriting commissions (excluding units payable to the underwriters at the closing of this offering)<SUP>(3)</SUP>&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Legal fees and expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">295,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">295,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Printing and engraving expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Accounting fees and expenses </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">SEC/FINRA Expenses </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">65,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Travel and road show</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">NYSE listing and filing fees </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Directors and officers insurance</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">Miscellaneous </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">50,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.25in; font-size: 10pt; text-align: left; padding-bottom: 2.5pt">Total offering expenses (other than underwriting commissions) </TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,575,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">1,575,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Proceeds after estimated offering expenses </TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">201,555,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">231,555,000</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; text-align: left">Held in trust account<SUP>(4)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">230,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0in; font-size: 10pt; text-align: left">% of public offering size</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt; text-align: left">Not held in trust account&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the use of the approximately $1,555,000 of net proceeds not held in the trust account<SUP>(5)</SUP>.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Amount</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">% of Total</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Legal, accounting, due diligence, travel, and other expenses in connection with any business combination<SUP>(6)</SUP>&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">800,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">51.45</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Legal and accounting fees related to regulatory reporting obligations</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">75,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4.82</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">NYSE listing and filing fees</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">85,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5.47</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Payment for office space, secretarial and administrative services</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">240,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">15.43</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Working capital to cover miscellaneous expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">355,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">22.83</TD><TD STYLE="font-size: 10pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold">Total</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">$</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,555,000</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">Includes gross proceeds from this offering of $200,000,000
(or $230,000,000 if the underwriters&rsquo; overallotment option is exercised in full) as well as amounts payable to public stockholders
who properly redeem their shares in connection with our successful completion of our initial business combination.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: left">A portion of the offering expenses have been paid from
the proceeds of loans from our sponsor and FG SPAC Solutions LLC, an affiliate of certain of our directors, of $225,000 and $25,000,
respectively, as described in this prospectus. These loans will be repaid upon the closing of this offering out of the $1,575,000
of offering proceeds that has been allocated for the payment of offering expenses other than underwriting commissions. In the
event that offering expenses are more than as set forth in this table, they will be repaid using a portion of the $1,555,000 of
offering proceeds not held in the trust account and set aside for post-closing working capital expenses. In the event that offering
expenses are less than set forth in this table, any such amounts will be used for post-closing working capital expenses.</TD>
</TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="text-align: left">The underwriters will receive units equaling 0.5% of
the units sold in this offering, or 100,000 units, at the closing of this offering. If the underwriters&rsquo; over-allotment
option is exercised, an additional 15,000 units will be paid to the underwriters if the underwriters&rsquo; over-allotment option
is exercised in full. See &ldquo;<I>Underwriting</I>&rdquo;.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="text-align: left">The funds held in the trust account, less amounts released
to the trustee to pay redeeming stockholders, will be released to us and can be used to pay all or a portion of the purchase price
of the business or businesses with which our initial business combination occurs or for general corporate purposes, including
payment of principal or interest on indebtedness incurred in connection with our initial business combination, to fund the purchases
of other companies or for working capital.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(5)</SUP></TD><TD>These expenses are estimates only. Our actual expenditures for some or all of these items may differ from the estimates set
forth herein. For example, we may incur greater legal and accounting expenses than our current estimates in connection with negotiating
and structuring our initial business combination based upon the level of complexity of such business combination. In the event
we identify a business combination target in a specific industry subject to specific regulations, we may incur additional expenses
associated with legal due diligence and the engagement of special legal counsel. In addition, our staffing needs may vary and as
a result, we may engage a number of consultants to assist with legal and financial due diligence. We do not anticipate any change
in our intended use of proceeds, other than fluctuations among the current categories of allocated expenses, which fluctuations,
to the extent they exceed current estimates for any specific category of expenses, would not be available for our expenses. The
amount in the table above does not include interest available to us from the trust account. The proceeds held in the trust account
will be invested only in U.S. government treasury obligations with a maturity of 185 days or less or in money market funds meeting
certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.
We estimate the interest earned on the trust account will be approximately $200,000 per year, assuming an interest rate of 0.1%
per year; however, we can provide no assurances regarding this amount.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(6)</SUP></TD><TD>Includes estimated amounts that may also be used in connection with our initial business combination to fund a &ldquo;no shop&rdquo;
provision and commitment fees for financing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rules&nbsp;of the NYSE provide that at least 90% of the
gross proceeds from this offering and the sale of the private placement securities be deposited in a trust account. Of the $204.130
million in gross proceeds we receive from this offering and the sale of the private placement securities described in this prospectus,
or $234.130 million if the underwriters&rsquo; over-allotment option is exercised in full, $200.0 million, or $230.0 million if
the underwriters&rsquo; over-allotment option is exercised in full (approximately $10.00 per unit in each case), will be deposited
into a trust account with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee, after deducting $1,000,000 million
in underwriting commissions payable upon the closing of this offering and an aggregate of $3,130,000 to pay fees and expenses in
connection with the closing of this offering and for working capital following this offering. The proceeds held in the trust account
will be invested only in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain
conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest only in direct U.S. government treasury obligations.
We estimate the interest earned on the trust account will be approximately $200,000 per year, assuming an interest rate of 0.1%
per year; however, we can provide no assurances regarding this amount.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that the interest earned on the trust account will
be sufficient to pay income taxes. We will not be permitted to withdraw any of the principal or interest held in the trust account,
except for the withdrawal of interest to pay our taxes, until the earliest of (i)&nbsp;the completion of our initial business combination,
(ii)&nbsp;the redemption of our public shares if we are unable to complete our initial business combination within 24 months from
the closing of this offering, subject to applicable law, and (iii)&nbsp;the redemption of our public shares properly submitted
in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify
the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated our initial business combination
within 24 months from the closing of this offering or with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds held in the trust account may be used as consideration
to pay the sellers of a target business with which we ultimately complete our initial business combination. If our initial business
combination is paid for using equity or debt securities, or not all of the funds released from the trust account are used for payment
of the consideration in connection with our initial business combination, we may apply the balance of the cash released from the
trust account, as well as the proceeds from the sale of forward purchase shares pursuant to the forward purchase agreement, for general corporate purposes, including for maintenance or expansion of operations of the post-transaction
company, the payment of principal or interest due on indebtedness incurred in completing our initial business combination, to fund
the purchase of other companies or for working capital. There is no limitation on our ability to raise funds through the issuance
of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination,
including pursuant to forward purchase agreements or backstop arrangements we may enter into following consummation of this offering.
However, our amended and restated certificate of incorporation provides that, following this offering and prior to the consummation
of our initial business combination, we will be prohibited from issuing additional securities that would entitle the holders thereof
to (i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote as a class with our public shares (a)&nbsp;on any initial business
combination or (b)&nbsp;to approve an amendment to our amended and restated certificate of incorporation to (x)&nbsp;extend the
time we have to consummate a business combination beyond 24 months from the closing of this offering or (y)&nbsp;amend the foregoing
provisions.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that amounts not held in trust will be sufficient
to pay the costs and expenses to which such proceeds are allocated. This belief is based on the fact that while we may begin preliminary
due diligence of a target business in connection with an indication of interest, we intend to undertake in-depth due diligence,
depending on the circumstances of the relevant prospective business combination, only after we have negotiated and signed a letter
of intent or other preliminary agreement that addresses the terms of a business combination. However, if our estimate of the costs
of undertaking in-depth due diligence and negotiating a business combination is less than the actual amount necessary to do so,
we may be required to raise additional capital, the amount, availability and cost of which is currently unascertainable. If we
are required to seek additional capital, we could seek such additional capital through loans or additional investments from our
sponsor, members of our management team or any of their affiliates, but such persons are not under any obligation to advance funds
to, or invest in, us.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent to the closing of this offering, we will pay our
sponsor $10,000 per month for office space, secretarial and administrative services provided to members of our management team.
Upon completion of our initial business combination or our liquidation, we will cease paying these monthly fees.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, our sponsor and FG SPAC
Solutions LLC, an affiliate of certain of our directors, loaned us $225,000 and $25,000, respectively, to be used for a portion of the expenses of this offering. These loans
are non-interest bearing, unsecured and are due at the earlier of the closing of this offering or the date on which the company
determines not to conduct the offering described herein. The loan will be repaid upon the closing of this offering out of the $1,575,000
of offering proceeds that has been allocated to the payment of offering expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination, we would repay
such loaned amounts. In the event that our initial business combination does not close, we may use a portion of the working capital
held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be used to repay such
loaned amounts. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit at the option of the
lender. The units would be identical to the private placement units. Except as set forth above, the terms of such loans, if any,
have not been determined and no written agreements exist with respect to such loans. Prior to the completion of our initial business
combination, we do not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe
third parties will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our
trust account.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination, regardless of whether
any shares of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial business combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_015"></A><B>DIVIDEND POLICY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not paid any cash dividends on our common stock to date
and do not intend to pay cash dividends prior to the completion of our initial business combination. The payment of cash dividends
in the future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of our initial business combination. Further, if we incur any indebtedness, our ability to declare dividends may
be limited by restrictive covenants we may agree to in connection therewith. The payment of any cash dividends subsequent to our
initial business combination will be within the discretion of our board of directors at such time. If we increase or decrease the
size of this offering pursuant to Rule&nbsp;462(b)&nbsp;under the Securities Act, we will effect a stock dividend or share contribution
back to capital or other appropriate mechanism immediately prior to the consummation of this offering in such amount as to maintain
the number of founder shares at 20.0% of our issued and outstanding common stock upon the consummation of this offering (not including
the shares of Class&nbsp;A common stock underlying the Underwriter Units, the shares of Class&nbsp;A common stock underlying the
private units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A
common stock underlying the units issuable upon conversion of working capital loans). Further, if we incur any indebtedness in
connection with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may
agree to in connection therewith.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_016"></A><B>DILUTION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The difference between the public offering price per share of
Class&nbsp;A common stock, assuming no value is attributed to the warrants included in the units we are offering pursuant to this
prospectus, or to the private warrants, the OTM Warrants, or the warrants included in the Underwriter Units, and the pro forma
net tangible book value per share of our Class&nbsp;A common stock after this offering constitutes the dilution to investors in
this offering. Such calculation does not reflect any dilution associated with the sale and exercise of warrants, including the
private warrants, OTM Warrants and the warrants included in the Underwriter Units, which would cause the actual dilution to the
public stockholders to be higher, particularly where a cashless exercise is utilized. Net tangible book value per share is determined
by dividing our net tangible book value, which is our total tangible assets less total liabilities (including the value of shares
of Class&nbsp;A common stock which may be redeemed for cash), by the number of shares of outstanding Class&nbsp;A common stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At December&nbsp;31, 2020, our net tangible book deficit was
$(56,470), or approximately $0 per share of common stock. After giving effect to the sale of 20,000,000 shares of Class&nbsp;A
common stock included in the units we are offering by this prospectus (or 23,000,000 shares of Class&nbsp;A common stock if the
underwriters&rsquo; over-allotment option is exercised in full), the private placement of private units and OTM Warrants and the
deduction of underwriting commissions and estimated expenses of this offering, our pro forma net tangible book value at December&nbsp;31,
2020 would have been $5,000,010 or $0.80 per share (or $5,000,010 or $0.71 per share if the underwriters&rsquo; over-allotment option
is exercised in full), representing an immediate increase in net tangible book value (as decreased by the value of the 19,255,352
shares of Class&nbsp;A common stock that may be redeemed for cash, or 22,255,352 shares of Class&nbsp;A common stock if the underwriters&rsquo;
over-allotment option is exercised in full) of $0.80 per share (or $0.71 if the underwriters&rsquo; over-allotment option is exercised
in full) to our initial stockholders as of the date of this prospectus and an immediate dilution to public stockholders from this
offering of $9.20 per share (or $9.29 if the underwriters&rsquo; over-allotment option is exercised in full).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table illustrates the dilution to the public stockholders
on a per-share basis, assuming no value is attributed to the warrants included in the units, the private units, or the OTM Warrants:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">No exercise of <BR> over-allotment<BR> option</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Exercise of<BR> over-allotment<BR> option in full</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; font-size: 10pt; text-align: left">Public offering price&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Net tangible book deficit before this offering&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">0.00</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Increase attributable to public stockholders&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.71</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Pro forma net tangible book value after this offering and the sale of</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">the private placement securities&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.80</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">0.71</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Dilution to public stockholders&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9.20</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">9.29</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt">Percentage of dilution to public stockholders&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">92.0</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">92.9</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD></TR>
</TABLE>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 $196,553,520
because holders of up to approximately 96.3% of our public shares may redeem their shares for a pro rata share of the aggregate
amount then on deposit in the trust account at a per share redemption price equal to the amount in the trust account as set forth
in our tender offer or proxy materials (initially anticipated to be the aggregate amount held in trust two business days prior
to the commencement of our tender offer or stockholders meeting, including interest earned on the funds held in the trust account
and not previously released to us to pay our taxes), divided by the number of shares of Class&nbsp;A common stock sold in this
offering.</P>

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="color: Black; border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="color: Black; vertical-align: bottom">
    <TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Shares Purchased</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Total Consideration</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Average Price</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom">
    <TD STYLE="color: Black; font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Amount</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Percentage</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="color: Black; font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">per Share</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; font-size: 10pt; color: Black; text-align: justify"><FONT STYLE="color: Black">Initial Stockholders<SUP>1</SUP></FONT></TD><TD STYLE="color: Black; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; width: 10%; font-size: 10pt; text-align: right">5,000,000</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; width: 10%; font-size: 10pt; text-align: right">19.61</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; width: 10%; font-size: 10pt; text-align: right">25,000</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; width: 10%; font-size: 10pt; text-align: right">0.01</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">%</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; width: 10%; font-size: 10pt; text-align: right">0.005</TD><TD STYLE="color: Black; width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; font-size: 10pt; text-align: justify">Shares underlying private units</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">400,000</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">1.57</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">4,000,000</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">1.96</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; font-size: 10pt; text-align: justify">Shares underlying underwriter units.</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">100,000</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">0.39</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">0</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">0.00</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="color: Black; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; font-size: 10pt; text-align: right">0.00</TD><TD STYLE="color: Black; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: White">
    <TD STYLE="color: Black; font-size: 10pt; text-align: justify; padding-bottom: 1pt">Public Stockholders</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">20,000,000</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">78.43</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">98.03</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="color: Black; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">25,500,000</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">100.0</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">204,025,000</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">100.0</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">%</TD><TD STYLE="color: Black; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="color: Black; border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="color: Black; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Assumes that 750,000 founder shares are forfeited after the closing of this offering in the event the underwriters do not exercise
their over-allotment option.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The pro forma net tangible book value per share after the offering
is calculated as follows:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0in; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: bottom"><B>Without <BR>
Over-allotment</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt; vertical-align: bottom"><B>With <BR>
Over-allotment</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt">Numerator:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; width: 74%; font-size: 10pt; text-align: left">Net tangible book deficit before this offering </TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(56,470</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">(56,470</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Net proceeds from this offering and the private placement<SUP>(1)</SUP></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">201,555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">231,555,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Plus: Offering costs paid in advance, excluded from tangible book value </TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Proceeds held in trust subject to redemption<SUP>(2)</SUP>&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(196,553,520</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(226,553,520</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,000,010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">5,000,010</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0in; font-size: 10pt">Denominator:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Class&nbsp;B common stock outstanding prior to this offering </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,750,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,750,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Class&nbsp;B common stock forfeited if over-allotment is not exercised </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(750,000</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Class&nbsp;A common stock included in the private units </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">400,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Class&nbsp;A common stock included in the units offered</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">20,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left">Class&nbsp;A common stock included in the Underwriter Units </TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">100,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">115,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; text-align: left; padding-bottom: 1pt">Less: Shares subject to redemption.</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(19,255,352</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">(22,255,352</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">6,244,648</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">7,009,648</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">Expenses applied against gross proceeds include offering
expenses of $1,575,000 and underwriting commissions of $1,000,000 (excluding units payable to the underwriters at the closing
of this offering). See &ldquo;<I>Use of Proceeds</I>.&rdquo;</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: left">If we seek stockholder approval of our initial business
combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer
rules, our sponsor, initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public
warrants in privately negotiated transactions or in the open market either prior to or following the completion of our initial
business combination. In the event of any such purchases of our shares prior to the completion of our initial business combination,
the number of shares of Class&nbsp;A common stock subject to redemption will be reduced by the amount of any such purchases, increasing
the pro forma net tangible book value per share. See &ldquo;<I>Proposed Business &mdash; Permitted Purchases of Our Securities</I>.&rdquo;</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_017"></A><B>CAPITALIZATION</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth our capitalization at December&nbsp;31,
2020, and as adjusted to give effect to the filing of our amended and restated certificate of incorporation, the sale of our units
in this offering and the sale of the private placement securities and the application of the estimated net proceeds derived from
the sale of such securities, assuming no exercise by the underwriters of their over-allotment option:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31, 2020</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Actual</TD><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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">As Adjusted(3)</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Notes payable to related party(1)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">.$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">.$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 74%; font-size: 10pt; text-align: left">Class&nbsp;A common stock subject to possible redemption, 0 shares actual and 19,255,352 shares as adjusted(2)</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">192,553,520</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Preferred stock, $0.0001 par value, 0 and 1,000,000 shares authorized, none issued and outstanding, actual and as adjusted, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Common stock, $0.0001 par value, 10,000,000 and 0 shares authorized, 0 shares issued and outstanding, actual and as adjusted, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Class&nbsp;A common stock, $0.0001 par value, 0 and 380,000,000 shares authorized, 0 and 1,244,648 shares issued and outstanding (excluding 0 and 19,255,352 shares subject to possible redemption), actual and as adjusted, respectively</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">124</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -0.125in; padding-left: 0.125in">Class&nbsp;B common stock, $0.0001 par value, 0 and 20,000,000 shares authorized, 0 and 5,000,000 shares issued and outstanding, actual and as adjusted, respectively(3)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">500</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Additional paid-in capital</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">5,000,856</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">Accumulated deficit</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(1,470</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">(1,470</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Total shareholder&rsquo;s equity</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1,470</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">5,000,010</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; padding-left: 0.125in">Total capitalization</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">(1,470</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">197,553,530</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>




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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">FG SPAC Solutions, an affiliate of certain of our directors, has loaned us $25,000 pursuant to an
unsecured promissory note, dated January&nbsp;11, 2021, and our sponsor has loaned us $225,000 pursuant to an unsecured promissory
note, dated January&nbsp;11, 2021 to be used for a portion of the expenses of this offering. The &ldquo;as adjusted&rdquo; information
gives effect to the repayment of any loans made under the two promissory notes out of the proceeds from this offering and the
sale of the private placement securities.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: left">Upon the completion of our initial business combination,
we will provide our public stockholders with the opportunity to redeem their public shares for cash at a per share price equal
to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of our
initial business combination, including interest earned on the funds held in the trust account (which interest shall be net of
taxes payable), divided by the number of then outstanding public shares, subject to the limitations described herein whereby redemptions
cannot cause our net tangible assets to be less than $5,000,001.</TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(3)</SUP></TD><TD STYLE="text-align: left">Actual share amount is prior to any forfeiture of founder
shares and as adjusted amount assumes no exercise of the underwriters&rsquo; over-allotment option and forfeiture of an aggregate
of 750,000 founder shares.</TD>
</TR></TABLE>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_018"></A><B>MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS<BR>
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a blank check company incorporated on December&nbsp;23,
2020 as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one or more businesses. We have not selected any specific business
combination target and we have not, nor has anyone on our behalf, engaged in any substantive discussions directly or indirectly,
with any business combination target with respect to an initial business combination with us. We may pursue an initial business
combination target in any industry or geographic region. We intend to focus our search for an initial business combination on companies
that are exiting the restructuring process or that have a transient current ownership. We intend to effectuate our initial business
combination using cash from the proceeds of this offering and the private placement of the private placement securities, the proceeds
of the sale of our shares in connection with our initial business combination (including any cash received from the sale of Class&nbsp;A
common stock pursuant to the forward purchase agreement and pursuant to any other forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The issuance of additional shares in connection with a business
combination to the owners of the target or other investors:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may significantly dilute the equity interest of investors in this offering, which dilution would increase if the anti-dilution
provisions in the Class&nbsp;B common stock resulted in the issuance of Class&nbsp;A common stock on a greater than one-to-one
basis upon conversion of the Class&nbsp;B common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may subordinate the rights of holders of Class&nbsp;A common stock if shares of preferred stock are issued with rights senior
to those afforded our Class&nbsp;A common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>could cause a change in control if a substantial number of shares of our Class&nbsp;A common stock are issued, which may affect,
among other things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal
of our present officers and directors;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may have the effect of delaying or preventing a change of control of us by diluting the share ownership or voting rights of
a person seeking to obtain control of us; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>may adversely affect prevailing market prices for our Class&nbsp;A common stock and/or warrants.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Similarly, if we issue debt securities or otherwise incur significant
debt to bank or other lenders or the owners of a target, it could result in:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>default and foreclosure on our assets if our operating revenues after an initial business combination are insufficient to repay
our debt obligations;</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>acceleration of our obligations to repay the indebtedness even if we make all principal and interest payments when due if we
breach certain covenants that require the maintenance of certain financial ratios or reserves without a waiver or renegotiation
of that covenant;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our immediate payment of all principal and accrued interest, if any, if the debt is payable on demand;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our inability to obtain necessary additional financing if the debt contains covenants restricting our ability to obtain such
financing while the debt is outstanding;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our inability to pay dividends on our Class&nbsp;A common stock;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>using a substantial portion of our cash flow to pay principal and interest on our debt, which will reduce the funds available
for dividends on our Class&nbsp;A common stock if declared, expenses, capital expenditures, acquisitions and other general corporate
purposes;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>limitations on our flexibility in planning for and reacting to changes in our business and in the industry in which we operate;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>increased vulnerability to adverse changes in general economic, industry and competitive conditions and adverse changes in
government regulation; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>limitations on our ability to borrow additional amounts for expenses, capital expenditures, acquisitions, debt service requirements,
execution of our strategy and other purposes and other disadvantages compared to our competitors who have less debt.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As indicated in the accompanying financial statements, at December&nbsp;31,
2020, we had deferred offering costs of $55,000. Further, we expect to incur significant costs in the pursuit of our initial business
combination. We cannot assure you that our plans to raise capital or to complete our initial business combination will be successful.</P>

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our liquidity needs have been satisfied prior to the
closing of this offering through the payment by our sponsor and FG SPAC Partners LP, an affiliate of certain of our
directors, of an aggregate of $25,000 to cover certain of our offering costs in exchange for the issuance of the founder
shares to our sponsor and FG SPAC Partners LP. In addition, FG SPAC Solutions LLC, an affiliate of certain of our directors,
has loaned us $25,000 pursuant to an unsecured promissory note, dated January&nbsp;11, 2021, and our sponsor has loaned us
$225,000 pursuant to an unsecured promissory note, dated January&nbsp;11, 2021 to be used for a portion of the expenses of
this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We estimate that the net proceeds from the sale of the units
in this offering, the sale of the private units for an aggregate purchase price of $4,000,000 and the sale of the OTM Warrants
for an aggregate purchase price of $130,000, after deducting offering expenses of approximately $3,130,000 and underwriting commissions
of $1,000,000, will be $200,000,0000 (or $230,000,000 if the underwriters&rsquo; over-allotment option is exercised in full). $200.0
million, or $230.0 million if the underwriters&rsquo; over-allotment option is exercised in full, will be held in the trust account.
The proceeds held in the trust account will be invested only in U.S. government treasury obligations with a maturity of 185 days
or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest
only in direct U.S. government treasury obligations. The remaining approximately $1,555,000 will not be held in the trust account.
In the event that our offering expenses exceed our estimate of $1,575,000, we may fund such excess with funds not to be held in
the trust account. In such case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding
amount. Conversely, in the event that the offering expenses are less than our estimate of $1,575,000, the amount of funds we intend
to be held outside the trust account would increase by a corresponding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to use substantially all of the funds held in the
trust account, including any amounts representing interest earned on the trust account to complete our initial business combination.
We may withdraw interest to pay our taxes. We estimate our annual franchise tax obligations, based on the number of shares of our
common stock authorized and outstanding after the closing of this offering, to be $200,000, which is the maximum amount of annual
franchise taxes payable by us as a Delaware corporation per annum, which we may pay from funds from this offering held outside
of the trust account or from interest earned on the funds held in the trust account and released to us for this purpose. Our annual
income tax obligations will depend on the amount of interest and other income earned on the amounts held in the trust account.
We expect the interest earned on the amount in the trust account will be sufficient to pay our income taxes. To the extent that
our equity or debt is used, in whole or in part, as consideration to complete our initial business combination, the remaining proceeds
held in the trust account will be used as working capital to finance the operations of the target business or businesses, make
other acquisitions and pursue our growth strategies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the completion of our initial business combination,
we will have available to us the approximately $1,555,000 of proceeds held outside the trust account. We will use these funds to
primarily identify and evaluate target businesses, perform business due diligence on prospective target businesses, travel to and
from the offices, plants or similar locations of prospective target businesses or their representatives or owners, review corporate
documents and material agreements of prospective target businesses, and structure, negotiate and complete a business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe we will need to raise additional funds following
this offering in order to meet the expenditures required for operating our business prior to our initial business combination.
However, if our estimates of the costs of identifying a target business, undertaking in-depth due diligence and negotiating an
initial business combination are less than the actual amount necessary to do so, we may have insufficient funds available to operate
our business prior to our initial business combination. In order to fund working capital deficiencies or finance transaction costs
in connection with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers
and directors may, but are not obligated to, loan us funds as may be required. If we complete our initial business combination,
we would repay such loaned amounts. In the event that our initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment. Up to $1,500,000 of such loans may be convertible into units at a price of $10.00 per unit at the option
of the lender. The units would be identical to the private placement units. The terms of such loans, if any, have not been determined
and no written agreements exist with respect to such loans. Prior to the completion of our initial business combination, we do
not expect to seek loans from parties other than our sponsor or an affiliate of our sponsor as we do not believe third parties
will be willing to loan such funds and provide a waiver against any and all rights to seek access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect our primary liquidity requirements during that period
to include approximately $800,000 for legal, accounting, due diligence, travel and other expenses associated with structuring,
negotiating and documenting successful business combinations; $75,000 for legal and accounting fees related to regulatory reporting
requirements; $85,000 for the NYSE listing and filing fees; and approximately $355,000 for general working capital that will be used for
miscellaneous expenses and reserves. We will also pay our sponsor $10,000 per month for office space, secretarial and administrative
services provided to members of our management team subsequent to the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These amounts are estimates and may differ materially from our
actual expenses. In addition, we could use a portion of the funds not being placed in trust to pay commitment fees for financing,
fees to consultants to assist us with our search for a target business or as a down payment or to fund a &ldquo;no-shop&rdquo;
provision (a provision designed to keep target businesses from &ldquo;shopping&rdquo; around for transactions with other companies
or investors 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 entered into an agreement where we paid for the right to receive exclusivity
from a target business, the amount that would be used as a down payment or to fund a &ldquo;no-shop&rdquo; provision would be determined
based on the terms of the specific business combination and the amount of our available funds at the time. Our forfeiture of such
funds (whether as a result of our breach or otherwise) could result in our not having sufficient funds to continue searching for,
or conducting due diligence with respect to, prospective target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We do not believe we will need to raise additional funds following
this offering in order to meet the expenditures required for operating our business. However, if our estimates of the costs of
identifying a target business, undertaking in-depth due diligence and negotiating an initial business combination are less than
the actual amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business
combination. Moreover, we may need to obtain additional financing to complete our initial business combination, either because
the transaction requires more cash than is available from the proceeds held in our trust account or because we become obligated
to redeem a significant number of our public shares upon completion of the business combination, in which case we may issue additional
securities or incur debt in connection with such business combination. In addition, we intend to target businesses with enterprise
values that are greater than we could acquire with the net proceeds of this offering and the sale of the Underwriter Units, and,
as a result, if the cash portion of the purchase price exceeds the amount available from the trust account, net of amounts needed
to satisfy any redemptions by public shareholders, we may be required to seek additional financing to complete such proposed initial
business combination. We may also obtain financing prior to the closing of our initial business combination to fund our working
capital needs and transaction costs in connection with our search for and completion of our initial business combination. There
is no limitation on our ability to raise funds through the issuance of equity or equity- linked securities or through loans, advances
or other indebtedness in connection with our initial business combination, including pursuant to forward purchase agreements or
backstop agreements we may enter into following consummation of this offering. Subject to compliance with applicable securities
laws, we would only complete such financing simultaneously with the completion of our initial business combination. If we are unable
to complete our initial business combination because we do not have sufficient funds available to us, we will be forced to cease
operations and liquidate the trust account. In addition, following our initial business combination, if cash on hand is insufficient,
we may need to obtain additional financing in order to meet our obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination. The funds from the
sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business
combination. Subject to the conditions in the forward purchase agreement, the purchase of the forward purchase shares will be
a binding obligation of Aldel Capital LLC, regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public
stockholders in connection with our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Controls and Procedures</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not currently required to maintain an effective system
of internal controls as defined by Section&nbsp;404 of the Sarbanes-Oxley Act. We will be required to comply with the internal
control requirements of the Sarbanes-Oxley Act for the fiscal year ending December&nbsp;31, 2021. Only in the event that we are
deemed to be a large accelerated filer or an accelerated filer and no longer an emerging growth company would we be required to
comply with the independent registered public accounting firm attestation requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Further, for as long as we remain an emerging growth company
as defined in the JOBS Act, we intend to take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with
the independent registered public accounting firm attestation requirement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, we have not completed
an assessment, nor has our independent registered public accounting firm tested our systems, of internal controls. We expect to
assess the internal controls of our target business or businesses prior to the completion of our initial business combination and,
if necessary, to implement and test additional controls as we may determine are necessary in order to state that we maintain an
effective system of internal controls. A target business may not be in compliance with the provisions of the Sarbanes-Oxley Act
regarding the adequacy of internal controls. Many small and mid-sized target businesses we may consider for our initial business
combination may have internal controls that need improvement in areas such as:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>staffing for financial, accounting and external reporting areas, including segregation of duties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reconciliation of accounts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>proper recording of expenses and liabilities in the period to which they relate;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>evidence of internal review and approval of accounting transactions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>documentation of processes, assumptions and conclusions underlying significant estimates; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>documentation of accounting policies and procedures.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because it will take time, management involvement and perhaps
outside resources to determine what internal control improvements are necessary for us to meet regulatory requirements and market
expectations for our operation of a target business, we may incur significant expenses in meeting our public reporting responsibilities,
particularly in the areas of designing, enhancing, or remediating internal and disclosure controls. Doing so effectively may also
take longer than we expect, thus increasing our exposure to financial fraud or erroneous financing reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once our management&rsquo;s report on internal controls is complete,
we will retain our independent registered public accounting firm to audit and render an opinion on such report when required by
Section&nbsp;404 of the Sarbanes-Oxley Act. The independent registered public accounting firm may identify additional issues concerning
a target business&rsquo;s internal controls while performing their audit of internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Quantitative and Qualitative Disclosures about Market Risk</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The net proceeds of this offering and the sale of the private
placement securities held in the trust account will be invested in U.S. government treasury obligations with a maturity of 185
days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which invest
only in direct U.S. government treasury obligations. Due to the short-term nature of these investments, we believe there will be
no associated material exposure to interest rate risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Off-Balance Sheet Arrangements; Commitments and Contractual
Obligations; Quarterly Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of December&nbsp;31, 2020, we did not have any off-balance
sheet arrangements as defined in Item 303(a)(4)(ii)&nbsp;of Regulation S-K and did not have any commitments or contractual obligations.
No unaudited quarterly operating data is included in this prospectus as we have not conducted any operations to date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JOBS Act</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The JOBS Act contains provisions that, among other things, relax
certain reporting requirements for qualifying public companies. We will qualify as an &ldquo;emerging growth company&rdquo; and
under the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private
(not publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result,
we may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required
for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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)&nbsp;provide an independent registered public accounting firm&rsquo;s attestation report on our system of internal
controls over financial reporting pursuant to Section&nbsp;404, (ii)&nbsp;provide all of the compensation disclosure that may be
required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)&nbsp;comply
with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the independent
registered public accounting firm&rsquo;s report providing additional information about the audit and the financial statements
(auditor discussion and analysis), and (iv)&nbsp;disclose certain executive compensation related items such as the correlation
between executive compensation and performance and comparisons of the CEO&rsquo;s compensation to median employee compensation.
These exemptions will apply for a period of five years following the closing of this offering or until we are no longer an &ldquo;emerging
growth company,&rdquo; whichever is earlier.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_019"></A><B>PROPOSED BUSINESS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a newly organized blank check company formed as a Delaware
corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination with one or more businesses. Throughout this prospectus we will refer to this as our initial business
combination. We have not selected any specific business combination target and we have not, nor has anyone on our behalf, engaged
in any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business
combination with us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we may pursue an acquisition in any business industry
or sector, we intend to concentrate our efforts on identifying businesses that are exiting the restructuring process, or businesses
that have transient current ownership. We will target companies with established operating models that have strong management teams,
realigned capital structures, positive cash flows prospects, and a clear and well-defined pathway for growing profitably over the
long-term. We intend to capitalize on the ability of our management team to identify, acquire, and manage a business that is exiting
the restructuring process and that can benefit from their experience and differentiated global network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Strategy</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our team, led by Robert I. Kauffman, our Chairman and Chief
Executive Officer, has decades of experience in identifying attractive risk adjusted return investments, often created by temporary
market disruptions or sector specific changes that require adjustments to business operations or capital structures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our strategy is to identify a business combination that we believe
can benefit from our experience and strategic guidance, and thus create long term value for our shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Covid-19 pandemic has significantly impacted the global
economy and the resulting disruption has created a large number of opportunities. Social distancing and stay-at-home orders have
impacted businesses. Additionally, the unprecedented fiscal and monetary interventions in response to the crisis have provided
needed stimulus and liquidity to the markets, but have also created distortions. We believe the current situation is evolving from
a &lsquo;liquidity phase&rsquo; to a &lsquo;solvency phase&rsquo;, as many businesses have been able to borrow to cover short term
cash flow shortfalls, but still face substantial revenue reductions or significant operational issues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, business restructurings have increased and we expect
this trend to continue. We believe opportunities exist to target and combine with high-quality businesses that (a)&nbsp;have emerged
or are emerging from a restructuring process and are seeking a shareholder base that supports long term growth or (b)&nbsp;have
current ownership that is otherwise in transition or desires liquidity. It is essential to our strategy that the target would benefit
from becoming a stock exchange listed public company with access to capital markets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Specifically, not all companies that enter a restructuring process
have long-term structural issues. We believe that many of these companies may have fundamentally sound business models but are
in distress as a result of a mismatch of their capital structures to the revenue interruption due to the public health driven economic
contraction. Fundamentally strong companies with new capital structures and refocused business plans should be well positioned
to thrive as they emerge from the restructuring process and as Covid-19 related economic conditions subside. We seek to partner
with restructuring process participants that seek to exit part or all of their ownership in a restructured company. These participants
include distressed loan focused funds that guide businesses through the restructuring process, banks or other lenders that do not
wish to own long term equity ownership positions in a restructured company, and large enterprises that are spinning off businesses
as a result of restructuring. Our management team and board of directors have deep experience in working with these types of investors,
which we believe provides us a competitive advantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The market for companies exiting the restructuring process is
inefficient, in our opinion. The size of the potential market is large compared to the number of active participants, creating
a potentially fertile market for investors. Companies exiting the restructuring process often have new capital structures, have
gone through operational and management team changes and have implemented a refined business plan and strategy. In addition, many
of these companies are middle market in size. Private middle market companies that are emerging from a restructuring process can
be difficult to value. We believe the extensive background of our management team and board of directors, which covers many aspects
of mergers and acquisitions, bank and securitized debt financing markets as well as executing initial public offerings and other
equity capital markets activities, will provide us with significant execution capabilities. Additionally, we will seek to partner
with or bring in industry specific experts to assist and guide our target company to achieve their long-term growth plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While we will not limit our search to any particular business
segment, we will concentrate our focus on companies exiting the restructuring process, or businesses that have transient current
ownership. We will target companies that have strong management teams, realigned capital structures, positive cash flows prospects,
and a clear and well-defined pathway for growing profitably over the long-term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will utilize the extensive network of our management team
and board of directors to help source and evaluate target merger ideas. Their expertise ranges from banking, financial services,
real estate and asset-based finance, as well as venture capital and growth equity investing. We believe our team has the ability
to cultivate access to a broad spectrum of opportunities. In addition, we anticipate target business candidates will be brought
to our attention from unaffiliated sources including investment market participants, private equity funds, and other large business
enterprises seeking to divest non-core assets or divisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Management Team</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to capitalize on the restructuring experience and
contacts of the members of our management team. Our management team is comprised of finance, technology and investment and merchant
banking leaders with senior level, multi-national operational and transactional experience drawn from top global institutions,
including Fortress Investment Group LLC, UBS (NYSE: UBS), BlackRock (NYSE: BLK), and T. Rowe Price (Nasdaq: TROW). Furthermore,
the members of our management have a variety of experience and expertise in distressed debt, mergers and acquisitions, bank and
securitized debt financing markets, executing initial public offerings and other equity capital markets activities, asset management,
financial product development, insurance, real estate as well as experience as investors and entrepreneurs. We have completed numerous
restructuring, going-public, mergers and acquisitions and financing transactions with billions of dollars of deal value. Our management
team also has extensive experience in operating public and private financial services companies, serving on both public and private
company boards of directors, including financial institutions, insurance, and technology companies, strong knowledge and experience
in financial, legal and regulatory matters, initial public offerings and private equity and venture capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to capitalize on the significant contacts and experience
of our management team, including Robert I. Kauffman, our Chairman and Chief Executive Officer, D. Kyle Cerminara, Martin S. Friedman,
Mark H. Love and Charles E. Nearburg, members of our board of directors, and Hassan Baqar, our Chief Financial Officer. In addition,
Larry G. Swets, Jr. will serve as our Senior Advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that these networks of contacts and relationships
will provide us with an important source of potential initial business combination targets. In addition, we anticipate that target
business candidates may be brought to our attention from various unaffiliated sources, including investment market participants,
private equity groups, investment banking firms, consultants, accounting firms and large business enterprises. Upon closing of
this offering, members of our management team will communicate with these networks of relationships to articulate the parameters
for our search for a target business and a potential business combination and begin the process of pursuing and reviewing promising
leads.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Robert I. Kauffman</B> has served as our Chief Executive
Officer since January&nbsp;2021. Mr. Kauffman will serve as the Chairman of the board of directors upon the closing of this offering.
Mr.&nbsp;Kauffman was a co-founder, principal and member of the board of directors of Fortress Investment Group LLC from its founding
in 1998 until 2012. During his tenure at the firm, Mr.&nbsp;Kauffman served as a member of Fortress&rsquo;s management committee
and was responsible for the management of Fortress&rsquo;s European private equity investment operations. While at Fortress Mr.&nbsp;Kauffman
was primarily focused on distressed debt restructurings, real estate and other asset based and financial services businesses. In
the course of his career, he has been involved in a wide variety of investment activities, including private fund raising, initial
public offerings, primary and secondary public share offerings in multiple jurisdictions, take private transactions, as well as
billions of dollars of bank and capital market debt financings and securitizations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to co-founding Fortress, Mr.&nbsp;Kauffman served as a
managing director at UBS, from 1997 to 1998 in its Principal Finance area. Prior to that he was a principal at BlackRock Financial
Management Inc., from 1993 to 1997 playing a key role in raising and investing their first Private Equity Fund, BlackRock Asset
Investors. Previously, Mr.&nbsp;Kauffman worked at Lehman Brothers from 1986 to 1993 primarily focused on the mortgage and securitization
markets both in the US and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since his departure from Fortress in 2012, Mr.&nbsp;Kauffman
has brought his extensive business experience to a variety of private investments, including a non-controlling stake in University
Bancorp Inc., a mortgage focused community bank based in Ann Arbor, Michigan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman serves on the board of directors of
University Bancorp Inc., Hagerty Insurance, and an advisory board member of McLaren Racing Ltd., a leading UK based Formula1
racing team. Mr.&nbsp;Kauffman is currently the chairman of the Race Team Alliance, an association of NASCAR Cup
Series&nbsp;teams; a co-owner of Chip Ganassi Racing, a professional American racing team active in IndyCar and NASCAR
racing; and the owner of RK Motors, a leading restorer and reseller of classic cars<FONT STYLE="background-color: white">;
and Speed Digital, a SaaS business focused on the collector car market<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #5E5E5E">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman is also an investor and advisory board member
of Off The Chain Capital, a cryptocurrency focused hedge fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman earned a degree in Business Administration
from Northeastern University in 1986.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Hassan
R. Baqar</B></FONT> has served as our Chief Financial Officer and a member of our board of directors since January&nbsp;2021. Mr.&nbsp;Baqar
has over 20 years of experience within financial services focused on corporate development, mergers&nbsp;&amp; acquisitions, capital
raising, investments and real estate transactions. Mr.&nbsp;Baqar has served as the founder and managing member of Sequoia Financial
LLC, a financial services and advisory firm, since January&nbsp;2019. Mr.&nbsp;Baqar has also served as Chief Financial Officer
of Insurance Income Strategies Ltd., a Bermuda based reinsurance company since October&nbsp;2017, as a director of GreenFirst Forest
Products Inc. (TSXV: GFP) (formerly Itasca Capital Ltd.), a publicly-traded investment firm since August 2019 and as Chief Financial
Officer of GreenFirst Forest Products Inc. from June 2016 to December&nbsp;2020, as a director of Fundamental Global Reinsurance
Ltd., a Cayman Islands reinsurance company since June&nbsp;2020, and as a director and Chief Financial Officer of Unbounded Media
Corporation since June&nbsp;2019.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In July&nbsp;2020, Mr.&nbsp;Baqar began serving as Chief Financial
Officer of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company
in the InsureTech, FinTech, broader financial services and insurance sectors. Previously, he served as Vice President of Kingsway
Financial Services Inc. (NYSE: KFS) (&ldquo;Kingsway&rdquo;) from January&nbsp;2014 to January&nbsp;2019 and as a Vice President
of Kingsway&rsquo;s subsidiary Kingsway America Inc. from January&nbsp;2010 to January&nbsp;2019. Mr.&nbsp;Baqar also served as
Chief Financial Officer and director of 1347 Capital Corp., a special purpose acquisition company, from April&nbsp;2014 to July&nbsp;2016
when the company completed its initial business combination to form Limbach Holdings,&nbsp;Inc. (Nasdaq: LMB). Mr.&nbsp;Baqar served
as a member of the board of directors of FG Financial Group,&nbsp;Inc. (Nasdaq: FGF) from October&nbsp;2012 to May&nbsp;2015.
By virtue of a management services agreement between 1347 Advisors LLC, a wholly owned subsidiary of Kingsway, and United Insurance
Management, L.C., he also served as the Chief Financial Officer of United Insurance Holdings Corp. (Nasdaq: UIHC), a publicly held
property and casualty insurance holding company, from August&nbsp;2011 to April&nbsp;2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">His previous experience also includes director of finance at
Itasca Financial, LLC from 2008 to 2009 and positions held at Lumbermens Mutual Casualty Company (a Kemper Insurance company),
a diversified mutual property-casualty insurance provider, from June&nbsp;2000 to April&nbsp;2008, where he most recently served
as a senior analyst. Mr.&nbsp;Baqar earned a Master&rsquo;s Degree in Business Administration from Northeastern Illinois University
in 2009 and a Bachelor&rsquo;s Degree in Accounting and Business Administration from Monmouth College in 2000. He also holds a
Certified Public Accountant designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>D. Kyle Cerminara</B> will serve as a director upon the closing of this offering.
Mr. Cerminara has over 20 years&rsquo; experience as an institutional investor, asset manager, director, chief executive, founder
and operator of multiple financial services and technology businesses. Mr. Cerminara co-founded Fundamental Global in 2012 and
serves as its chief executive officer. In July 2020, Mr. Cerminara began serving as director and President of FG New America Acquisition
Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company in the InsureTech, FinTech, broader
financial services and insurance sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Cerminara is a member of the board of directors of a number
of companies focused in the reinsurance, investment management, real estate, technology and communication sectors, including FG
Financial Group, Inc. (Nasdaq: FGF) (formerly known as 1347 Property Insurance Holdings, Inc.), which operates as a diversified
reinsurance, investment management and real estate holding company, since December 2016, GreenFirst Forest Products Inc. (TSXV:
GFP) (formerly Itasca Capital Ltd.), a public company focused on investments in the forest products industry, since August 2019,
BK Technologies Corporation (NYSE American: BKTI), a provider of two-way radio communications equipment, since July 2015, Ballantyne
Strong, Inc. (NYSE American: BTN), a holding company with diverse business activities focused on serving the entertainment and
retail markets, since February 2015, and Firefly Systems Inc., a venture- backed digital advertising company, since August 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">He was appointed chairman of FG Financial Group, Inc. in May
2018 and served as its principal executive officer from March 2020 to June 2020. He was also appointed chairman of GreenFirst Forest
Products Inc. in June 2018. Mr. Cerminara has served as the chairman of Ballantyne Strong, Inc. since May 2015. He also previously
served as its chief executive officer from November 2015 through April 2020. Mr. Cerminara was also the chairman of BK Technologies
Corporation from March 2017 until April 2020. He also served on the board of directors of Limbach Holdings, Inc. (Nasdaq: LMB),
a company which provides building infrastructure services, from March 2019 to March 2020; Iteris, Inc. (Nasdaq: ITI), a publicly-traded,
applied informatics company, from August 2016 to November 2017; and Magnetek, Inc., a publicly-traded manufacturer, in 2015. He
previously served on the board of directors of blueharbor bank, a community bank, from October 2013 to January 2020. He serves
as a Trustee and President of StrongVest ETF Trust, which was an open-end management investment company that is in the process
of being dissolved, since July 2016. Previously, Mr. Cerminara served as the co-chief investment officer of CWA Asset Management
Group, LLC, a position he held from January 2013 to December 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to these roles, Mr. Cerminara was a portfolio manager
at Sigma Capital Management, an independent financial adviser, from 2011 to 2012, a director and sector head of the Financials
Industry at Highside Capital Management from 2009 to 2011, and a portfolio manager and director at CR Intrinsic Investors from
2007 to 2009. Before joining CR Intrinsic Investors, Mr. Cerminara was a vice president, associate portfolio manager and analyst
at T. Rowe Price (Nasdaq: TROW) from 2001 to 2007, where he was named amongst Institutional Investor&rsquo;s Best of the Buy Side
Analysts in November 2006, and an analyst at Legg Mason from 2000 to 2001. Mr. Cerminara received an MBA degree from
the Darden Graduate School of Business at the University of Virginia and a B.S. in Finance and Accounting from the Smith School
of Business at the University of Maryland, where he was a member of Omicron Delta Kappa, an NCAA Academic All American and Co-Captain
of the men&rsquo;s varsity tennis team. He also completed a China Executive Residency at the Cheung Kong Graduate School of Business
in Beijing, China. Mr. Cerminara holds the Chartered Financial Analyst (CFA) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Mark H. Love</B> will serve as a director upon the closing
of this offering. Mr.&nbsp;Love is an entrepreneur, consultant and venture capitalist focusing on technology. Early-stage technology
investments made by Mr.&nbsp;Love include: Limelight Networks and The Facebook. Additional notable investments made by Mr.&nbsp;Love
include: Spotify, Lyft,&nbsp;Instacart, LinkedIn, Zynga, Parallels, Proofpoint, Alibaba.com, Acorns, LifeLock, Survey Monkey, Flipkart,
Telogis, Soasta, Pinterest, NJOY, Dollar Shave Club, Ripple, and Tenstorrent. Mr.&nbsp;Love is currently a Partner at Goldmark
Venture Partners, a growth-stage venture capital fund manager founded in 2007. In addition, Mr.&nbsp;Love has been a Consultant
at 17 Capital Partners, LLC, a consultant to wealth advisors of family offices, since 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Previously, Mr.&nbsp;Love served as a principal of LKL Investment
Counsel LLC, a wealth advisor to family offices with a focus on technology investments, from 2005 to 2017, served as a Senior Vice
President at RBC Daine Rauscher Inc., from 2001 to 2005, and at Sutro&nbsp;&amp; Co. Incorporated, from 1996 to 2001. At both firms
he was a wealth advisor to family offices and a technology investing specialist, as Senior Vice President at Merrill Lynch from
1994 to 1996, where the Chief Executive Officer of Merrill Lynch brought Mr.&nbsp;Love on to establish African American banking
relationships including the NBA (National Basketball Association), and as a Senior Vice President at PaineWebber Incorporated,
from 1987 to 1994. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Martin S. Friedman</B> will serve as a director upon the
closing of this offering. Mr.&nbsp;Friedman has over 30 years of commercial banking and investment banking experience, in which
he applied and developed skills in financial analysis with an expertise in financial institutions, corporate finance, Securities
and Exchange Commission banking compliance and management. Mr.&nbsp;Friedman is the Founder, a Managing Member and the Chief Executive
Officer of FJ Capital Management LLC. Mr.&nbsp;Friedman founded FJ Capital Management LLC in 2007 and is the portfolio manager
for the firm&rsquo;s flagship Financial Opportunity Fund, an event-driven strategy focused on the U.S. community and regional bank
sector. Mr.&nbsp;Friedman established the Financial Opportunity Fund and has successfully navigated the fund, creating substantial
alpha since inception. Mr.&nbsp;Friedman created the Financial Opportunity Long/Short Fund in the spring of 2015, a fund focused
on the broader financial services sector and lower market volatility and beta. Mr.&nbsp;Friedman also created the FJ Hybrid funds
in 2017 which invests in both public micro-cap banks and private banks and has a longer investment time horizon. Previously, Mr.&nbsp;Friedman
was Director of Research for Friedman, Billings, Ramsey Group, a research and securities trading firm, from 1998 to 2007. Prior
to that, he was a securities analyst, focusing on the financial services industry with Friedman, Billings, Ramsey Group from 1992
to 1998.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman currently serves on the board of directors
for Dogwood State Bank based in Raleigh, North Carolina since May&nbsp;2019. He served on the board of directors of Silvergate
Bank in San Diego, CA from February&nbsp;2019 to January&nbsp;2020, and served on the board of directors of Denver, CO-based TIG
Bancorp from December&nbsp;2017 until October&nbsp;2019. In 2013, as part of the recapitalization of Anchor Bank, Madison, Wisconsin;
Mr.&nbsp;Friedman was elected to the board of directors where he served on the Board of the bank holding company and compensation
committee until 2015. Mr.&nbsp;Friedman served on the board of directors of Guaranty Savings Bank in Metairie, Louisiana from 2008
to 2009, and Access National Bank, in Reston, VA from 2009 to 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman graduated from the University of Maryland
with a Bachelor of Science in Finance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Charles E. Nearburg </B>will serve as a director upon the
closing of this offering. Founding Nearburg Producing Company in 1979, Charles grew it into one of the Top 100 Independent Producers
in the U.S., and always operating in an environmentally conscious way, received two Environmental Awards from the Bureau of Land
Management. &nbsp;In 2016-2017 Nearburg sold the majority of its producing assets to two firms backed by Warburg Pincus and Carnelian
Capital. &nbsp;Mr. Nearburg also owns STOL Aviation which is developing a world class &ldquo;back country&rdquo; short take-off
and landing airplane, and Nearburg Racing which prepares vintage Formula 1 cars for competition. &nbsp;He is also a minority owner
and advisory board member of McLaren Racing LTD, a top Formula 1 and Indy Car Team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In honor of his son, Rett, who lost an 11-year battle with Ewing&rsquo;s
at age 21, Mr. Nearburg devotes substantial time and resources in support of Ewing&rsquo;s Sarcoma cancer research and was instrumental
in founding the Rett Nearburg International Ewing&rsquo;s Sarcoma Research Symposia, of which six have now been held (<U>www.rett.org</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A lifelong car racer, his career includes driving a 333SP Ferrari
at Le Mans, finishing 4th and 10th overall at the Sebring 12-Hours, and driving the late Walter Payton&rsquo;s Indy Car in the
1997 CART/FedEx Championship. &nbsp;In September 2010 at the Bonneville Salt Flats driving the &ldquo;Spirit of Rett&rdquo; streamliner,
Mr. Nearburg set a 414 MPH FIA record with a top speed of 422 MPH.&nbsp; &nbsp;This made the &ldquo;Spirit of Rett&rdquo; the fastest
single engine normally aspirated car in history, as well as the 3rd fastest internal combustion engine car in history.&nbsp; &nbsp;Mr.
Nearburg is one of only six people in history to have set a piston engine car record at over 400 MPH. &nbsp;The &ldquo;Spirit of
Rett&rdquo; was built in the Nearburg Racing shop. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A graduate of Dartmouth College, Mr. Nearburg received AB, BE,
and ME degrees at Dartmouth&rsquo;s Thayer School of Engineering, where he has been on the Board of Advisors for 30 years. &nbsp;He
is also a Trustee of University of Texas Southwestern Medical Foundation; the Petersen Automotive Museum in Los Angeles; the Art
Center College of Design in Pasadena; and a Life Trustee of the St. Mark&rsquo;s School of Texas in Dallas. &nbsp;He is a past
Trustee of the Maryland Institute College of Art in Baltimore; The Hockaday School in Dallas; and the Hood Museum of Art at Dartmouth
College.&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Larry G. Swets,&nbsp;Jr.</B> will serve as our Senior Advisor
upon the closing of this offering. Mr. Swets has over 25 years of experience within financial services encompassing both non-executive
and executive roles. Mr. Swets founded Itasca Financial LLC, an advisory and investment firm, in 2005 and has served as its managing
member since inception. Mr. Swets also founded and is the President of Itasca Golf Managers, Inc., a management services and advisory
firm focused on the real estate and hospitality industries, in August 2018. Mr. Swets has served as a director and the Chief Executive
Officer of GreenFirst Forest Products Inc. (TSXV: GFP) (formerly Itasca Capital Ltd.), a publicly-traded investment firm sinceJune
2016. Mr. Swets has served as Chief Executive Officer of FG Financial Group, Inc. (Nasdaq: FGF) (formerly 1347 Property Insurance
Holdings, Inc.), which operates as a diversified reinsurance, investment management and real estate holding company, since November
2020, after having served as Interim CEO beginning in June 2020. In July 2020, Mr. Swets began serving as a director and Chief
Executive Officer of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with
a company in the InsureTech, FinTech, broader financial services and insurance sectors. Previously, he served as the Chief Executive
Officer of Kingsway Financial Services Inc. (NYSE: KFS) from July 2010 to September 2018, including as its President from July
2010 to March 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to founding Itasca Financial LLC, Mr. Swets served as
an insurance company executive and advisor, including the role of director of investments and fixed income portfolio manager for
Lumbermens Mutual Casualty Company, formerly known as Kemper Insurance Companies. Mr. Swets began his career in insurance as an
intern in the Kemper Scholar program in 1994. Mr. Swets has also served as a member of the board of directors of FG Financial Group,
Inc. (Nasdaq: FGF) since November 2013, Limbach Holdings, Inc. (Nasdaq: LMB), a company which provides building infrastructure
services since July 2016, Insurance Income Strategies Ltd. since October 2017, Harbor Custom Development, Inc. (Nasdaq: HCDI) since
February 2020, Alexian Brothers Foundation since March 2018, and Unbounded Media Corporation since June 2019. Previously, he served
as a member of the board of directors of Kingsway Financial Services Inc. from September 2013 to December 2018, Atlas Financial
Holdings, Inc. (Nasdaq: AFH) from December 2010 to January 2018, FMG Acquisition Corp. (Nasdaq: FMGQ) from May 2007 to September
2008, United Insurance Holdings Corp. from 2008 to March 2012, and Risk Enterprise Management Ltd. from November 2007 to May 2012.
He is a member of the Young Presidents&rsquo; Organization. Mr. Swets earned a Master&rsquo;s Degree in Finance from DePaul University
in 1999 and a Bachelor&rsquo;s Degree from Valparaiso University in 1997. He also holds the Chartered Financial Analyst (CFA) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The past performance of our management team or their respective
affiliates is not a guarantee of either:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(i)</FONT> <FONT STYLE="font-size: 10pt">success
with respect to any business combination we may consummate; or (ii)&nbsp;that we will be able to identify a suitable
candidate for our initial business combination. You should not rely on the historical record of our management team&rsquo;s
or their respective affiliates&rsquo; performance as indicative of any future performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For more information on the experience and background of our
management team, see the section entitled &ldquo;Management.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Business Combination Criteria</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Consistent with our business strategy, we have identified the
following general criteria and guidelines that we believe are important in evaluating prospective target businesses. We will use
these criteria and guidelines in evaluating initial business combination opportunities, but we may decide to enter into our initial
business combination with a target business that does not meet these criteria and guidelines. We intend to seek to acquire companies
within industries that exhibit strong characteristics including, but not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Emerging from a restructuring process;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Public market-ready scale;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Strong management team;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Current ownership that is in transition or desires liquidity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Positive cash flows prospects;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Established operating models;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Long-term organic growth;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Attractive competitive dynamics; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Consolidation opportunities to add scale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These criteria are not intended to be exhaustive. Any evaluation
relating to the merits of a particular initial business combination may be based, to the extent relevant, on these general guidelines
as well as other considerations, factors and criteria that our management team may deem relevant. 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 in our stockholder communications related to our initial business
combination, which, as discussed in this prospectus, would be in the form of proxy solicitation materials or tender offer documents,
as applicable, that we would file with the SEC. In evaluating a prospective target business, we expect to conduct a due diligence
review which may encompass, among other things, meetings with incumbent management and employees, document reviews, interviews
of customers and suppliers, inspections of facilities, as well as reviewing financial and other information which will be made
available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The time required to select and evaluate a target business and
to structure and complete our initial business combination, and the costs associated with this process, are not currently ascertainable
with any degree of certainty. Any costs incurred with respect to the identification and evaluation of, and negotiation with, a
prospective target business with which our initial business combination is not ultimately completed will result in our incurring
losses and will reduce the funds we can use to complete another business combination. The company will not pay any consulting fees
to members of our management team, or any of their respective affiliates, for services rendered to or in connection with our initial
business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Forward Purchase Arrangement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with this offering, Aldel Capital LLC, or
any of its affiliates, agreed to enter into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or
any of its affiliates, shall purchase from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent
securities of any successor entity) (the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share,
or an aggregate purchase price of $20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will
close simultaneously with the closing of the business combination. The Maximum FPS Commitment (and the corresponding number of
Maximum Shares) shall be reduced on a dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their
discretion, to (i) purchase Common Stock in open market purchases following the IPO, and/or (ii) invest in the target company
prior to the closing of the business combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to
the nearest integral multiple of $10.00. For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in
aggregate, and in accordance with the foregoing terms, invested an amount equal to the Maximum FPS Commitment upon consummation
of the business combination. The funds from the sale of the forward purchase shares received by us may be used as part of the
consideration to the sellers in the initial business combination. Subject to the conditions in the forward purchase agreement,
the purchase of the forward purchase shares will be a binding obligation of Aldel Capital LLC, regardless of whether any shares
of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial business combination. Aldel
Capital LLC will be restricted from making purchases if it is in possession of any material nonpublic information not disclosed
to the public or if such purchases are prohibited by Regulation M under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NYSE rules&nbsp;and our amended and restated certificate of
incorporation require that we must consummate an initial business combination with one or more operating businesses or assets with
a fair market value equal to at least 80% of the net assets held in the trust account (net of amounts disbursed to management for
working capital purposes, if permitted). Our board of directors will make the determination as to the fair market value of our
initial business combination. If our board of directors is not able to independently determine the fair market value of our initial
business combination, we will obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation
or appraisal firm with respect to the satisfaction of such criteria. While we consider it unlikely that our board of directors
will not be able to make an independent determination of the fair market value of our initial business combination, it may be unable
to do so if it is less familiar or experienced with the business of a particular target or if there is a significant amount of
uncertainty as to the value of the target&rsquo;s assets or prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We anticipate structuring our initial business combination so
that the post-transaction company in which our public stockholders own shares will own or acquire 100% of the equity interests
or assets of the target business or businesses. We may, however, structure our initial business combination such that the post-
transaction company owns or acquires less than 100% of such interests or assets of the target business in order to meet certain
objectives of the target management team or stockholders or for other reasons, but we will only complete such business combination
if the post-transaction company owns or acquires 50% or more of the outstanding voting securities of the target or otherwise acquires
a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment
Company Act of 1940, as amended, or the Investment Company Act. Even if the post-transaction company owns or acquires 50% or more
of the voting securities of the target, our stockholders prior to the business combination may collectively own a minority interest
in the post-transaction company, depending on valuations ascribed to the target and us in the business combination transaction.
For example, we could pursue a transaction in which we issue a substantial number of new shares in exchange for all of the outstanding
capital stock of a target. In this case, we would acquire a 100% controlling interest in the target. However, as a result of the
issuance of a substantial number of new shares, our stockholders immediately prior to our initial business combination could own
less than a majority of our outstanding shares subsequent to our initial business combination. If less than 100% of the equity
interests or assets of a target business or businesses are owned or acquired by the post-transaction company, the portion of such
business or businesses that is owned or acquired is what will be taken into account for purposes of the 80% of net assets test
described above. If the business combination involves more than one target business, the 80% of net assets test will be based on
the aggregate value of all of the target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not presently engaged in, and we will not engage in,
any operations for an indefinite period of time following this offering. We intend to effectuate our initial business combination
using cash from the proceeds of this offering and the private placement of the private placement securities, the proceeds of the
sale of our shares in connection with our initial business combination (including any cash received from the sale of Class&nbsp;A
common stock pursuant to the forward purchase agreement and pursuant to any other forward purchase agreements or backstop agreements
we may enter into following the consummation of this offering or otherwise), shares issued to the owners of the target, debt issued
to bank or other lenders or the owners of the target, or a combination of the foregoing. We may seek to complete our initial business
combination with a company or business that may be financially unstable or in its early stages of development or growth, which
would subject us to the numerous risks inherent in such companies and businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our initial business combination is paid for using equity
or debt securities, or not all of the funds released from the trust account are used for payment of the consideration in connection
with our initial business combination or used for redemptions of our Class&nbsp;A common stock, we may apply the balance of the
cash released to us from the trust account, as well as the proceeds we may receive from the forward purchase agreement with Aldel
Capital LLC described elsewhere in this prospectus, for general corporate purposes, including for maintenance or expansion of operations
of the post-transaction company, the payment of principal or interest due on indebtedness incurred in completing our initial business
combination, to fund the purchase of other companies or for working capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not selected any specific business combination target
and we have not, nor has anyone on our behalf, engaged in any substantive discussions, directly or indirectly, with any business
combination target with respect to an initial business combination with us. Accordingly, there is no current basis for investors
in this offering to evaluate the possible merits or risks of the target business with which we may ultimately complete our initial
business combination. Although our management will assess the risks inherent in a particular target business with which we may
combine, we cannot assure you that this assessment will result in our identifying all risks that a target business may encounter.
Furthermore, some of those risks may be outside of our control, meaning that we can do nothing to control or reduce the chances
that those risks will adversely affect a target business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may need to obtain additional financing to complete our initial
business combination, either because the transaction requires more cash than is available from the proceeds held in our trust account
or because we become obligated to redeem a significant number of our public shares upon completion of the business combination,
in which case we may issue additional securities or incur debt in connection with such business combination. There are no prohibitions
on our ability to issue securities or incur debt in connection with our initial business combination. We are not currently a party
to any arrangement or understanding with any third party with respect to raising any additional funds through the sale of securities,
the incurrence of debt or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the date of this prospectus, we will file a Registration
Statement on Form&nbsp;8-A with the SEC to voluntarily register our securities under Section&nbsp;12 of the Securities Exchange
Act of 1934, as amended, or the Exchange Act. As a result, we will be subject to the rules&nbsp;and regulations promulgated under
the Exchange Act. We have no current intention of filing a Form&nbsp;15 to suspend our reporting or other obligations under the
Exchange Act prior or subsequent to the consummation of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Sourcing of Potential Initial Business Combination Targets</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe our management team&rsquo;s significant operating
and transaction experience and relationships will provide us with a substantial number of potential initial business combination
targets. Over the course of their careers, the members of our management team and our directors and advisors have developed a broad
network of contacts and corporate relationships around the world, which includes private equity firms, venture capitalists and
entrepreneurs. This network has grown through the activities of our management team sourcing, acquiring and financing businesses,
the reputation of our management team for integrity and fair dealing with sellers, financing sources and target management teams
and the experience of our management team in executing transactions under varying economic and financial market conditions. In
addition, members of our management team have developed contacts derived directly from serving on the boards of directors of several
public and private companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This network has provided our management team with a flow of
referrals, which in the past has resulted in numerous transactions which were proprietary or where a limited group of investors
were invited to participate in the sale process. We believe that this network will provide us with multiple investment opportunities.
In addition, we anticipate that target business combination candidates will be brought to our attention by various unaffiliated
sources, including participants in our targeted markets and their advisors, private equity funds and large business enterprises
seeking to divest non-core assets or divisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. We will engage a finder only to the extent
our management determines that the use of a finder may bring opportunities to us that may not otherwise be available to us or if
finders approach us on an unsolicited basis with a potential transaction that our management determines is in our best interest
to pursue. Payment of a finder&rsquo;s fee is customarily tied to completion of a transaction, in which case any such fee will
be paid out of the funds held in the trust account. In no event, however, will our sponsor or any of our existing officers or directors,
or any entity with which they are affiliated, be paid any finder&rsquo;s fee, consulting fee or other compensation by the company
prior to, or for any services they render in order to effectuate, the completion of our initial business combination (regardless
of the type of transaction). In addition, commencing on the date of this prospectus, we will pay our sponsor $10,000
per month for office space, secretarial and administrative services provided to members of our management team. Any such payments
prior to our initial business combination will be made from funds held outside the trust account. Other than the foregoing, there
will be no finder&rsquo;s fees, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation
paid by us to our sponsor, officers or directors, or any affiliate of our sponsor or officers prior to, or in connection with any
services rendered in order to effectuate, the consummation of our initial business combination (regardless of the type of transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination. The funds from the
sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business
combination. Subject to the conditions in the forward purchase agreement, the purchase of the forward purchase shares will be
a binding obligation of Aldel Capital LLC, regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public
stockholders in connection with our initial business combination. Aldel Capital LLC will be restricted from making purchases if
it is in possession of any material nonpublic information not disclosed to the public or if such purchases are prohibited by Regulation
M under the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not prohibited from pursuing an initial business combination
with a company that is affiliated with our sponsor, executive officers or directors, or completing the business combination through
a joint venture or other form of shared ownership with our sponsor, executive officers or directors. In the event we seek to complete
an initial business combination with a target that is affiliated with our sponsor, executive officers or directors, we, or a committee
of independent directors, would obtain an opinion from an independent investment banking firm which is a member of FINRA or a valuation
or appraisal firm stating that such an initial business combination is fair to our company from a financial point of view.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Members of our management team and our independent directors
and their affiliates will directly or indirectly own founder shares and/or private placement securities following this offering
and have committed to purchase shares pursuant to the forward purchase agreement 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 pursuant to which such officer or
director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then current
fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business
combination opportunity to such other entity. Our amended and restated certificate of incorporation will provide that we renounce
our interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such
person solely in his or her capacity as a director or officer of the company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted
to refer that opportunity to us without violating another legal obligation. We do not believe, however, that the fiduciary duties
or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain of our officers and directors previously formed a special
purpose acquisition company, FG New America Acquisition Corp., which is currently seeking to complete an initial business combination.
In addition, our sponsor and our officers and directors may sponsor or form other special purpose acquisition companies similar
to ours or may pursue other business or investment ventures during the period in which we are seeking an initial business combination.
Any such companies, businesses or investments may present additional conflicts of interest in pursuing an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, we do not believe that any such potential conflicts
would materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Position</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With funds available for a business combination initially in
the amount of $200,000,000 (assuming no redemptions) (or $230,000,000 (assuming no redemptions) if the underwriters&rsquo; over-allotment
option is exercised in full), plus up to $20 million which we may receive from sales of Class&nbsp;A common stock pursuant to the
forward purchase agreement with Aldel Capital LLC, we offer a target business a variety of options such as creating a liquidity
event for its owners, providing capital for the potential growth and expansion of its operations or strengthening its balance sheet
by reducing its debt ratio. Because we are able to complete our initial business combination using our cash, debt or equity securities,
or a combination of the foregoing, we have the flexibility to use the most efficient combination that will allow us to tailor the
consideration to be paid to the target business to fit its needs and desires. However, we have not taken any steps to secure third
party financing and there can be no assurance it will be available to us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Lack of Business Diversification</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For an indefinite period of time after the completion of our
initial business combination, the prospects for our success may depend entirely on the future performance of a single business.
Unlike other entities that have the resources to complete business combinations with multiple entities in one or several industries,
it is probable that we will not have the resources to diversify our operations and mitigate the risks of being in a single line
of business. By completing our initial business combination with only a single entity, our lack of diversification may:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse
impact on the particular industry in which we operate after our initial business combination, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>cause us to depend on the marketing and sale of a single product or limited number of products or services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limited Ability to Evaluate the Target&rsquo;s Management
Team</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we intend to closely scrutinize the management of a
prospective target business when evaluating the desirability of effecting our initial business combination with that business,
our assessment of the target business&rsquo;s management may not prove to be correct. In addition, the future management may not
have the necessary skills, qualifications or abilities to manage a public company. Furthermore, the future role of members of our
management team, if any, in the target business cannot presently be stated with any certainty. The determination as to whether
any of the members of our management team will remain with the combined company will be made at the time of our initial business
combination. While it is possible that one or more of our directors will remain associated in some capacity with us following our
initial business combination, it is unlikely that any of them will devote their full efforts to our affairs subsequent to our initial
business combination. Moreover, we cannot assure you that members of our management team will have significant experience or knowledge
relating to the operations of the particular target business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot assure you that any of our key personnel will remain
in senior management or advisory positions with the combined company. The determination as to whether any of our key personnel
will remain with the combined company will be made at the time of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 additional managers will have the requisite skills, knowledge or experience necessary to enhance the
incumbent management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stockholders May&nbsp;Not Have the Ability to Approve Our
Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We may conduct redemptions without a stockholder vote pursuant to the tender offer rules&nbsp;of the SEC subject
to the provisions of our amended and restated certificate of incorporation. However, we will seek stockholder approval if it is
required by law or applicable stock exchange rule, or we may decide to seek stockholder approval for business or other legal reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Presented in the table below is a graphic explanation of the
types of initial business combinations we may consider and whether stockholder approval is currently required under Delaware law
for each such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 81%"><FONT STYLE="font-size: 10pt">Type of Transaction</FONT></TD>
    <TD STYLE="width: 19%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid">Whether
        <BR>
Stockholder <BR>
Approval is<BR>
 Required</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Purchase of assets</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Purchase of stock of target not involving a merger with the company.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Merger of target into a subsidiary of the company.</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">No</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Merger of the company with a target</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Yes</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the NYSE&rsquo;s listing rules, stockholder approval would
be required for our initial business combination if, for example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We issue (other than in a public offering for cash) shares of common stock that will either (a)&nbsp;be equal to or in excess
of 20% of the number of our shares of common stock then outstanding or (b)&nbsp;have voting power equal to or in excess of 20%
of the voting power then outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Any of our directors, officers or substantial stockholders (as defined by NYSE rules) has a 5% or greater interest, directly
or indirectly, in the target business or assets to be acquired and if the number of shares of common stock to be issued, or if
the number of shares of common stock in which the securities may be convertible or exercisable, exceeds either (a)&nbsp;1% of the
number of shares of common stock or 1% of the voting power outstanding before the issuance in the case of any of our directors
and officers and (b)&nbsp;5% of the number of shares of common stock or 5% of the voting power outstanding before the issuance
in the case of any substantial securityholder; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>The issuance or potential issuance of common stock will result in our undergoing a change of control.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The decision as to whether we will seek
stockholder approval of a proposed business combination in those instances in which stockholder approval is not required by applicable
law or stock exchange rule&nbsp;will be made by us, solely in our discretion, and will be based on business and other reasons,
which include a variety of factors, including, but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the timing of the transaction, including in the event we determine stockholder approval would require additional time and there
is either not enough time to seek stockholder approval or doing so would place the company at a disadvantage in the transaction
or result in other additional burdens on the company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the expected cost of holding a stockholder vote;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the risk that the stockholders would fail to approve the proposed business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>other time and budget constraints of the company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>additional legal complexities of a proposed business combination that would be time-consuming and burdensome to present to
stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Permitted Purchases of Our Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our sponsor,
initial stockholders, directors, executive officers, advisors or their affiliates may purchase shares or public warrants in privately
negotiated transactions or in the open market either prior to or following the completion of our initial business combination.
There is no limit on the number of shares our initial stockholders, directors, officers, advisors or their affiliates may purchase
in such transactions, subject to compliance with applicable law and NYSE rules. However, other than contemplated by the forward
purchase agreement, they have no current commitments, plans or intentions to engage in such transactions and have not formulated
any terms or conditions for any such transactions. None of the funds in the trust account will be used to purchase shares or public
warrants in such transactions. If they engage in such transactions, they will be restricted from making any such purchases when
they are in possession of any material non-public information not disclosed to the seller or if such purchases are prohibited by
Regulation M under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that our sponsor, initial stockholders, directors,
officers, advisors or their affiliates purchase shares in privately negotiated transactions from public stockholders who have already
elected to exercise their redemption rights, such selling stockholders would be required to revoke their prior elections to redeem
their shares. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender
offer rules&nbsp;under the Exchange Act or a going-private transaction subject to the going-private rules&nbsp;under the Exchange
Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers
will comply with such rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The purpose of any such purchases of shares could be to
(i)&nbsp;vote such shares in favor of the business combination and thereby increase the likelihood of obtaining stockholder
approval of the business combination or (ii)&nbsp;to satisfy a closing condition in an agreement with a target that requires
us to have a minimum net worth or a certain amount of cash at the closing of our initial business combination, where it
appears that such requirement would otherwise not be met. The purpose of any such purchases of public warrants could be to
reduce the number of public warrants outstanding or to vote such warrants on any matters submitted to the warrant holders for
approval in connection with our initial business combination. Any such purchases of our securities may result in the
completion of our initial business combination that may not otherwise have been possible.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if such purchases are made, the public &ldquo;float&rdquo;
of our Class&nbsp;A common stock or public warrants may be reduced and the number of beneficial holders of our securities may be
reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities on a national securities
exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor, initial stockholders, officers, directors and/or
their affiliates anticipate that they may identify the stockholders with whom our initial stockholders, officers, directors or
their affiliates may pursue privately negotiated purchases by either the stockholders contacting us directly or by our receipt
of redemption requests submitted by stockholders (in the case of Class&nbsp;A common stock) following our mailing of proxy materials
in connection with our initial business combination. To the extent that our sponsor, officers, directors, advisors or their affiliates
enter into a private purchase, they would identify and contact only potential selling stockholders who have expressed their election
to redeem their shares for a <I>pro rata </I>share of the trust account or vote against our initial business combination, whether
or not such stockholder has already submitted a proxy with respect to our initial business combination but only if such shares
have not already been voted at the stockholder meeting related to our initial business combination. Our sponsor, executive officers,
directors, advisors or any of their affiliates will select which stockholders to purchase shares from based on a negotiated price
and number of shares and any other factors that they may deem relevant, and will only purchase shares if such purchases comply
with Regulation M under the Exchange Act and the other federal securities laws. Our sponsor, officers, directors and/or their affiliates
will be restricted from making purchases of shares if the purchases would violate Section&nbsp;9(a)(2)&nbsp;or Rule&nbsp;10b-5
of the Exchange Act. We expect any such purchases will be reported pursuant to Section&nbsp;13 and Section&nbsp;16 of the Exchange
Act to the extent such purchases are subject to such reporting requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption Rights for Public Stockholders upon Completion
of Our Initial Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
to redeem all or a portion of their shares of Class&nbsp;A common stock upon the completion of our initial business combination
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two
business days prior to the consummation of the initial business combination, including interest earned on the funds held in the
trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject
to the limitations and on the conditions described herein. The amount in the trust account is initially anticipated to be $10.00
per public share. Our initial stockholders, sponsor, officers and directors have entered into a letter agreement with us, pursuant
to which they have agreed to waive their redemption rights with respect to any founder shares and public shares they may hold in
connection with the completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitations on Redemptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001.
In addition, our proposed initial business combination may impose a minimum cash requirement for: (i)&nbsp;cash consideration to
be paid to the target or its owners, (ii)&nbsp;cash for working capital or other general corporate purposes or (iii)&nbsp;the retention
of cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all shares of
Class&nbsp;A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant
to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete
the initial business combination or redeem any shares in connection with such initial business combination, and all shares of Class&nbsp;A
common stock submitted for redemption will be returned to the holders thereof. We may, however, raise funds through the issuance
of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination,
including pursuant to forward purchase agreements or backstop arrangements we may enter into following consummation of this offering,
in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Manner of Conducting Redemptions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination either (i)&nbsp;in connection
with a stockholder meeting called to approve the initial business combination or (ii)&nbsp;without a stockholder vote by means
of a tender offer. The decision as to whether we will seek stockholder approval of a proposed initial business combination or conduct
a tender offer will be made by us, solely in our discretion, and will be based on a variety of factors such as the timing of the
transaction and whether the terms of the transaction would require us to seek stockholder approval under applicable law or stock
exchange listing requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Asset acquisitions and stock purchases would not typically require
stockholder approval while direct mergers with our company where we do not survive and any transactions where we issue more than
20% of our outstanding common stock or seek to amend our amended and restated certificate of incorporation would require stockholder
approval. So long as we obtain and maintain a listing for our securities on NYSE, we will be required to comply with NYSE&rsquo;s
stockholder approval rules.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The requirement that we provide our public stockholders with
the opportunity to redeem their public shares by one of the two methods listed above will be contained in provisions of our amended
and restated certificate of incorporation and will apply whether or not we maintain our registration under the Exchange Act or
our listing on NYSE. Such provisions may be amended if approved by holders of 65% of our common stock entitled to vote thereon.
If we amend such provisions of our amended and restated certificate of incorporation, we will provide our public stockholders with
the opportunity to redeem their public shares in connection with a stockholder meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we provide our public stockholders with the opportunity to
redeem their public shares in connection with a stockholder meeting, we will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conduct the redemptions in conjunction with a proxy solicitation pursuant to Regulation 14A of the Exchange Act, which regulates
the solicitation of proxies, and not pursuant to the tender offer rules, and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>file proxy materials with the SEC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval, we will complete our initial
business combination only if a majority of the outstanding shares of common stock voted (or such greater number of shares as is
required by applicable law) are voted in favor of the initial business combination. A quorum for such meeting will consist of
the holders present in person or by proxy of shares of outstanding capital stock of the Company representing a majority of the
voting power of all outstanding shares of capital stock of the Company entitled to vote at such meeting. Our initial stockholders
will count towards this quorum and FG SPAC Partners LP and our sponsor, officers and directors and the underwriters have agreed
to vote any founder shares, private placement shares and Underwriter Shares they hold and any public shares purchased during or
after this offering (including in open market and privately-negotiated transactions) in favor of our initial business combination.
For purposes of seeking approval of the majority of our outstanding shares of common stock voted, non-votes will have no effect
on the approval of our initial business combination once a quorum is obtained. As a result, in addition to our initial stockholders&rsquo;
founder shares and private shares and the Underwriter Shares, we would need 875,001, or approximately 4.4%, of the 20,000,000
public shares sold in this offering to be voted in favor of an initial business combination in order to have our initial business
combination approved (assuming only a quorum is present at the meeting, and the over-allotment option is not exercised). To the
extent Aldel Capital LLC purchases shares of Class&nbsp;A common stock in open market purchases pursuant to the forward purchase
agreement, the number of public shares held by other stockholders to be voted in favor of the business combination would be reduced
by the number of shares purchased by Aldel Capital LLC. Any forward purchase shares issued by us to Aldel Capital LLC through
a private placement to occur simultaneously with the closing of our initial business combination in accordance with the forward
purchase agreement will not be entitled to vote on our initial business combination since those shares will not be issued until
the closing of such transaction. These quorum and voting thresholds, and the voting agreements of our initial stockholders, may
make it more likely that we will consummate our initial business combination. Each public stockholder may elect to redeem its
public shares irrespective of whether they vote for or against the proposed transaction or whether they were a stockholder on
the record date for the stockholder meeting held to approve the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If a stockholder vote is not required and we do not decide to
hold a stockholder vote for business or other legal reasons, we will:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>conduct the redemptions pursuant to Rule&nbsp;13e-4 and Regulation 14E of the Exchange Act, which regulate issuer tender offers,
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>file tender offer documents with the SEC prior to completing our initial business combination, which contain substantially
the same financial and other information about the initial business combination and the redemption rights as is required under
Regulation 14A of the Exchange Act, which regulates the solicitation of proxies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event we conduct redemptions pursuant to the tender offer
rules, our offer to redeem will remain open for at least 20 business days, in accordance with Rule&nbsp;14e-1(a)&nbsp;under the
Exchange Act, and we will not be permitted to complete our initial business combination until the expiration of the tender offer
period. In addition, the tender offer will be conditioned on public stockholders not tendering more than a specified number of
public shares, which number will be based on the requirement that we may not redeem public shares in an amount that would cause
our net tangible assets to be less than $5,000,001. If public stockholders tender more shares than we have offered to purchase,
we will withdraw the tender offer and not complete the initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the public announcement of our initial business combination,
if we elect to conduct redemptions pursuant to the tender offer rules, we or our sponsor will terminate any plan established in
accordance with Rule&nbsp;10b5-1 to purchase shares of our Class&nbsp;A common stock in the open market, in order to comply with
Rule&nbsp;14e-5 under the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to require our public stockholders seeking to exercise
their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s
option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically
using The Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy
materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior
to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with
a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written
request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such
shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public
shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy
such delivery requirements. We believe that this will allow our transfer agent to efficiently process any redemptions without the
need for further communication or action from the redeeming public stockholders, which could delay redemptions and result in additional
administrative cost. If the proposed initial business combination is not approved and we continue to search for a target company,
we will promptly return any certificates or shares delivered by public stockholders who elected to redeem their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that in no event will we redeem our public shares in an amount that would cause our net tangible assets to be less than $5,000,001.
In addition, our proposed initial business combination may impose a minimum cash requirement for: (i)&nbsp;cash consideration to
be paid to the target or its owners, (ii)&nbsp;cash for working capital or other general corporate purposes or (iii)&nbsp;the retention
of cash to satisfy other conditions. In the event the aggregate cash consideration we would be required to pay for all shares of
Class&nbsp;A common stock that are validly submitted for redemption plus any amount required to satisfy cash conditions pursuant
to the terms of the proposed initial business combination exceed the aggregate amount of cash available to us, we will not complete
the initial business combination or redeem any shares in connection with such initial business combination, and all shares of Class&nbsp;A
common stock submitted for redemption will be returned to the holders thereof. We may, however, raise funds through the issuance
of equity-linked securities or through loans, advances or other indebtedness in connection with our initial business combination,
including pursuant to forward purchase agreements or backstop arrangements we may enter into following consummation of this offering,
in order to, among other reasons, satisfy such net tangible assets or minimum cash requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Redemption Upon Completion of Our Initial Business
Combination If We Seek Stockholder Approval</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated certificate of incorporation provides that a public stockholder, together with any affiliate such stockholder or any
other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the
Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares, without our prior consent. We believe
this restriction will discourage stockholders from accumulating large blocks of shares, and subsequent attempts by such holders
to use their ability to exercise their redemption rights against a proposed business combination as a means to force us or our
management to purchase their shares at a significant premium to the then-current market price or on other undesirable terms. Absent
this provision, a public stockholder holding more than an aggregate of 15% of the shares sold in this offering could threaten to
exercise its redemption rights if such holder&rsquo;s shares are not purchased by us, our sponsor or our management at a premium
to the then-current market price or on other undesirable terms. By limiting our stockholders&rsquo; ability to redeem no more than
15% of the shares sold in this offering without our prior consent, we believe we will limit the ability of a small group of stockholders
to unreasonably attempt to block our ability to complete our initial business combination, particularly in connection with a business
combination with a target that requires as a closing condition that we have a minimum net worth or a certain amount of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, we would not be restricting our stockholders&rsquo;
ability to vote all of their shares (including Excess Shares) for or against our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Delivering Stock Certificates in Connection with the Exercise
of Redemption Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As described above, we intend to require our public stockholders
seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo;
to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent or deliver their shares to our
transfer agent electronically using The Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to
the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may
be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct
redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares
to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of
the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish
to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public
stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior
to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer
materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise
its redemption rights. In the event that a stockholder fails to comply with these or any other procedures disclosed in the proxy
or tender offer materials, as applicable, its shares may not be redeemed. Given the relatively short exercise period, it is advisable
for stockholders to use electronic delivery of their public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is a nominal cost associated with the above-referenced
process and the act of certificating the shares or delivering them through the DWAC system. The transfer agent will typically charge
the broker submitting or tendering shares a fee of approximately $80.00 and it would be up to the broker whether or not to pass
this cost on to the redeeming holder. However, this fee would be incurred regardless of whether or not we require holders seeking
to exercise redemption rights to submit or tender their shares. The need to deliver shares is a requirement of exercising redemption
rights regardless of the timing of when such delivery must be effectuated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any request to redeem such shares, once made, may be withdrawn
at any time up to the date set forth in the proxy materials or tender offer documents, as applicable. Furthermore, if a holder
of a public share delivered its certificate in connection with an election of redemption rights and subsequently decides prior
to the applicable date not to elect to exercise such rights, such holder may simply request that the transfer agent return the
certificate (physically or electronically). It is anticipated that the funds to be distributed to holders of our public shares
electing to redeem their shares will be distributed promptly after the completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our initial business combination is not approved or completed
for any reason, then our public stockholders who elected to exercise their redemption rights would not be entitled to redeem their
shares for the applicable <I>pro rata </I>share of the trust account. In such case, we will promptly return any certificates delivered
by public holders who elected to redeem their shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our initial proposed initial business combination is not
completed, we may continue to try to complete an initial business combination with a different target until 24 months from the
closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Redemption of Public Shares and Liquidation if No Initial
Business Combination</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation provides
that we will have only 24 months from the closing of this offering to complete our initial business combination. If we are unable
to complete our initial business combination within such 24-month period, we will: (i)&nbsp;cease all operations except for the
purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business days thereafter, redeem the
public shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including
interest earned on the funds held in the trust account (which interest shall be net of taxes payable and up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish
public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions, if any), and
(iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders
and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law. There will be no redemption rights or liquidating distributions with
respect to our warrants, which will expire worthless if we fail to complete our initial business combination within the 24-month
time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders, sponsor, officers and directors have
entered into a letter agreement with us, pursuant to which they have waived their rights to liquidating distributions from the
trust account with respect to any founder shares they hold if we fail to complete our initial business combination within 24 months
from the closing of this offering or any extended period of time that we may have to consummate an initial business combination
as a result of an amendment to our amended and restated certificate of incorporation. However, if our initial stockholders, sponsor
or management team acquire public shares in or after this offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the allotted 24-month
time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders, sponsor, officers and directors have
agreed, pursuant to a letter agreement with us, that they will not propose any amendment to our amended and restated certificate
of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we do not complete
our initial business combination within 24 months from the closing of this offering or with respect to any other material provisions
relating to stockholders&rsquo; rights or pre-initial business combination activity, unless we provide our public stockholders
with the opportunity to redeem their public shares upon approval of any such amendment at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
(which interest shall be net of taxes payable), divided by the number of then outstanding public shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">However, we may not redeem our public shares in an amount that
would cause our net tangible assets to be less than $5,000,001. If this optional redemption right is exercised with respect to
an excessive number of public shares such that we cannot satisfy the net tangible asset requirement, we would not proceed with
the amendment or the related redemption of our public shares at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We expect that all costs and expenses associated with implementing
our plan of dissolution, as well as payments to any creditors, will be funded from amounts remaining out of the approximately $1,555,000
of proceeds held outside the trust account, although we cannot assure you that there will be sufficient funds for such purpose.
However, if those funds are not sufficient to cover the costs and expenses associated with implementing our plan of dissolution,
to the extent that there is any interest accrued in the trust account not required to pay taxes, we may request the trustee to
release to us an additional amount of up to $100,000 of such accrued interest to pay those costs and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we were to expend all of the net proceeds of this offering
and the sale of the private placement securities, other than the proceeds deposited in the trust account, and without taking into
account interest, if any, earned on the trust account and any tax payments or expenses for the dissolution of the trust, the per-
share redemption amount received by stockholders upon our dissolution would be approximately $10.00 (assuming no exercise of the
underwriters&rsquo; over-allotment option). The proceeds deposited in the trust account could, however, become subject to the claims
of our creditors which would have higher priority than the claims of our public stockholders. We cannot assure you that the actual
per-share redemption amount received by stockholders will not be substantially less than $10.00 (assuming no exercise of the underwriters&rsquo;
over-allotment option). Under Section&nbsp;281(b)&nbsp;of the DGCL, our plan of dissolution must provide for all claims against
us to be paid in full or make provision for payments to be made in full, as applicable, if there are sufficient assets. These claims
must be paid or provided for before we make any distribution of our remaining assets to our stockholders. While we intend to pay
such amounts, if any, we cannot assure you that we will have funds sufficient to pay or provide for all creditors&rsquo; claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Although we will seek to have all vendors, service providers
(other than our independent registered public accounting firm), prospective target businesses and other entities with which we
do business execute agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the
trust account for the benefit of our public stockholders, there is no guarantee that they will execute such agreements or even
if they execute such agreements that they would be prevented from bringing claims against the trust account including but not limited
to fraudulent inducement, breach of fiduciary responsibility or other similar claims, as well as claims challenging the enforceability
of the waiver, in each case in order to gain an advantage with respect to a claim against our assets, including the funds held
in the trust account. If any third party refuses to execute an agreement waiving such claims to the monies held in the trust account,
our management will consider whether competitive alternatives are reasonably available to us and will only enter into an agreement
with such third party if management believes that such third party&rsquo;s engagement would be in the best interests of the company
under the circumstances. Examples of possible instances where we may engage a third party that refuses to execute a waiver include
the engagement of a third party consultant whose particular expertise or skills are believed by management to be significantly
superior to those of other consultants that would agree to execute a waiver or in cases where management is unable to find a service
provider willing to execute a waiver. The underwriters of this offering and our independent registered public accounting firm will
not execute agreements with us waiving such claims to the monies held in the trust account. In addition, there is no guarantee
that such entities will agree to waive any claims they may have in the future as a result of, or arising out of, any negotiations,
contracts or agreements with us and will not seek recourse against the trust account for any reason. In order to protect the amounts
held in the trust account, our sponsor has agreed that it will be liable to us if and to the extent any claims by a 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 other similar agreement or business combination agreement, reduce the amount of funds in the trust
account to below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per public share held in the trust
account as of the date of the liquidation of the trust account, if less than $10.00 per public share due to reductions in the value
of the trust assets, less taxes payable, <I>provided that </I>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 we believe
that our sponsor&rsquo;s only assets are securities of our company. Therefore, we cannot assure you that our sponsor would be able
to satisfy those obligations. As a result, if any such claims were successfully made against the trust account, the funds available
for our initial business combination and redemptions could be reduced to less than $10.00 per public share. In such event, we may
not be able to complete our initial business combination, and you would receive such lesser amount per share in connection with
any redemption of your public shares. None of our officers or directors will indemnify us for claims by third parties including,
without limitation, claims by vendors and prospective target businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that the proceeds in the trust account are reduced
below the lesser of (i)&nbsp;$10.00 per public share and (ii)&nbsp;the actual amount per public share held in the trust account
as of the date of the liquidation of the trust account if less than $10.00 per share due to reductions in the value of the trust
assets, in each case less taxes payable, and our sponsor asserts that it is unable to satisfy its indemnification obligations or
that it has no indemnification obligations related to a particular claim, our independent directors would determine whether to
take legal action against our sponsor to enforce its indemnification obligations. While we currently expect that our independent
directors would take legal action on our behalf against our sponsor to enforce its indemnification obligations to us, it is possible
that our independent directors in exercising their business judgment may choose not to do so in any particular instance. Accordingly,
we cannot assure you that due to claims of creditors the actual value of the per-share redemption price will not be less than $10.00
per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will seek to reduce the possibility that our sponsor will
have to indemnify the trust account due to claims of creditors by endeavoring to have all vendors, service providers, prospective
target businesses or other entities with which we do business execute agreements with us waiving any right, title, interest or
claim of any kind in or to monies held in the trust account. Our sponsor will also not be liable as to any claims under our indemnity
of the underwriters of this offering against certain liabilities, including liabilities under the Securities Act. We will have
access to up to approximately $1,555,000 from the proceeds of this offering with which to pay any such potential claims (including
costs and expenses incurred in connection with our liquidation, currently estimated to be no more than approximately $100,000).
In the event that we liquidate and it is subsequently determined that the reserve for claims and liabilities is insufficient, stockholders
who received funds from our trust account could be liable for claims made by creditors. In the event that our offering expenses
exceed our estimate of $1,575,000, we may fund such excess with funds from the funds not to be held in the trust account. In such
case, the amount of funds we intend to be held outside the trust account would decrease by a corresponding amount. Conversely,
in the event that the offering expenses are less than our estimate of $1,575,000, the amount of funds we intend to be held outside
the trust account would increase by a corresponding amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Under the DGCL, stockholders may be held liable for claims by
third parties against a corporation to the extent of distributions received by them in a dissolution. The <I>pro rata </I>portion
of our trust account distributed to our public stockholders upon the redemption of our public shares in the event we do not complete
our initial business combination within 24 months from the closing of this offering may be considered a liquidating distribution
under Delaware law. If the corporation complies with certain procedures set forth in Section&nbsp;280 of the DGCL intended to ensure
that it makes reasonable provision for all claims against it, including a 60-day notice period during which any third-party claims
can be brought against the corporation, a 90-day period during which the corporation may reject any claims brought, and an additional
150-day waiting period before any liquidating distributions are made to stockholders, any liability of stockholders with respect
to a liquidating distribution is limited to the lesser of such stockholder&rsquo;s <I>pro rata </I>share of the claim or the amount
distributed to the stockholder, and any liability of the stockholder would be barred after the third anniversary of the dissolution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Furthermore, if the <I>pro rata </I>portion of our trust account
distributed to our public stockholders upon the redemption of our public shares in the event we do not complete our initial business
combination within 24 months from the closing of this offering, is not considered a liquidating distribution under Delaware law
and such redemption distribution is deemed to be unlawful (potentially due to the imposition of legal proceedings that a party
may bring or due to other circumstances that are currently unknown), then pursuant to Section&nbsp;174 of the DGCL, the statute
of limitations for claims of creditors could then be six years after the unlawful redemption distribution, instead of three years,
as in the case of a liquidating distribution. If we are unable to complete our initial business combination within 24 months from
the closing of this offering, we will: (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly
as reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the trust account including interest earned on the funds held in the
trust account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided
by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights
as stockholders (including the right to receive further liquidating distributions, if any) and (iii)&nbsp;as promptly as reasonably
possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, dissolve
and liquidate, subject in each case to our obligations under Delaware law to provide for claims of creditors and the requirements
of other applicable law. Accordingly, it is our intention to redeem our public shares as soon as reasonably possible following
our 24th month and, therefore, we do not intend to comply with those procedures. As such, our stockholders could potentially be
liable for any claims to the extent of distributions received by them (but no more) and any liability of our stockholders may extend
well beyond the third anniversary of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because we will not be complying with Section&nbsp;280, Section&nbsp;281(b)&nbsp;of
the DGCL requires us to adopt a plan, based on facts known to us at such time that will provide for our payment of all existing
and pending claims or claims that may be potentially brought against us within the subsequent 10 years. However, because we are
a blank check company, rather than an operating company, and our operations will be limited to searching for prospective target
businesses to acquire, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers,&nbsp;etc.)
or prospective target businesses. As described above, pursuant to the obligation contained in our underwriting agreement, we will
seek to have all vendors, service providers, prospective target businesses or other entities with which we do business execute
agreements with us waiving any right, title, interest or claim of any kind in or to any monies held in the trust account. As a
result of this obligation, the claims that could be made against us are significantly limited and the likelihood that any claim
that would result in any liability extending to the trust account is remote. Further, our sponsor may be liable only to the extent
necessary to ensure that the amounts in the trust account are not reduced below (i)&nbsp;$10.00 per public share or (ii)&nbsp;such
lesser amount per public share held in the trust account as of the date of the liquidation of the trust account, due to reductions
in value of the trust assets, in each case net of the amount of interest withdrawn to pay taxes and will not be liable as to any
claims under our indemnity of the underwriters of this offering against certain liabilities, including liabilities under the Securities
Act. In the event that an executed waiver is deemed to be unenforceable against a third party, our sponsor will not be responsible
to the extent of any liability for such third-party claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we file a bankruptcy petition or an involuntary bankruptcy
petition is filed against us that is not dismissed, the proceeds held in the trust account could be subject to applicable bankruptcy
law, and may be included in our bankruptcy estate and subject to the claims of third parties with priority over the claims of our
stockholders. To the extent any bankruptcy claims deplete the trust account, we cannot assure you we will be able to return $10.00
per share to our public stockholders. Additionally, if we file a bankruptcy petition or an involuntary bankruptcy petition is filed
against us that is not dismissed, any distributions received by stockholders could be viewed under applicable debtor/creditor and/or
bankruptcy laws as either a &ldquo;preferential transfer&rdquo; or a &ldquo;fraudulent conveyance.&rdquo; As a result, a bankruptcy
court could seek to recover some or all amounts received by our stockholders. Furthermore, our board of directors may be viewed
as having breached its fiduciary duty to our creditors and/or may have acted in bad faith, and thereby exposing itself and our
company to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of creditors.
We cannot assure you that claims will not be brought against us for these reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our public stockholders will be entitled to receive funds from
the trust account only (i)&nbsp;in the event of the redemption of our public shares if we do not complete our initial business
combination within 24 months from the closing of this offering, (ii)&nbsp;in connection with a stockholder vote to amend our amended
and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares
if we do not complete our initial business combination within 24 months from the closing of this offering or with respect to any
other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity or (iii)&nbsp;if
they redeem their respective shares for cash upon the completion of our initial business combination. In no other circumstances
will a stockholder have any right or interest of any kind to or in the trust account. In the event we seek stockholder approval
in connection with our initial business combination, a stockholder&rsquo;s voting in connection with the business combination alone
will not result in a stockholder&rsquo;s redeeming its shares to us for an applicable <I>pro rata </I>share of the trust account.
Such stockholder must have also exercised its redemption rights described above. These provisions of our amended and restated certificate
of incorporation, like all provisions of our amended and restated certificate of incorporation, may be amended with a stockholder
vote.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of Redemption or Purchase Prices in Connection
with Our Initial Business Combination and if We Fail to Complete Our Initial Business Combination.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table compares the redemptions and other permitted
purchases of public shares that may take place in connection with the completion of our initial business combination and if we
are unable to complete our initial business combination within 24 months from the closing of this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 25%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions in Connection with our Initial Business Combination</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Other Permitted Purchases of Public Shares by our Affiliates</B></FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-size: 10pt"><B>Redemptions if we fail to Complete an Initial Business Combination</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Calculation of redemption price</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Redemptions at the time of our initial business combination may be made pursuant to a tender offer or in connection with a stockholder vote. The redemption price will be the same whether we conduct redemptions pursuant to a tender offer or in connection with a stockholder vote. In either case, our public stockholders may redeem their public shares for cash equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to the consummation of the initial business combination (which is initially anticipated to be $10.00 per share), including interest earned on the funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitation that no redemptions will take place if all of the redemptions would cause our net tangible assets to be less than $5,000,001.</FONT></TD>
    <TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">If we seek stockholder approval of our initial business combination, our initial stockholders, directors, officers, advisors or their affiliates may purchase shares in privately negotiated transactions or in the open market either prior to or following completion of our initial business combination. There is no limit to the prices that our initial stockholders,&nbsp;&nbsp;directors, officers, advisors or their affiliates may pay in these transactions. If they engage in such transactions, they will be restricted from making any such purchases when they are in possession of any material nonpublic information not disclosed to the seller or if such purchases are prohibited by Regulation M under the Exchange Act. We do not currently anticipate that such purchases, if any, would constitute a tender offer subject to the tender offer rules&nbsp;under the Exchange Act or a going-private transaction subject to the going- private rules&nbsp;under the Exchange Act; however, if the purchasers determine at the time of any such purchases that the purchases are subject to such rules, the purchasers will comply with such rules.</FONT></P>
        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD><FONT STYLE="font-size: 10pt">If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will redeem all public shares at a per-share price, payable in cash, equal to the aggregate amount, then on deposit in the trust account (which is initially anticipated to be $10.00 per share), including interest earned on the funds held in the trust account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt"><B>Impact to remaining stockholders</B></FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The redemptions in connection with our initial business combination will reduce the book value per share for our remaining stockholders, who will bear the burden of the interest withdrawn in order to pay our taxes and working capital expenses (to the extent not paid from amounts accrued as interest on the funds held in the trust account).</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">If the permitted purchases described above are made, there would be no impact to our remaining stockholders because the purchase price would not be paid by us.</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The redemption of our public shares if we fail to complete our initial business combination will reduce the book value per share for the shares held by our initial stockholders, who will be our only remaining stockholders after such redemptions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Comparison of This Offering to Those of Blank Check Companies
Subject to Rule&nbsp;419</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table compares the terms of this offering to the
terms of an offering by a blank check company subject to the provisions of Rule&nbsp;419. This comparison assumes that the gross
proceeds, underwriting commissions and underwriting expenses of our offering would be identical to those of an offering undertaken
by a company subject to Rule&nbsp;419, and that the underwriters will not exercise their over- allotment option. None of the provisions
of Rule&nbsp;419 apply to our offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Terms of Our offering</B></FONT></TD>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Terms Under a Rule&nbsp;419 Offering</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Escrow of offering proceeds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">$200,000,000 of the net proceeds of this offering and the sale of the private placement securities will be deposited into a trust account located in the United States with Continental Stock Transfer&nbsp;&amp; Trust Company acting as trustee.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Approximately $177,682,500 of the offering proceeds, representing the gross proceeds of this offering, 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></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Investment of net proceeds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">$200,000,000 of the net proceeds of this offering and the sale
        of the private placement securities held in trust will be invested only in U.S. government treasury obligations with a maturity
        of 185 days or less or in money market funds meeting certain conditions under Rule&nbsp;2a-7 under the Investment Company Act which
        invest only in direct U.S. government treasury obligations.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Proceeds could be invested only in specified securities such as a money market fund meeting conditions of the Investment Company Act or in securities that are direct obligations of, or obligations guaranteed as to principal or interest by, the United States.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Receipt of interest on escrowed funds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Interest on proceeds from the trust account to be paid to stockholders is reduced by (i)&nbsp;any taxes paid or payable, and (ii)&nbsp;in the event of our liquidation for failure to complete our initial business combination within the allotted time, up to $100,000 of net interest that may be released to us should we have no or insufficient working capital to fund the costs and expenses of our dissolution and liquidation.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Interest on funds in escrow account would be held for the sole benefit of investors, unless and only after the funds held in escrow were released to us in connection with our completion of a business combination.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Limitation on fair value or net assets of target business</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">We must complete one or more business combinations having an aggregate fair market value of at least 80% of our assets held in the trust account at the time of the agreement to enter into the initial business combination.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The fair value or net assets of a target business must represent at least 80% of the maximum offering proceeds.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 27%"><FONT STYLE="font-size: 10pt"><B>Trading of securities issued</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The units are expected to begin trading on or promptly after the date of this prospectus. The Class&nbsp;A common stock and warrants comprising the units will begin separate trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless ThinkEquity informs us of its decision to allow earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press release announcing when such separate trading will begin. We will file the Current Report on Form&nbsp;8-K promptly after the closing of this offering, which closing is anticipated to take place three business days from the date of this prospectus. If the over-allotment option is exercised following the initial filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated financial information to reflect the exercise of the over- allotment option.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><FONT STYLE="font-size: 10pt">No trading of the units or the underlying Class&nbsp;A common stock and warrants would be permitted until the completion of a business combination. During this period, the securities would be held in the escrow or trust account.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Exercise of the warrants</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">The warrants cannot be exercised until the later of 30 days after the completion of our initial business combination and 12 months from the closing of this offering.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Election to remain an investor</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">We
                                         will provide our public stockholders with the opportunity to redeem their public shares
                                         for cash at a per share price equal to the aggregate amount then on deposit in the trust
                                         account calculated as of two business days prior to the consummation of our initial business
                                         combination, including interest earned on the funds held in the trust account (which
                                         interest shall be net of taxes payable), divided by the number of then outstanding public
                                         shares, upon the completion of our initial business combination, subject to the limitations
                                         described herein. We may not be required by law to hold a stockholder vote. If we are
                                         not required by law and do not otherwise decide to hold a stockholder vote, we will,
                                         pursuant to our amended and restated certificate of incorporation, conduct the redemptions
                                         pursuant to the tender offer rules&nbsp;of the SEC and file tender offer documents with
                                         the SEC which will contain substantially the same financial and other information about
                                         the initial business combination and the redemption rights as is required under the SEC&rsquo;s
                                         proxy rules. If, however, we hold a stockholder vote, we will, like many blank check
                                         companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to
                                         the proxy rules&nbsp;and not pursuant to the tender offer rules. If we seek stockholder
                                         approval, we will complete our initial business combination only if a majority of the
                                         shares of common stock voted (or such greater number of shares as is required by applicable
                                         law) are voted in favor of the business combination. Additionally, each public stockholder
                                         may elect to redeem their public shares irrespective of whether they vote for or against
                                         the proposed transaction.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">A prospectus containing information pertaining to the business combination required by the SEC would be sent to each investor. Each investor would be given the opportunity to notify the company in writing, within a period of no less than 20 business days and no more than 45 business days from the effective date of a post-effective amendment to the company&rsquo;s registration statement, to decide if he, she or it elects to remain a stockholder of the company or require the return of his, her or its investment. If the company has not received the notification by the end of the 45<SUP>th</SUP> business day, funds and interest or dividends, if any, held in the trust or escrow account are automatically returned to the stockholder. Unless a sufficient number of investors elect to remain investors, all funds on deposit in the escrow account must be returned to all of the investors and none of the securities are issued.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 27%"><FONT STYLE="font-size: 10pt"><B>Business combination deadline</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">If we are unable to complete an initial business combination within 24 months from the closing of this offering, we will (i)&nbsp;cease all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the public shares, at a per- share price, payable in cash, equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware law to provide for claims of creditors and in all cases subject to the requirements of other applicable law.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><FONT STYLE="font-size: 10pt">If an acquisition has not been completed within 18 months after the effective date of the company&rsquo;s registration statement, funds held in the trust or escrow account are returned to investors.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Release of funds</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">Except for the withdrawal of interest to pay our taxes, none of the funds held in trust will be released from the trust account until the earliest of (i)&nbsp;the completion of our initial business combination, (ii)&nbsp;the redemption of our public shares if we are unable to complete our initial business combination within 24 months from the closing of this offering, subject to applicable law, and (iii)&nbsp;the redemption of our public shares properly submitted in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination within 24 months from the closing of this offering or with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial business combination activity.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">The proceeds held in the escrow account are not released until the earlier of the completion of a business combination or the failure to effect a business combination within the allotted time.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<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="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt"><B>Delivering stock certificates in connection with the exercise of redemption rights</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">We intend to require our public stockholders seeking to exercise their redemption rights, whether they are record holders or hold their shares in &ldquo;street name,&rdquo; to, at the holder&rsquo;s option, either deliver their stock certificates to our transfer agent or deliver their shares to our transfer agent electronically using The Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) system, prior to the date set forth in the proxy materials or tender offer documents, as applicable. In the case of proxy materials, this date may be up to two business days prior to the vote on the proposal to approve the initial business combination. In addition, if we conduct redemptions in connection with a stockholder vote, we intend to require a public stockholder seeking redemption of its public shares to also submit a written request for redemption to our transfer agent two business days prior to the vote in which the name of the beneficial owner of such shares is included. The proxy materials or tender offer documents, as applicable, that we will furnish to holders of our public shares in connection with our initial business combination will indicate whether we are requiring public stockholders to satisfy such delivery requirements. Accordingly, a public stockholder would have up to two business days prior to the vote on the initial business combination if we distribute proxy materials, or from the time we send out our tender offer materials until the close of the tender offer period, as applicable, to submit or tender its shares if it wishes to seek to exercise its redemption rights.</FONT></P>
                                                          <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Many blank check companies provide that a stockholder can vote
        against a proposed business combination and check a box on the proxy card indicating that such stockholder is seeking to exercise
        its redemption rights. After the business combination is approved, the company would contact such stockholder to arrange for delivery
        of its share certificates to verify ownership.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 27%"><FONT STYLE="font-size: 10pt"><B>Limitation on redemption rights of stockholders holding more than 15% of the shares sold in this offering if we hold a stockholder vote</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 33%"><FONT STYLE="font-size: 10pt">If we seek stockholder approval of our initial business combination and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13 of the Exchange Act), will be restricted from seeking redemption rights with respect to Excess Shares, without our prior consent. However, we would not restrict our stockholders&rsquo; ability to vote all of their shares (including Excess Shares) for or against our initial business combination.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 40%"><FONT STYLE="font-size: 10pt">Many blank check companies provide no restrictions on the ability of stockholders to redeem shares based on the number of shares held by such stockholders in connection with an initial business combination.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Competition</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In identifying, evaluating and selecting a target business for
our initial business combination, we may encounter competition from other entities having a business objective similar to ours,
including other special purpose acquisition companies and blank check companies, private equity groups and leveraged buyout funds
and public companies and operating businesses seeking strategic acquisitions. Many of these entities are well established and have
extensive experience identifying and effecting business combinations directly or through affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Moreover, many of these competitors possess greater financial,
technical, human and other resources and relevant industry knowledge than us. Our ability to acquire larger target businesses will
be limited by our available financial resources.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This inherent limitation gives others an advantage in pursuing
the acquisition of a target business. Furthermore, our obligation to pay cash in connection with our public stockholders who exercise
their redemption rights may reduce the resources available to us for our initial business combination and our outstanding warrants,
and the future dilution they potentially represent, may not be viewed favorably by certain target businesses. Either of these factors
may place us at a competitive disadvantage in successfully negotiating an initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Facilities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently utilize office space at 105 S. Maple Street,&nbsp;Itasca,&nbsp;Illinois
60143 from our sponsor and the members of our management team. We consider our current office space adequate for our current operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Employees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently have two executive officers: Robert I. Kauffman
and Hassan R. Baqar. These individuals are not obligated to devote any specific number of hours to our matters but they intend
to devote as much of their time as they deem necessary to our affairs until we have completed our initial business combination.
The amount of time they will devote in any time period will vary based on whether a target business has been selected for our initial
business combination and the stage of the business combination process we are in. We do not intend to have any full time employees
prior to the completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Periodic Reporting and Financial Information</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will register our units, Class&nbsp;A common stock and warrants
under the Exchange Act and have reporting obligations, including the requirement that we file annual, quarterly and current reports
with the SEC. In accordance with the requirements of the Exchange Act, our annual reports will contain financial statements audited
and reported on by our independent registered public accountants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide stockholders with audited financial statements
of the prospective target business as part of the proxy solicitation materials or tender offer documents sent to stockholders to
assist them in assessing the target business. In all likelihood, these financial statements will need to be prepared in accordance
with, or reconciled to, GAAP, or IFRS, depending on the circumstances, and the historical financial statements may be required
to be audited in accordance with the standards of the PCAOB. These financial statement requirements may limit the pool of potential
target businesses we may conduct an initial business combination with because some targets may be unable to provide such statements
in time for us to disclose such statements in accordance with federal proxy rules&nbsp;and complete our initial business combination
within the prescribed time frame. We cannot assure you that any particular target business identified by us as a potential business
combination candidate will have financial statements prepared in accordance with the requirements outlined above, or that the potential
target business will be able to prepare its financial statements in accordance with the requirements outlined above. To the extent
that these requirements cannot be met, we may not be able to acquire the proposed target business. While this may limit the pool
of potential business combination candidates, we do not believe that this limitation will be material.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will be required to evaluate our internal control procedures
for the fiscal year ending December&nbsp;31, 2022 as required by the Sarbanes-Oxley Act. Only in the event we are deemed to be
a large accelerated filer or an accelerated filer, and no longer qualify as an emerging growth company, will we be required to
have our internal control procedures audited. A target business may not be in compliance with the provisions of the Sarbanes-Oxley
Act regarding adequacy of their internal controls. The development of the internal controls of any such entity to achieve compliance
with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the date of this prospectus, we will file a Registration
Statement on Form&nbsp;8-A with the SEC to voluntarily register our securities under Section&nbsp;12 of the Exchange Act. As a
result, we will be subject to the rules&nbsp;and regulations promulgated under the Exchange Act. We have no current intention of
filing a Form&nbsp;15 to suspend our reporting or other obligations under the Exchange Act prior or subsequent to the consummation
of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are an &ldquo;emerging growth company,&rdquo; as defined
in Section&nbsp;2(a)&nbsp;of the Securities Act, as modified by the JOBS Act. As such, we are eligible to take advantage of certain
exemptions from various reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth
companies&rdquo; including, but not limited to, not being required to comply with the auditor attestation requirements of Section&nbsp;404
of the Sarbanes-Oxley Act reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements,
and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and stockholder approval
of any golden parachute payments not previously approved. If some investors find our securities less attractive as a result, there
may be a less active trading market for our securities and the prices of our securities may be more volatile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, Section&nbsp;107 of the JOBS Act also provides
that an &ldquo;emerging growth company&rdquo; can take advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B)&nbsp;of
the Securities Act for complying with new or revised accounting standards. In other words, an &ldquo;emerging growth company&rdquo;
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We intend
to take advantage of the benefits of this extended transition period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will remain an emerging growth company until the earlier
of (1)&nbsp;the last day of the fiscal year (a)&nbsp;following the fifth anniversary of the closing of this offering, (b)&nbsp;in
which we have total annual gross revenue of at least $1.07 billion, or (c)&nbsp;in which we are deemed to be a large accelerated
filer, which means the market value of our shares of Class&nbsp;A common stock that are held by non-affiliates exceeds $700 million
as of the prior June&nbsp;30<SUP>th</SUP>, and (2)&nbsp;the date on which we have issued more than $1.0 billion in non-convertible
debt securities during the prior three-year period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, we are a &ldquo;smaller reporting company&rdquo;
as defined in Item 10(f)(1)&nbsp;of Regulation S-K. Smaller reporting companies may take advantage of certain reduced disclosure
obligations, including, among other things, providing only two years of audited financial statements. We will remain a smaller
reporting company until the last day of the fiscal year in which (1)&nbsp;the market value of our common stock held by non-affiliates
exceeds $250 million as of the end of that year&rsquo;s second fiscal quarter, or (2)&nbsp;our annual revenues exceeded $100 million
during such completed fiscal year and the market value of our common stock held by non-affiliates exceeds $700 million as of the
end of that year&rsquo;s second fiscal quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Legal Proceedings</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">There is no material litigation, arbitration or governmental
proceeding currently pending against us or any members of our management team in their capacity as such.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_020"></A><B>MANAGEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Officers, Directors and Director Nominees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our officers, directors and director nominees are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 46%"><FONT STYLE="font-size: 10pt">Name</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 7%; text-align: center"><FONT STYLE="font-size: 10pt">Age</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 43%; text-align: center"><FONT STYLE="font-size: 10pt">Position</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Robert I. Kauffman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">57</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and Nominee for Chairman of the Board of Directors</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Hassan R. Baqar</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director and Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">D. Kyle Cerminara</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">43</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Martin S. Friedman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">52</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Mark H. Love</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">64</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Charles E. Nearburg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">70</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Director Nominee</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Robert I. Kauffman</I></B>, <B><I>57</I></B>, has served
as our Chief Executive Officer since January&nbsp;2021. Mr. Kauffman will serve as the Chairman of the board of directors upon
the closing of this offering. Mr.&nbsp;Kauffman was a co-founder, principal and member of the board of directors of Fortress Investment
Group LLC from its founding in 1998 until 2012. During his tenure at the firm, Mr.&nbsp;Kauffman served as a member of Fortress&rsquo;s
management committee and was responsible for the management of Fortress&rsquo;s European private equity investment operations.
While at Fortress Mr.&nbsp;Kauffman was primarily focused on distressed debt restructurings, real estate and other asset based
and financial services businesses. In the course of his career, he has been involved in a wide variety of investment activities,
including private fund raising, initial public offerings, primary and secondary public share offerings in multiple jurisdictions,
take private transactions, as well as billions of dollars of bank and capital market debt financings and securitizations.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to co-founding Fortress, Mr.&nbsp;Kauffman served as a
managing director at UBS, from 1997 to 1998 in its Principal Finance area. Prior to that he was a principal at BlackRock Financial
Management Inc., from 1993 to 1997 playing a key role in raising and investing their first Private Equity Fund, BlackRock Asset
Investors. Previously, Mr.&nbsp;Kauffman worked at Lehman Brothers from 1986 to 1993 primarily focused on the mortgage and securitization
markets both in the US and Europe.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Since his departure from Fortress in 2012, Mr.&nbsp;Kauffman
has brought his extensive business experience to a variety of private investments, including a non-controlling stake in University
Bancorp Inc., a mortgage focused community bank based in Ann Arbor, Michigan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman serves on the board of directors of
University Bancorp Inc., Hagerty Insurance, and an advisory board member of McLaren Racing Ltd., a leading UK based Formula1
racing team. Mr.&nbsp;Kauffman is currently the chairman of the Race Team Alliance, an association of NASCAR Cup
Series&nbsp;teams; a co-owner of Chip Ganassi Racing, a professional American racing team active in IndyCar and NASCAR
racing; and the owner of RK Motors, a leading restorer and reseller of classic cars<FONT STYLE="background-color: white">;
and Speed Digital, a SaaS business focused on the collector car market<FONT STYLE="font-family: Times New Roman, Times, Serif; color: #5E5E5E">.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman is also an investor and advisory board member
of Off The Chain Capital, a cryptocurrency focused hedge fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Kauffman earned a degree in Business Administration
from Northeastern University in 1986. We believe Mr.&nbsp;Kauffman&rsquo;s extensive background as an investor in diverse industries
and his executive experience make him well qualified to serve on our Chairman and Chief Executive Officer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Hassan
R. Baqar</I></B></FONT>, <B><I>43</I></B>, has served as our Chief Financial Officer and a member of our board of directors since
January&nbsp;2021. Mr.&nbsp;Baqar has over 20 years of experience within financial services focused on corporate development, mergers&nbsp;&amp;
acquisitions, capital raising, investments and real estate transactions. Mr.&nbsp;Baqar has served as the founder and managing
member of Sequoia Financial LLC, a financial services and advisory firm, since January&nbsp;2019. Mr.&nbsp;Baqar has also served
as Chief Financial Officer of Insurance Income Strategies Ltd., a Bermuda based reinsurance company since October&nbsp;2017, as
a director of GreenFirst Forest Products Inc. (TSXV: GFP) (formerly Itasca Capital Ltd.), a publicly-traded investment firm since
August 2019 and as Chief Financial Officer of GreenFirst Forest Products Inc. from June 2016 to December&nbsp;2020, as a director
of Fundamental Global Reinsurance Ltd., a Cayman Islands reinsurance company since June&nbsp;2020, and as a director and Chief
Financial Officer of Unbounded Media Corporation since June&nbsp;2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In July&nbsp;2020, Mr.&nbsp;Baqar began serving as Chief Financial
Officer of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company
in the InsureTech, FinTech, broader financial services and insurance sectors. Previously, he served as Vice President of Kingsway
Financial Services Inc. (NYSE: KFS) (&ldquo;Kingsway&rdquo;) from January&nbsp;2014 to January&nbsp;2019 and as a Vice President
of Kingsway&rsquo;s subsidiary Kingsway America Inc. from January&nbsp;2010 to January&nbsp;2019. Mr.&nbsp;Baqar also served as
Chief Financial Officer and director of 1347 Capital Corp., a special purpose acquisition company, from April&nbsp;2014 to July&nbsp;2016
when the company completed its initial business combination to form Limbach Holdings,&nbsp;Inc. (Nasdaq: LMB). Mr.&nbsp;Baqar served
as a member of the board of directors of FG Financial Group,&nbsp;Inc. (Nasdaq: FGF) from October&nbsp;2012 to May&nbsp;2015.
By virtue of a management services agreement between 1347 Advisors LLC, a wholly owned subsidiary of Kingsway, and United Insurance
Management, L.C., he also served as the Chief Financial Officer of United Insurance Holdings Corp. (Nasdaq: UIHC), a publicly held
property and casualty insurance holding company, from August&nbsp;2011 to April&nbsp;2012.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">His previous experience also includes director of finance at
Itasca Financial, LLC from 2008 to 2009 and positions held at Lumbermens Mutual Casualty Company (a Kemper Insurance company),
a diversified mutual property-casualty insurance provider, from June&nbsp;2000 to April&nbsp;2008, where he most recently served
as a senior analyst. Mr.&nbsp;Baqar earned a Master&rsquo;s Degree in Business Administration from Northeastern Illinois University
in 2009 and a Bachelor&rsquo;s Degree in Accounting and Business Administration from Monmouth College in 2000. He also holds a
Certified Public Accountant designation. We believe Mr.&nbsp;Baqar is qualified to serve as our Chief Financial Officer because
of his experience with special purpose acquisition companies and his experience as chief financial officer of various other companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>D. Kyle Cerminara, 43</I></B>, will serve as a director upon the closing of this offering.
Mr. Cerminara has over 20 years&rsquo; experience as an institutional investor, asset manager, director, chief executive, founder
and operator of multiple financial services and technology businesses. Mr. Cerminara co-founded Fundamental Global in 2012 and
serves as its chief executive officer. In July 2020, Mr. Cerminara began serving as director and President of FG New America Acquisition
Corp. (NYSE: FGNA), a special purpose acquisition company focused on merging with a company in the InsureTech, FinTech, broader
financial services and insurance sectors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Cerminara is a member of the board of directors of a number
of companies focused in the reinsurance, investment management, real estate, technology and communication sectors, including FG
Financial Group, Inc. (Nasdaq: FGF) (formerly known as 1347 Property Insurance Holdings, Inc.), which operates as a diversified
reinsurance, investment management and real estate holding company, since December 2016, GreenFirst Forest Products Inc. (TSXV:
GFP) (formerly Itasca Capital Ltd.), a public company focused on investments in the forest products industry, since August 2019,
BK Technologies Corporation (NYSE American: BKTI), a provider of two-way radio communications equipment, since July 2015, Ballantyne
Strong, Inc. (NYSE American: BTN), a holding company with diverse business activities focused on serving the entertainment and
retail markets, since February 2015, and Firefly Systems Inc., a venture- backed digital advertising company, since August 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">He was appointed chairman of FG Financial Group, Inc. in May
2018 and served as its principal executive officer from March 2020 to June 2020. He was also appointed chairman of GreenFirst Forest
Products Inc. in June 2018. Mr. Cerminara has served as the chairman of Ballantyne Strong, Inc. since May 2015. He also previously
served as its chief executive officer from November 2015 through April 2020. Mr. Cerminara was also the chairman of BK Technologies
Corporation from March 2017 until April 2020. He also served on the board of directors of Limbach Holdings, Inc. (Nasdaq: LMB),
a company which provides building infrastructure services, from March 2019 to March 2020; Iteris, Inc. (Nasdaq: ITI), a publicly-traded,
applied informatics company, from August 2016 to November 2017; and Magnetek, Inc., a publicly-traded manufacturer, in 2015. He
previously served on the board of directors of blueharbor bank, a community bank, from October 2013 to January 2020. He serves
as a Trustee and President of StrongVest ETF Trust, which was an open-end management investment company that is in the process
of being dissolved, since July 2016. Previously, Mr. Cerminara served as the co-chief investment officer of CWA Asset Management
Group, LLC, a position he held from January 2013 to December 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to these roles, Mr.&nbsp;Cerminara was a portfolio manager
at Sigma Capital Management, an independent financial adviser, from 2011 to 2012, a director and sector head of the Financials
Industry at Highside Capital Management from 2009 to 2011, and a portfolio manager and director at CR Intrinsic Investors from
2007 to 2009. Before joining CR Intrinsic Investors, Mr.&nbsp;Cerminara was a vice president, associate portfolio manager and analyst
at T. Rowe Price (Nasdaq: TROW) from 2001 to 2007, where he was named amongst Institutional Investor&rsquo;s Best of the Buy Side
Analysts in November&nbsp;2006, and an analyst at Legg Mason  from 2000 to 2001. Mr.&nbsp;Cerminara received an MBA degree
from the Darden Graduate School of Business at the University of Virginia and a B.S. in Finance and Accounting from the Smith School
of Business at the University of Maryland, where he was a member of Omicron Delta Kappa, an NCAA Academic All American and Co-Captain
of the men&rsquo;s varsity tennis team. He also completed a China Executive Residency at the Cheung Kong Graduate School of Business
in Beijing, China. Mr.&nbsp;Cerminara holds the Chartered Financial Analyst (CFA) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Mark H. Love, 64,</I></B> will serve as a director
upon the closing of this offering. Mr.&nbsp;Love is an entrepreneur, consultant and venture capitalist focusing on technology.
Early-stage technology investments made by Mr.&nbsp;Love include: Limelight Networks and The Facebook. Additional notable investments
made by Mr.&nbsp;Love include: Spotify, Lyft,&nbsp;Instacart, LinkedIn, Zynga, Parallels, Proofpoint, Alibaba.com, Acorns, LifeLock,
Survey Monkey, Flipkart, Telogis, Soasta, Pinterest, NJOY, Dollar Shave Club, Ripple, and Tenstorrent. Mr.&nbsp;Love is currently
a Partner at Goldmark Venture Partners, a growth-stage venture capital fund manager founded in 2007. In addition, Mr.&nbsp;Love
has been a Consultant at 17 Capital Partners, LLC, a consultant to wealth advisors of family offices, since 2017.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> Previously, Mr.&nbsp;Love served as a principal of LKL
Investment Counsel LLC (&ldquo;LKL&rdquo;), a wealth advisor to family offices with a focus on technology investments, from
2005 to 2017. In 2018, Mr. Love and LKL were found by the SEC to have violated the Investment Advisors Act of 1940 due to
misrepresentations made in Forms ADV and failing to produce certain documents to the SEC related to certain financial
industry activities or affiliations in client transactions. Pursuant to a settlement agreement entered into with the SEC,
under which Mr. Love and LKL neither admitted nor denied the allegations, Mr. Love and LKL agreed to have cease and desist
orders entered against them. They also agreed to a censure and certain monetary civil penalties. Prior to his tenure at LKL,
Mr. Love served as a Senior Vice President at RBC Daine Rauscher Inc., from 2001 to 2005, and at Sutro&nbsp;&amp; Co.
Incorporated, from 1996 to 2001. At both firms he was a wealth advisor to family offices and a technology investing
specialist, as Senior Vice President at Merrill Lynch from 1994 to 1996, where the Chief Executive Officer of Merrill Lynch
brought Mr.&nbsp;Love on to establish African American banking relationships including the NBA (National Basketball
Association), and as a Senior Vice President at PaineWebber Incorporated, from 1987 to 1994. We believe that
Mr.&nbsp;Love&rsquo;s background in the finance and technology industries make him well qualified to serve on our board of
directors. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Martin S. Friedman</I></B>, <B><I>52</I></B>, will
serve as a director upon the closing of this offering. Mr.&nbsp;Friedman has over 30 years of commercial banking and investment
banking experience, in which he applied and developed skills in financial analysis with an expertise in financial institutions,
corporate finance, Securities and Exchange Commission banking compliance and management. Mr.&nbsp;Friedman is the Founder, a Managing
Member and the Chief Executive Officer of FJ Capital Management LLC. Mr.&nbsp;Friedman founded FJ Capital Management LLC in 2007
and is the portfolio manager for the firm&rsquo;s flagship Financial Opportunity Fund, an event-driven strategy focused on the
U.S. community and regional bank sector. Mr.&nbsp;Friedman established the Financial Opportunity Fund and has successfully navigated
the fund, creating substantial alpha since inception. Mr.&nbsp;Friedman created the Financial Opportunity Long/Short Fund in the
spring of 2015, a fund focused on the broader financial services sector and lower market volatility and beta. Mr.&nbsp;Friedman
also created the FJ Hybrid funds in 2017 which invests in both public micro-cap banks and private banks and has a longer investment
time horizon. Previously, Mr.&nbsp;Friedman was Director of Research for Friedman, Billings, Ramsey Group, a research and securities
trading firm, from 1998 to 2007. Prior to that, he was a securities analyst, focusing on the financial services industry with Friedman,
Billings, Ramsey Group from 1992 to 1998.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman currently serves on the board of directors
for Dogwood State Bank based in Raleigh, North Carolina since May&nbsp;2019. He served on the board of directors of Silvergate
Bank in San Diego, CA from February&nbsp;2019 to January&nbsp;2020, and served on the board of directors of Denver, CO-based TIG
Bancorp from December&nbsp;2017 until October&nbsp;2019. In 2013, as part of the recapitalization of Anchor Bank, Madison, Wisconsin;
Mr.&nbsp;Friedman was elected to the board of directors where he served on the Board of the bank holding company and compensation
committee until 2015. Mr.&nbsp;Friedman served on the board of directors of Guaranty Savings Bank in Metairie, Louisiana from 2008
to 2009, and Access National Bank, in Reston, VA from 2009 to 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Friedman graduated from the University of Maryland
with a Bachelor of Science in Finance. We believe that Mr.&nbsp;Friedman&rsquo;s extensive experience in the commercial and investment
banking industries and serving as a director for several financial institutions brings important and valuable skills to our board
of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Charles E. Nearburg, 70,</I></B> <FONT STYLE="font-family: Times New Roman, Times, Serif">will
serve as a director upon the closing of this offering. Founding Nearburg Producing Company in 1979, Charles grew it into one of
the Top 100 Independent Producers in the U.S., and always operating in an environmentally conscious way, received two Environmental
Awards from the Bureau of Land Management. &nbsp;In 2016-2017 Nearburg sold the majority of its producing assets to two firms backed
by Warburg Pincus and Carnelian Capital. &nbsp;Mr. Nearburg also owns STOL Aviation which is developing a world class &ldquo;back
country&rdquo; short take-off and landing airplane, and Nearburg Racing which prepares vintage Formula 1 cars for competition.
 &nbsp;He is also a minority owner and advisory board member of McLaren Racing LTD, a top Formula 1 and Indy Car Team.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In honor of his son, Rett, who lost an 11-year battle with Ewing&rsquo;s
at age 21, Mr. Nearburg devotes substantial time and resources in support of Ewing&rsquo;s Sarcoma cancer research and was instrumental
in founding the Rett Nearburg International Ewing&rsquo;s Sarcoma Research Symposia, of which six have now been held (<U>www.rett.org</U>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A lifelong car racer, his career includes driving a 333SP Ferrari
at Le Mans, finishing 4th and 10th overall at the Sebring 12-Hours, and driving the late Walter Payton&rsquo;s Indy Car in the
1997 CART/FedEx Championship. &nbsp;In September 2010 at the Bonneville Salt Flats driving the &ldquo;Spirit of Rett&rdquo; streamliner,
Mr. Nearburg set a 414 MPH FIA record with a top speed of 422 MPH.&nbsp; &nbsp;This made the &ldquo;Spirit of Rett&rdquo; the fastest
single engine normally aspirated car in history, as well as the 3rd fastest internal combustion engine car in history.&nbsp; &nbsp;Mr.
Nearburg is one of only six people in history to have set a piston engine car record at over 400 MPH. &nbsp;The &ldquo;Spirit of
Rett&rdquo; was built in the Nearburg Racing shop. &nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A graduate of Dartmouth College, Mr. Nearburg received AB, BE,
and ME degrees at Dartmouth&rsquo;s Thayer School of Engineering, where he has been on the Board of Advisors for 30 years. &nbsp;He
is also a Trustee of University of Texas Southwestern Medical Foundation; the Petersen Automotive Museum in Los Angeles; the Art
Center College of Design in Pasadena; and a Life Trustee of the St. Mark&rsquo;s School of Texas in Dallas. &nbsp;He is a past
Trustee of the Maryland Institute College of Art in Baltimore; The Hockaday School in Dallas; and the Hood Museum of Art at Dartmouth
College.&nbsp;&nbsp;We believe Mr. Nearburg&rsquo;s executive experience makes him well qualified to serve on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Number and Terms of Office of Officers and Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors consists of five members and is
divided into three classes with only one class of directors being elected in each year, and with each class (except for those
directors appointed prior to our first annual meeting of stockholders) serving a three-year term. In accordance with NYSE
corporate governance requirements, we are not required to hold an annual meeting until one year after our first fiscal year
end following our listing on NYSE. The term of office of the first class of directors, consisting of Mark H. Love and D. Kyle
Cerminara, will expire at our first annual meeting of stockholders. The term of office of the second class of directors,
consisting of Martin S. Friedman and Charles E. Nearburg, will expire at the second annual meeting of stockholders. The term of office of the
third class of directors, consisting of Robert I. Kauffman, will expire at the third annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our officers are appointed by the board of directors and serve
at the discretion of the board of directors, rather than for specific terms of office. Our board of directors is authorized to
appoint officers as it deems appropriate pursuant to our amended and restated certificate of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Director Independence</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rules&nbsp;of the NYSE require that a majority of our board
of directors be independent within one year of our initial public offering. Our board of directors has determined that, and are
 &ldquo;independent directors&rdquo; as defined in the NYSE rules&nbsp;and applicable SEC rules. Our independent directors will
have regularly scheduled meetings at which only independent directors are present.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Executive Officer and Director Compensation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of our directors have received any cash compensation for
services rendered to us. Commencing on the date that our securities are first listed on the NYSE through the earlier of consummation
of our initial business combination and our liquidation, we will pay our sponsor $10,000 per month for office space, secretarial
and administrative services provided to members of our management team. In addition, our sponsor, executive officers and directors,
or any of their respective affiliates will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our audit committee will review on a quarterly basis all payments
that were made to our sponsor, executive officers or directors, or our or their affiliates. Any such payments prior to an initial
business combination will be made from funds held outside the trust account. Other than quarterly audit committee review of such
reimbursements, we do not expect to have any additional controls in place governing our reimbursement payments to our directors
and executive officers for their out-of-pocket expenses incurred in connection with our activities on our behalf in connection
with identifying and consummating an initial business combination. Other than these payments and reimbursements, no compensation
of any kind, including finder&rsquo;s and consulting fees, will be paid by the company to our sponsor, executive officers and directors,
or any of their respective affiliates, prior to completion of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After the completion of our initial business combination, directors
or members of our management team who remain with us may be paid consulting or management fees from the combined company. All of
these fees will be fully disclosed to stockholders, to the extent then known, in the proxy solicitation materials or tender offer
materials furnished to our stockholders in connection with a proposed business combination. We have not established any limit on
the amount of such fees that may be paid by the combined company to our directors or members of management. It is unlikely the
amount of such compensation will be known at the time of the proposed business combination, 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, or recommended to the board of directors for determination, either by a compensation committee constituted
solely by independent directors or by a majority of the independent directors on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 our initial business combination. The existence or terms of any such employment or consulting arrangements to retain
their positions with us may influence our management&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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Committees of the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the effectiveness of the registration statement of which
this prospectus forms a part, our board of directors will have three standing committees: an audit committee, a compensation committee
and a nominating and corporate governance committee. Subject to phase-in rules&nbsp;and a limited exception, the rules&nbsp;of
the NYSE and Rule&nbsp;10A-3 of the Exchange Act require that the audit committee of a listed company be comprised solely of independent
directors. Subject to phase-in rules&nbsp;and a limited exception, the rules&nbsp;of the NYSE require that the compensation committee
of a listed company be comprised solely of independent directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Audit Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the effectiveness of the registration statement of
which this prospectus forms a part, we will establish an audit committee of the board of directors. Mark H. Love, Martin S.
Friedman, and Charles E. Nearburg will serve as members of our audit committee, and Martin S. Friedman will chair the audit
committee. We expect all of the members of our audit committee to be independent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each member of the audit committee is financially literate and
our board of directors has determined that qualifies as an &ldquo;audit committee financial expert&rdquo; as defined in applicable
SEC rules&nbsp;and has accounting or related financial management expertise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will adopt an audit committee charter, which will detail
the principal functions of the audit committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>assisting board oversight of (1)&nbsp;the integrity of our financial statements, (2)&nbsp;our compliance with legal and regulatory
requirements, (3)&nbsp;our independent registered public accounting firm&rsquo;s qualifications and independence, and (4)&nbsp;the
performance of our internal audit function and independent registered public accounting firm; the appointment, compensation, retention,
replacement, and oversight of the work of the independent auditors and any other independent registered public accounting firm
engaged by us;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>pre-approving all audit and non-audit services to be provided by the independent auditors or any other registered public accounting
firm engaged by us, and establishing pre-approval policies and procedures; reviewing and discussing with the independent registered
public accounting firm all relationships the auditors have with us in order to evaluate their continued independence;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>setting clear policies for audit partner rotation in compliance with applicable laws and regulations; obtaining and reviewing
a report, at least annually, from the independent registered public accounting firm describing (1)&nbsp;the independent registered
public accounting firm&rsquo;s internal quality- control procedures and (2)&nbsp;any material issues raised by the most recent
internal quality-control review, or peer review, of the audit firm, or by any inquiry or investigation by governmental or professional
authorities, within the preceding five years respecting one or more independent audits carried out by the firm and any steps taken
to deal with such issues;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>meeting to review and discuss our annual audited financial statements and quarterly financial statements with management and
the independent auditor, including reviewing our specific disclosures under &ldquo;Management&rsquo;s Discussion and Analysis of
Financial Condition and Results of Operations&rdquo;; reviewing and approving any related party transaction required to be disclosed
pursuant to Item 404 of Regulation S-K promulgated by the SEC prior to us entering into such transaction; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing with management, the independent, and our legal advisors, as appropriate, any legal, regulatory or compliance matters,
including any correspondence with regulators or government agencies and any employee complaints or published reports that raise
material issues regarding our financial statements or accounting policies and any significant changes in accounting standards or
rules&nbsp;promulgated by the Financial Accounting Standards Board, the SEC or other regulatory authorities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the effectiveness of the registration statement of
which this prospectus for foms a part, we will establish a compensation committee of the board of directors. Mark H. Love,
Martin S. Friedman, and Charles E. Nearburg will serve as members of our compensation committee. Mark Love will chair the
compensation committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will adopt a compensation committee charter, which will detail
the principal functions of the compensation committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">establish and review the objectives of the our management compensation
        programs and its basic compensation policies;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing and approving on an annual basis the corporate goals and objectives relevant to our Chief Executive Officer&rsquo;s
compensation evaluating our Chief Executive Officer&rsquo;s performance in light of such goals and objectives and determining and
approving the remuneration (if any) of our Chief Executive Officer based on such evaluation;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing and making recommendations to our board of directors with respect to the compensation, and any incentive compensation
and equity based plans that are subject to board approval of all of our other officers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing our executive compensation policies and plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>implementing and administering our incentive compensation equity-based remuneration plans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">reviewing and discussing with management the Compensation Discussion and Analysis disclosure required by SEC regulations and determining whether to recommend to the board that such disclosure be included in the our Annual Report on Form 10-K and any proxy statement for the election of directors;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our officers
and employees;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>producing a report on executive compensation to be included in our annual proxy statement; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, as indicated above, other than
the payment to our sponsor of $10,000 per month, for up to 24 months, for office space, utilities and secretarial and administrative
support and reimbursement of expenses, no compensation of any kind, including finders, consulting or other similar fees, will be
paid to any of our existing stockholders, officers, directors or any of their respective affiliates, prior to, or for any services
they render in order to effectuate the consummation of an initial business combination. Accordingly, it is likely that prior to
the consummation of an initial business combination, the compensation committee will only be responsible for the review and recommendation
of any compensation arrangements to be entered into in connection with such initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The charter will also provide that the compensation committee
may, in its sole discretion, retain or obtain the advice of a compensation consultant, independent legal counsel or other adviser
and will be directly responsible for the appointment, compensation and oversight of the work of any such adviser. However, before
engaging or receiving advice from a compensation consultant, external legal counsel or any other adviser, the compensation committee
will consider the independence of each such adviser, including the factors required by the NYSE and the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Nominating and Corporate Governance Committee</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon the effectiveness of the registration statement of
which this prospectus forms a part, we will establish a nominating and corporate governance committee of the board of
directors. The initial members of our nominating and corporate governance will be Mark H. Love, Martin S. Friedman, and
Charles E. Nearburg. Charles E. Nearburg will serve as chair of the nominating and corporate governance committee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will adopt a nominating and corporate governance committee
charter, which will detail the purpose and responsibilities of the nominating and corporate governance committee, including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">identifying and screening individuals qualified to serve as directors, consistent with criteria approved by the board, and recommending to the board of directors candidates for nomination for election at the annual meeting of stockholders or to fill vacancies on the board of directors;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>developing and recommending to the board of directors and overseeing implementation of our corporate governance guidelines;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">overseeing our policies and procedures with respect to
        the consideration of director candidates recommended by stockholders, including the submission of any proxy access nominees
        by stockholders;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>coordinating and overseeing the annual self-evaluation of the board of directors, its committees, individual directors and
management in the governance of the company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>reviewing on a regular basis our overall corporate governance and recommending improvements as and when necessary.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The charter will also provide that the nominating and corporate
governance committee may, in its sole discretion, retain or obtain the advice of, and terminate, any search firm to be used to
identify director candidates, and will be directly responsible for approving the search firm&rsquo;s fees and other retention terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not formally established any specific, minimum qualifications
that must be met or skills that are necessary for directors to possess. In general, in identifying and evaluating nominees for
director, the board of directors considers educational background, diversity of professional experience, knowledge of our business,
integrity, professional reputation, independence, wisdom, and the ability to represent the best interests of our stockholders.
Prior to our initial business combination, holders of our public shares will not have the right to recommend director candidates
for nomination to our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Compensation Committee Interlocks and Insider Participation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">None of our executive officers currently serves, and in the
past year has not served, as a member of the compensation committee of any entity that has one or more executive officers serving
on our board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Senior Advisor to the Board of Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We intend to appoint Larry G. Swets,&nbsp;Jr. as a senior advisor,
which appointment shall take effect upon the closing of this offering. Mr.&nbsp;Swets will assist our management team with sourcing
and evaluating business opportunities and devising plans and strategies to optimize any business that we acquire following the
consummation of this offering. We have not currently entered into any formal arrangements or agreements with Mr.&nbsp;Swets to
provide services to us and he will have no fiduciary obligations to present business opportunities to us. Mr.&nbsp;Swets will not
be paid any finder&rsquo;s fees, reimbursement, or consulting fee prior to, or in connection with any services rendered in order
to effectuate, the consummation of our initial business combination (regardless of the type of transaction).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr.&nbsp;Swets has over 25 years of experience within financial
services encompassing both non-executive and executive roles. Mr.&nbsp;Swets founded Itasca Financial LLC, an advisory and investment
firm, in 2005 and has served as its managing member since inception. Mr.&nbsp;Swets also founded and is also the President of Itasca
Golf Managers,&nbsp;Inc., a management services and advisory firm focused on the real estate and hospitality industries, in August&nbsp;2018.
Mr.&nbsp;Swets has served as a director and the Chief Executive Officer of GreenFirst Forest Products Inc. (TSXV: GFP) (formerly
Itasca Capital Ltd.), a publicly-traded investment firm since August 2019. In June&nbsp;2020, Mr.&nbsp;Swets began serving as interim
Chief Executive Officer of FG Financial Group,&nbsp;Inc. (Nasdaq: FGF) (formerly 1347 Property Insurance Holdings,&nbsp;Inc.),
which operates as a diversified reinsurance, investment management and real estate holding company. In July&nbsp;2020, Mr.&nbsp;Swets
began serving as director and Chief Executive Officer of FG New America Acquisition Corp. (NYSE: FGNA), a special purpose acquisition
company focused on merging with a company in the InsureTech, FinTech, broader financial services and insurance sectors. Previously,
he served as the Chief Executive Officer of Kingsway Financial Services Inc. (NYSE: KFS) from July&nbsp;2010 to September&nbsp;2018,
including as its President from July&nbsp;2010 to March&nbsp;2017. Prior to founding Itasca Financial LLC, Mr.&nbsp;Swets served
as an insurance company executive and advisor, including the role of director of investments and fixed income portfolio manager
for Lumbermens Mutual Casualty Company (a Kemper Insurance company). Mr.&nbsp;Swets began his career in insurance as an intern
in the Kemper Scholar program in 1994. Mr.&nbsp;Swets has also served as a member of the board of directors of FG Financial, Inc.
(Nasdaq: FGF), Limbach Holdings,&nbsp;Inc. (Nasdaq: LMB), a company which provides building infrastructure services since July&nbsp;2016,&nbsp;Insurance
Income Strategies Ltd. since October&nbsp;2017, Harbor Custom Development,&nbsp;Inc. since February&nbsp;2020, Alexian Brothers
Foundation since March&nbsp;2018, and Unbounded Media Corporation since June&nbsp;2019. Previously, he served as a member of the
board of directors of Kingsway Financial Services Inc. from September&nbsp;2013 to December&nbsp;2018, Atlas Financial Holdings,&nbsp;Inc.
(Nasdaq: AFH) from December&nbsp;2010 to January&nbsp;2018, FMG Acquisition Corp. (Nasdaq: FMGQ) from May&nbsp;2007 to September&nbsp;2008,
United Insurance Holdings Corp. from 2008 to March&nbsp;2012, and Risk Enterprise Management Ltd. from November&nbsp;2007 to May&nbsp;2012.
He is a member of the Young Presidents&rsquo; Organization. Mr.&nbsp;Swets earned a Master&rsquo;s Degree in Finance from DePaul
University in 1999 and a Bachelor&rsquo;s Degree from Valparaiso University in 1997. He also holds the Chartered Financial Analyst
(CFA) designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Code of Business Conduct and Ethics</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the consummation of this offering, we will adopt a
Code of Business Conduct and Ethics applicable to our directors, officers and employees. We have filed a copy of our form of the
Code of Business Conduct and Ethics and our audit committee and compensation committee charters as exhibits to the registration
statement of which this prospectus is a part. You will be able to review this document by accessing our public filings at the SEC&rsquo;s
web site at <I>www.sec.gov</I>. In addition, a copy of the Code of Business Conduct and Ethics and the charters of the committees
will be provided without charge upon request from us. See the section of this prospectus entitled &ldquo;<I>Where You Can Find
Additional Information</I>.&rdquo; If we make any amendments to our Code of Business Conduct and Ethics other than technical, administrative
or other non-substantive amendments, or grant any waiver, including any implicit waiver, from a provision of the Code of Business
Conduct and Ethics applicable to our principal executive officer, principal financial officer principal accounting officer or controller
or persons performing similar functions requiring disclosure under applicable SEC or NYSE rules, we will disclose the nature of
such amendment or waiver on our website. The information included on our website is not incorporated by reference into this Form&nbsp;S-1
or in any other report or document we file with the SEC, and any references to our website are intended to be inactive textual
references only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Conflicts of Interest</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In general, officers and directors of a corporation incorporated
under the laws of the State of Delaware are required to present business opportunities to a corporation if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the corporation could financially undertake the opportunity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the opportunity is within the corporation&rsquo;s line of business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>it would not be fair to our company and its stockholders for the opportunity not to be brought to the attention of the corporation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 pursuant to which such officer or
director is or will be required to present a business combination opportunity to such entity. Accordingly, if any of our officers
or directors becomes aware of a business combination opportunity which is suitable for an entity to which he or she has then-current
fiduciary or contractual obligations, he or she will honor his or her fiduciary or contractual obligations to present such business
combination opportunity to such entity. Our amended and restated certificate of incorporation will provide that we renounce our
interest in any corporate opportunity offered to any director or officer unless such opportunity is expressly offered to such person
solely in his or her capacity as a director or officer of the company and such opportunity is one we are legally and contractually
permitted to undertake and would otherwise be reasonable for us to pursue, and to the extent the director or officer is permitted
to refer that opportunity to us without violating another legal obligation. We do not believe, however, that the fiduciary duties
or contractual obligations of our officers or directors will materially affect our ability to complete our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a table summarizing the entities to which our executive
officers and directors currently have fiduciary duties or contractual obligations:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: white">
<TD STYLE="border-bottom: Black 1pt solid; text-align: left; width: 20%; vertical-align: bottom">Individual</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; white-space: nowrap; width: 29%; text-align: center">Entity</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 27%; text-align: center">Entity&rsquo;s Business</TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; width: 24%; text-align: center">Affiliation</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">Robert I. Kauffman</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">University Bancorp Inc.</TD>
<TD STYLE="vertical-align: bottom; text-align: center">Banking</TD>
<TD STYLE="vertical-align: bottom; text-align: center">Director and Shareholder</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; padding-bottom: 1pt; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">Hagerty Insurance</TD>
<TD STYLE="vertical-align: bottom; text-align: center">Insurance</TD>
<TD STYLE="vertical-align: bottom; text-align: center">Director</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">Hassan Baqar</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">GreenFirst Forest Products Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Strategic Investments</TD>
<TD STYLE="text-align: center; vertical-align: top">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: top">Insurance Income Strategies Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Reinsurance</TD>
<TD STYLE="vertical-align: top; text-align: center">Chief Financial Officer</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: top">Fundamental Global Reinsurance Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Reinsurance</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: top">Unbounded Media Corporation</TD>
<TD STYLE="vertical-align: top; text-align: center">Media Distribution</TD>
<TD STYLE="text-align: center; vertical-align: top">Director&nbsp;&amp; Chief Financial Officer</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FG New America Acquisition Corp.</TD>
<TD STYLE="vertical-align: top; text-align: center">Special Purpose Acquisition Company</TD>
<TD STYLE="vertical-align: top; text-align: center">Chief Financial Officer</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">D. Kyle Cerminara</TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: top">CWA FGI Special Opportunities Fund GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FG Partners GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI 1347 GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="text-align: center; white-space: nowrap; vertical-align: top">FGI Funds Management, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Investment Advisor</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI Global Asset Allocation GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI Holdings GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI International USVI, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Investment Advisor</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp; &nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI Metrolina GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top"></TD></TR>
</TABLE>


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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top; width: 20%">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top; width: 29%">Fundamental Activist Fund I GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center; width: 27%">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center; width: 24%">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Fundamental Global Investors, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Investment Advisor</TD>
<TD STYLE="vertical-align: top; text-align: center">Member&nbsp;&amp; Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Fundamental Global Partners GP, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Fund GP</TD>
<TD STYLE="vertical-align: top; text-align: center">Member&nbsp;&amp; Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Fundamental Global Management, LLC</TD>
<TD STYLE="vertical-align: top; text-align: center">Managed Services</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Fundamental Global Partners Offshore Fund,&nbsp;Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Offshore Feeder</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">FGI Global Asset Allocation Offshore Fund,&nbsp;Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Offshore Feeder</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FGI Global Asset Allocation Fund,&nbsp;Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Offshore Fund</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Ballantyne Strong,&nbsp;Inc.</TD>
<TD STYLE="text-align: center; vertical-align: top">Entertainment, Digital Signage and Advertising</TD>
<TD STYLE="vertical-align: top; text-align: center">Chairman</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Firefly Systems</TD>
<TD STYLE="text-align: center; vertical-align: top">Entertainment, Digital Signage and Advertising</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">BK Technologies Corporation</TD>
<TD STYLE="vertical-align: top; text-align: center">Radio Communications</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">FG Financial Group, Inc</P></TD>
<TD STYLE="text-align: center; vertical-align: top">Insurance, Asset Management and Real Estate</TD>
<TD STYLE="vertical-align: top; text-align: center">Chairman</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">GreenFirst Forest Products Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Strategic Investments</TD>
<TD STYLE="vertical-align: top; text-align: center">Chairman</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Strong Vest ETF Trust</TD>
<TD STYLE="vertical-align: top; text-align: center">ETF Trust</TD>
<TD STYLE="vertical-align: top; text-align: center">Trustee and President</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Fundamental Global Asset Management, LLC</TD>
<TD STYLE="text-align: center; vertical-align: top">Joint Venture Sponsoring Investment Advisors</TD>
<TD STYLE="vertical-align: top; text-align: center">Manager</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FG New America Acquisition Corp.</TD>
<TD STYLE="vertical-align: top; text-align: center">Special Purpose Acquisition Company</TD>
<TD STYLE="vertical-align: top; text-align: center">President and Director</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">Martin S. Friedman</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Dogwood Bank</TD>
<TD STYLE="vertical-align: top; text-align: center">Banking</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FJ Capital Management</TD>
<TD STYLE="vertical-align: top; text-align: center">Investment Advisor</TD>
<TD STYLE="vertical-align: top; text-align: center">Chief Executive Officer and Portfolio Manager</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">Mark H. Love</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Goldmark Venture Partners</TD>
<TD STYLE="vertical-align: top; text-align: center">Venture Capital</TD>
<TD STYLE="vertical-align: top; text-align: center">Partner and Investor</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="text-align: left; vertical-align: top">Charles E. Nearburg</TD>
<TD STYLE="vertical-align: top; white-space: nowrap; text-align: center">N/A</TD>
<TD STYLE="vertical-align: top; text-align: center">N/A</TD>
<TD STYLE="vertical-align: top; text-align: center">N/A</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">Larry G. Swets,&nbsp;Jr.</TD>
<TD STYLE="vertical-align: top; white-space: nowrap; text-align: center">FG Financial Group, Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Insurance, Asset Management and Real Estate</TD>
<TD STYLE="vertical-align: top; text-align: center">Director and Chief Executive Officer</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Harbor Custom Development,&nbsp;Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Real Estate Developer</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; white-space: nowrap; text-align: center">Insurance Income Strategies Ltd.</TD>
<TD STYLE="vertical-align: top; text-align: center">Reinsurance</TD>
<TD STYLE="vertical-align: top; text-align: center">Chairman</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; white-space: nowrap; text-align: center">GreenFirst Forest Products, Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Strategic Investments</TD>
<TD STYLE="vertical-align: top; text-align: center">Director and Chief Executive Officer</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="vertical-align: top; white-space: nowrap; text-align: center">Itasca Golf Managers,&nbsp;Inc.</TD>
<TD STYLE="vertical-align: top; text-align: center">Real Estate and Hospitality</TD>
<TD STYLE="vertical-align: top; text-align: center">President</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">Limbach Holdings,&nbsp;Inc.</TD>
<TD STYLE="text-align: center; vertical-align: top">Building Infrastructure Services</TD>
<TD STYLE="vertical-align: top; text-align: center">Director</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; text-align: center; vertical-align: top">Unbounded Media Corporation</TD>
<TD STYLE="vertical-align: top; text-align: center">Media Distribution</TD>
<TD STYLE="vertical-align: top; text-align: center">Chairman</TD></TR>
<TR STYLE="background-color: White">
<TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
<TD STYLE="white-space: nowrap; vertical-align: top; text-align: center">FG New America Acquisition Corp.</TD>
<TD STYLE="vertical-align: top; text-align: center">Special Purpose Acquisition Company</TD>
<TD STYLE="vertical-align: top; text-align: center">Chief Executive Officer and Director</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Potential investors should also be aware of the following other
potential conflicts of interest:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our executive officers and directors are not required to, and will not, commit their full time to our affairs, which may result
in a conflict of interest in allocating their time between our operations and our search for a business combination and their other
businesses. We do not intend to have any full-time employees prior to the completion of our initial business combination. Each
of our executive officers is engaged in several other business endeavors for which he may be entitled to substantial compensation,
and our executive officers are not obligated to contribute any specific number of hours per week to our affairs.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our initial stockholders purchased founder shares prior to the date of this prospectus and will purchase private placement
securities in a transaction that will close simultaneously with the closing of this offering. Our initial stockholders have entered
into agreements with us, pursuant which they have agreed to waive their redemption rights with respect to their founder shares
and any public shares they hold in connection with the completion of our initial business combination. The other members of our
management team have entered into agreements similar to the one entered into by our initial stockholders with respect to any public
shares acquired by them in or after this offering. Additionally, our initial stockholders have agreed to waive their rights to
liquidating distributions from the trust account with respect to their founder shares if we fail to complete our initial business
combination within the prescribed time frame or any extended period of time that we may have to consummate an initial business
combination as a result of an amendment to our amended and restated certificate of incorporation. If we do not complete our initial
business combination within the prescribed time frame, the private placement securities will expire worthless. Furthermore, our
initial stockholders have agreed not to transfer, assign or sell any of their founder shares until: (i)&nbsp;with respect to 50%
of the founder shares, the earlier of (x)&nbsp;twelve months after the date of the consummation of an initial business combination
or (y)&nbsp;the date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted
for stock splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after our initial business combination and (ii)&nbsp;with respect to the remaining 50% of the founder shares, twelve
months after the date of the consummation of our initial business combination. Any permitted transferees will be subject to the
same restrictions and other agreements of our initial stockholders with respect to any founder shares. We refer to such transfer
restrictions throughout this prospectus as the lock-up. Notwithstanding the foregoing, if we consummate a transaction after our
initial business combination which results in our stockholders having the right to exchange their shares for cash, securities or
other property, the founder shares will be released from the lock-up. Subject to certain limited exceptions, the private placement
warrants will not be transferable until 30 days following the completion of our initial business combination. Because each of our
executive officers and directors will own common stock or warrants directly or indirectly, they 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.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We will enter into a forward purchase agreement with Aldel Capital LLC, which is an affiliate of Robert I. Kauffman, our Chairman
and Chief Executive Officer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our key personnel may negotiate employment or consulting agreements with a target business in connection with a particular
business combination. These agreements may provide for them to receive compensation following our initial business combination
and as a result, may cause them to have conflicts of interest in determining whether to proceed with a particular business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Our officers and directors may have a conflict of interest with respect to evaluating a particular business combination if
the retention or resignation of any such officers and directors was included by a target business as a condition to any agreement
with respect to our initial business combination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are not prohibited from pursuing an initial business combination
with a business combination target that is affiliated with our sponsor, officers or directors or completing the business combination
through a joint venture or other form of shared ownership with our sponsor, officers or directors. In the event we seek to complete
our initial business combination with an business combination target that is affiliated with our sponsor, executive officers or
directors, we, or a committee of independent directors, would obtain an opinion from an independent investment banking which is
a member of FINRA or a valuation or appraisal firm, that such initial business combination is fair to our company from a financial
point of view. We are not required to obtain such an opinion in any other context. Furthermore, in no event will our sponsor or
any of our existing officers or directors, or any of their respective affiliates, be paid by the company any finder&rsquo;s fee,
consulting fee or other compensation prior to, or for any services they render in order to effectuate, the completion of our initial
business combination. Further, commencing on the date our securities are first listed on NYSE, we will also pay our sponsor $10,000
per month for office space, secretarial and administrative services provided to members of our management team.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We cannot assure you that any of the above mentioned conflicts
will be resolved in our favor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that we submit our initial business combination
to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares, and they and the other
members of our management team have agreed to vote any founder shares they hold and any shares purchased during or after the offering
in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Limitation on Liability and Indemnification of Officers and
Directors</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that our officers and directors will be indemnified by us to the fullest extent authorized by Delaware law, as it now exists or
may in the future be amended. In addition, our amended and restated certificate of incorporation will provide that our directors
will not be personally liable for monetary damages to us or our stockholders for breaches of their fiduciary duty as directors,
unless they violated their duty of loyalty to us or our stockholders, acted in bad faith, knowingly or intentionally violated the
law, authorized unlawful payments of dividends, unlawful stock purchases or unlawful redemptions, or derived an improper personal
benefit from their actions as directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will enter into agreements with our officers and directors
to provide contractual indemnification in addition to the indemnification provided for in our amended and restated certificate
of incorporation. Our bylaws also will permit us to secure insurance on behalf of any officer, director or employee for any liability
arising out of his or her actions, regardless of whether Delaware law would permit such indemnification. We will purchase a policy
of directors&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. Except with respect to any public shares they may acquire in this offering or thereafter (in the event we do not consummate
an initial business combination), our officers and directors have agreed to waive (and any other persons who may become an officer
or director prior to the initial business combination will also be required to waive) any right, title, interest or claim of any
kind in or to any monies in the trust account, and not to seek recourse against the trust account for any reason whatsoever, including
with respect to such indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">These provisions may discourage stockholders from bringing a
lawsuit against our directors for breach of their fiduciary duty. These provisions also may have the effect of reducing the likelihood
of derivative litigation against officers and directors, even though such an action, if successful, might otherwise benefit us
and our stockholders. Furthermore, a stockholder&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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe that these provisions, the directors&rsquo; and officers&rsquo;
liability insurance and the indemnity agreements are necessary to attract and retain talented and experienced officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_021"></A><B>PRINCIPAL STOCKHOLDERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table sets forth information regarding the beneficial
ownership of our common stock as of the date of this prospectus, and as adjusted to reflect the sale of our Class&nbsp;A common
stock included in the units offered by this prospectus, and assuming no purchase of units in this offering, by:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>each of our executive officers and directors; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>all our executive officers and directors as a group.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless otherwise indicated, we believe that all persons named
in the table have sole voting and investment power with respect to all of our common stock beneficially owned by them. The following
table does not reflect record or beneficial ownership of the private placement warrants as these warrants are not exercisable within
60 days of the date of this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;11, 2021, our sponsor paid $20,326.09 and FG
SPAC Partners LP, an affiliate of certain of our directors, paid $4,673.91 to cover certain of our offering costs in exchange for
4,675,000 and 1,075,000 founder shares, respectively, or approximately $0.004 per share. On January&nbsp;15, 2021, our sponsor
transferred an aggregate of 175,000 founder shares to members of our management and our board of directors, resulting in our sponsor
holding 4,500,000 founder shares. Prior to the initial investment in the company of $25,000 by our sponsor and FG SPAC Partners
LP, the Company had no assets, tangible or intangible. The purchase price of the founder shares was determined by dividing the
amount of cash contributed to the company by the number of founder shares issued. The number of founder shares outstanding was
determined based on the expectation that the total size of this offering would be a maximum of 23,000,000 units if the underwriters&rsquo;
over-allotment option is exercised in full, and therefore that such founder shares would represent 20% of the outstanding shares
after this offering (not including the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private units,
the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A common
stock underlying the units issuable upon conversion of working capital loans). Up to 750,000 of the founder shares will be forfeited
depending on the extent to which the underwriters&rsquo; over-allotment is exercised. The post-offering percentages in the following
table assume that the underwriters do not exercise their over-allotment option, that our initial stockholders have forfeited 750,000
founder shares, and that there are 25,500,000 shares of common stock, consisting of (i)&nbsp;20,000,000 shares of our Class&nbsp;A
common stock, (ii)&nbsp;5,000,000 shares of our Class&nbsp;B common stock, (iii) 400,000 private shares and (iv)&nbsp;100,000 Underwriter
Shares, issued and outstanding after this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Before
    Offering</B></FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
    Offering</FONT></TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Name and Address of Beneficial
        Owner<SUP>(1)</SUP></B></P></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate<BR>
    Percentage of<BR>
    Outstanding<BR>
    Common<BR>
    Stock</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number
    of<BR>
    Shares<BR>
    Beneficially<BR>
    Owned<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: black 1pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Approximate<BR>
    Percentage of<BR>
    Outstanding<BR>
    Common<BR>
    Stock</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-bottom: 1pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aldel Investors LLC (our
    sponsor)<SUP>(3)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,500,000</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.3</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,290,217</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.8</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FG SPAC Partners LP<SUP>(5)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,075,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(6)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">934,783</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></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">Robert I. Kauffman<SUP>(3)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,525,000</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">78.7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,315,217</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Kyle Cerminara</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hassan R.
    Baqar</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Martin S. Friedman</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&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">Mark H. Love</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charles E. Nearburg</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All executive officers and directors as a
    group of 6 individuals</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,650,000</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>(4)(6)</SUP></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">80.9</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">4,440,217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">17.4</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">* Less than one percent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(1)</SUP></TD><TD STYLE="text-align: left">Unless otherwise noted, the business address of each
of the following is 105 S. Maple Street,&nbsp;Itasca,&nbsp;Illinois 60143.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(2)</SUP></TD><TD STYLE="text-align: left">Interests shown include founder shares, classified as Class&nbsp;B common stock. Such shares
                                                                                           will automatically convert into shares of Class&nbsp;A common stock concurrently with or immediately following the
                                                                                           consummation of our initial business combination on a one-for-one basis, subject to adjustment, as described in the section
                                                                                           entitled &ldquo;Description of Securities.&rdquo;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in; font-size: 10pt"><FONT STYLE="font-size: 10pt"><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Includes shares held by Aldel Investors LLC. Robert I. Kauffman is a manager of Aldel Investors LLC. Mr.&nbsp;Kauffman has voting and investment discretion with respect to the common stock held of record by Aldel Investors LLC. Each of our officers and directors other than Mr.&nbsp;Kauffman disclaims any beneficial ownership of any shares held by Aldel Investors LLC.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><SUP>(4)</SUP></TD><TD STYLE="text-align: left"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes up to 609,783 founder shares that will be forfeited
depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</P></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-size: 10pt"><SUP>(5)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">FG SPAC Partners LP is an entity controlled by FG Financial Group, Inc., a publicly held company governed by its seven member board of directors, which includes our director D. Kyle Cerminara.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; width: 24px"><FONT STYLE="font-size: 10pt"><SUP>(6)</SUP></FONT></TD>
    <TD STYLE="font-size: 10pt"><P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Includes up to 140,217 founder shares that will be forfeited
depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</P></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Immediately after this offering, our initial stockholders will
beneficially own 20.0% of the then issued and outstanding common stock (assuming they do not purchase any units in this offering
or in open market transactions and excluding the shares of Class&nbsp;A common stock underlying the Underwriter Units, the shares
of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement and the shares of Class&nbsp;A common stock issuable
upon conversion of any working capital loans). Because of this ownership block, our initial stockholders may be able to effectively
influence the outcome of all other matters requiring approval by our stockholders, including amendments to our amended and restated
certificate of incorporation and approval of significant corporate transactions including our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor and FG SPAC Partners LP (and/or their designees)
have committed, pursuant to written agreements, to purchase an aggregate of 1,300,000 OTM Warrants, exercisable for one share of
Class&nbsp;A common stock at $15.00 per share, for an aggregate purchase price of $130,000, or $0.10 per OTM Warrant, in a private
placement that will occur simultaneously with the closing of this offering. In addition, our sponsor has committed, pursuant to
a written agreement, to purchase an aggregate of 400,000 private units at $10.00 per unit, or $4,000,000 in the aggregate. A portion
of the purchase price of the private placement warrants and the private units will be added to the proceeds from this offering
to be held in the trust account such that at the time of closing of this offering $200.0 million (or $230.0 million if the underwriters
exercise their over-allotment option in full) will be held in the trust account. If we do not complete our initial business combination
within 24 months from the closing of this offering, the private units and the private placement warrants will expire worthless.
The private placement warrants are subject to the transfer restrictions described below. The private placement warrants will not
be redeemable by us so long as they are held by the initial purchasers or their permitted transferees. The initial purchasers,
or their permitted transferees, have the option to exercise the private placement warrants on a cashless basis. If the private
placement warrants are held by holders other than initial purchasers or their permitted transferees, the private placement warrants
will be redeemable by us and exercisable by the holders on the same basis as the warrants included in the units being sold in this
offering. In addition, the OTM Warrants will expire at 5:00 p.m.&nbsp;New York City Time ten years after the consummation our initial
business combination. Otherwise, the private placement warrants have terms and provisions that are identical to those of the warrants
being sold as part of the units in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination. The funds from the
sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business
combination. Subject to the conditions in the forward purchase agreement, the purchase of the forward purchase shares will be
a binding obligation of Aldel Capital LLC, regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public
stockholders in connection with our initial business combination. If Aldel Capital LLC purchased shares of Class&nbsp;A common
stock worth $20 million in a private placement pursuant to the forward purchase agreement at an assumed price of $10.00 per share,
we would issue 2,000,000 shares as a result of such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that Aldel Capital LLC purchases public shares
in the open market or in privately negotiated transactions pursuant to the forward purchase agreement, the number of shares of
Class&nbsp;A common stock required to be voted by other public stockholders to approve our initial business combination would
be reduced by the number of shares so purchased, and could result in no public shareholders being required to vote in favor of
the transaction for it to be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, Aldel Investors LLC, our sponsor, and our
executive officers and directors are deemed to be our &ldquo;promoters&rdquo; as such term is defined under the federal securities
laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transfers of Founder Shares and Private Placement Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The founder shares, private units, Underwriter Units,
forward purchase shares, private placement warrants and any shares of Class&nbsp;A common stock issued upon conversion or
exercise thereof are each subject to transfer restrictions pursuant to lock-up provisions in the agreements entered into by
our initial stockholders and management team. Those lock-up provisions provide that such securities are not transferable or
salable (i)&nbsp;in the case of the founder shares, (a)&nbsp;with respect to 50% of the founder shares, the earlier of
(x)&nbsp;twelve months after the date of the consummation of an initial business combination or (y)&nbsp;the date on which
the closing price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock
dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
our initial business combination and (b)&nbsp;with respect to the remaining 50% of the founder shares, twelve months after
the date of the consummation of our initial business combination, provided, if we consummate a transaction after our initial
business combination which results in our stockholders having the right to exchange their shares for cash, securities or
other property, the founder shares will be released from the lock-up and (ii)&nbsp;in the case of the private placement
warrants and the respective shares of Class&nbsp;A common stock underlying such warrants, until 30 days after the completion
of our initial business combination except in each case (a)&nbsp;to our officers or directors, any affiliate or family member
of any of our officers or directors, any affiliate of our sponsor or to any member of the sponsor or any of their affiliates,
or any affiliate of FG SPAC Partners LP or to any member of FG SPAC Partners LP or any of their affiliates, (b)&nbsp;in the
case of an individual, as a gift to such person&rsquo;s immediate family or to a trust, the beneficiary of which is a member
of such person&rsquo;s immediate family, an affiliate of such person or to a charitable organization; (c)&nbsp;in the case of
an individual, by virtue of laws of descent and distribution upon death of such person; (d)&nbsp;in the case of an
individual, pursuant to a qualified domestic relations order; (e)&nbsp;by private sales or transfers made in connection with
any forward purchase agreement or similar arrangement or in connection with the consummation of a business combination at
prices no greater than the price at which the shares or warrants were originally purchased; (f)&nbsp;by virtue of the laws of
the State of Delaware or our Sponsor&rsquo;s limited liability company agreement upon dissolution of our Sponsor, (g)&nbsp;in
the event of our liquidation prior to our consummation of our initial business combination; or (h)&nbsp;in the event that,
subsequent to our consummation of an initial business combination, we complete a liquidation, merger, capital stock exchange
or other similar transaction which results in all of our stockholders having the right to exchange their Class&nbsp;A common
stock for cash, securities or other property; <I>provided</I>, <I>however</I>, <I>that </I>in the case of clauses
(a)&nbsp;through (f)&nbsp;these permitted transferees must enter into a written agreement agreeing to be bound by these
transfer restrictions and the other restrictions contained in the letter agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of the (i)&nbsp;founder shares, which were issued
in a private placement prior to the closing of this offering, (ii)&nbsp;private placement warrants, which will be issued in a private
placement simultaneously with the closing of this offering and the shares of Class&nbsp;A common stock underlying such private
placement warrants, (iii)&nbsp;Underwriter Shares and Underwriter Warrants (and the shares of Class&nbsp;A common stock underlying
such Underwriter Warrants), which will be issued as part of the Underwriter Units in a private placement simultaneously with the
closing of this offering, (iv)&nbsp;private shares, (v)&nbsp;forward purchase shares (other than shares purchased in open market
transactions), and (vi)&nbsp;the shares of Class&nbsp;A common stock and the warrants underlying the units that may be issued upon
conversion of working capital loans will have registration rights to require us to register a sale of any of our securities held
by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. Pursuant to
the registration rights agreement and assuming the underwriters exercise their over-allotment option in full and $1,500,000 of
working capital loans are converted into units, we will be obligated to register up to 10,048,250 shares of Class&nbsp;A common
stock (including 1,632,500 shares of Class&nbsp;A common stock issuable upon exercise of warrants) and 1,632,500 warrants. The
number of shares of Class&nbsp;A common stock includes (i)&nbsp;5,750,000 shares of Class&nbsp;A common stock to be issued upon
conversion of the founder shares, (ii)&nbsp;1,300,000 shares of Class&nbsp;A common stock underlying the OTM Warrants, (iii)&nbsp;115,000
Underwriter Shares, (iv)&nbsp;57,500 shares of Class&nbsp;A common stock underlying the Underwriter Warrants, (v)&nbsp;400,000
private shares, (vi)&nbsp;200,000 shares of Class&nbsp;A common stock underlying the private warrants, (vii)&nbsp;up to 2,000,000
shares of Class&nbsp;A common stock issuable in a private placement pursuant to the forward purchase agreement, and (viii)&nbsp;150,000
shares of Class&nbsp;A common stock underlying the units issued upon conversion of working capital loans. The number of warrants
includes (i)&nbsp;200,000 private placement warrants, (ii)&nbsp;57,500 Underwriter Warrants, and (iii)&nbsp;75,000 warrants underlying
the units issued upon conversion of working capital loans. The holders of these securities are entitled to make up to three demands,
excluding short form demands, that we register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination.
We will bear the expenses incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_022"></A><B>CERTAIN RELATIONSHIPS AND RELATED PARTY
TRANSACTIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;11, 2021, our sponsor paid $20,326.09 and FG
SPAC Partners LP, an affiliate of certain of our directors, paid $4,673.91 to cover certain of our offering costs in exchange for 4,675,000 and 1,075,000 founder shares,
respectively, or approximately $0.004 per share. On January&nbsp;15, 2021, our sponsor transferred an aggregate of 175,000 founder
shares to members of our management and our board of directors, resulting in our sponsor holding 4,500,000 founder shares. The
number of founder shares outstanding was determined based on the expectation that the total size of this offering would be a maximum
of 23,000,000 units if the underwriters&rsquo; over-allotment option is exercised in full, and therefore that such founder shares
would represent 20% of the outstanding shares after this offering (not including the shares of Class&nbsp;A common stock underlying
the Underwriter Units, the private units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement,
or the shares of Class&nbsp;A common stock underlying the units issuable upon conversion of working capital loans). Up to 750,000
of the founder shares will be forfeited depending on the extent to which the underwriters&rsquo; over-allotment is exercised. If
we increase or decrease the size of the offering, we will effect a stock dividend or share contribution back to capital or other
appropriate mechanism, as applicable, with respect to our Class&nbsp;B common stock immediately prior to the consummation of this
offering in such amount as to maintain the number of founder shares at 20.0% of our issued and outstanding common stock upon the
consummation of this offering (not including the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private
units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A
common stock underlying the units issuable upon conversion of working capital loans).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor and FG SPAC Partners LP (and/or their designees)
have committed, pursuant to written agreements, have committed to purchase an aggregate of 1,300,000 OTM Warrants, exercisable
for one share of Class&nbsp;A common stock at $15.00 per share for an aggregate purchase price of $130,000, or $0.10 per OTM Warrant,
in a private placement that will occur simultaneously with the closing of this offering. In addition, our sponsor (and/or its designees) has committed, pursuant
to a written agreement, to purchase an aggregate of 400,000 private units at $10.00 per unit for an aggregate purchase price of
$4,000,000. The private placement securities, including the shares of Class&nbsp;A common stock underlying warrants included therein,
may not, subject to certain limited exceptions, be transferred, assigned or sold until 30 days after the completion of our initial
business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, an entity controlled by Robert I. Kauffman,
our Chairman and Chief Executive Officer, or any of its affiliates, agreed to enter into a forward purchase agreement with us,
which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase from the Company up to a maximum of 2 million
Class A shares of Common Stock (or the equivalent securities of any successor entity) (the &ldquo;Maximum Shares&rdquo;) at a
purchase price of $10.00 per forward purchase share, or an aggregate purchase price of $20.00 million (the &ldquo;Maximum FPS
Commitment&rdquo;), in a private placement that will close simultaneously with the closing of the business combination. The Maximum
FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a dollar-for-dollar basis in the amount used
by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common Stock in open market purchases following
the IPO, and/or (ii) invest in the target company prior to the closing of the business combination in cash. Any reduction of the
Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00. For the avoidance of doubt, Aldel Capital
LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing terms, invested an amount equal to
the Maximum FPS Commitment upon consummation of the business combination. The funds from the sale of the forward purchase shares
received by us may be used as part of the consideration to the sellers in the initial business combination. Subject to the conditions
in the forward purchase agreement, the purchase of the forward purchase shares will be a binding obligation of Aldel Capital LLC,
regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public stockholders in connection with our initial
business combination. Aldel Capital LLC will be restricted from making purchases if it is in possession of any material nonpublic
information not disclosed to the public or if such purchases are prohibited by Regulation M under the Securities Exchange Act
of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event that Aldel Capital LLC purchases public shares
in the open market or in privately negotiated transactions pursuant to the forward purchase agreement, the number of shares of
Class&nbsp;A common stock required to be voted by other public stockholders to approve our initial business combination would
be reduced by the number of shares so purchased, and could result in no public shareholders being required to vote in favor of
the transaction for it to be approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We currently utilize office space at 105 S. Maple Street,&nbsp;Itasca,&nbsp;Illinois
60143 from our sponsor. Subsequent to the closing of this offering, we will pay our sponsor $10,000 per month for office space,
secretarial and administrative services provided to members of our management team. Upon completion of our initial business combination
or our liquidation, we will cease paying these monthly fees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as otherwise disclosed in this prospectus, no compensation
of any kind, including finder&rsquo;s and consulting fees, will be paid by the company to our sponsor, executive officers and directors,
or any of their respective affiliates, for services rendered prior to or in connection with the completion of an initial business
combination. However, these individuals will be reimbursed for any out-of-pocket expenses incurred in connection with activities
on our behalf such as identifying potential target businesses and performing due diligence on suitable business combinations. Our
audit committee will review on a quarterly basis all payments that were made to our sponsor, officers, directors or our or their
affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the closing of this offering, our sponsor may loan
us funds to be used for a portion of the expenses of this offering. These loans would be non-interest bearing, unsecured and are
due at the earlier of the closing of this offering or the date on which the company determines not to conduct the offering described
herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, in order to finance transaction costs in connection
with an intended initial business combination, our sponsor or an affiliate of our sponsor or certain of our officers and directors
may, but are not obligated to, loan us funds as may be required on a non-interest basis. If we complete an initial business combination,
we would repay such loaned amounts. In the event that the initial business combination does not close, we may use a portion of
the working capital held outside the trust account to repay such loaned amounts but no proceeds from our trust account would be
used for such repayment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Up to $1,500,000 of such loans may be convertible into units
at a price of $10.00 per unit at the option of the lender. The units would be identical to the private placement units. Except
as set forth above, the terms of such loans, if any, have not been determined and no written agreements exist with respect to such
loans. Prior to the completion of our initial business combination, we do not expect to seek loans from parties other than our
sponsor or an affiliate of our sponsor as we do not believe third parties will be willing to loan such funds and provide a waiver
against any and all rights to seek access to funds in our trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any of the foregoing payments to our sponsor, repayments of
loans from our sponsor or repayments of working capital loans prior to our initial business combination will be made using funds
held outside the trust account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">After our initial business combination, members of our management
team who remain with us may be paid consulting, management or other fees from the combined company with any and all amounts being
fully disclosed to our stockholders, to the extent then known, in the proxy solicitation or tender offer materials, as applicable,
furnished to our stockholders. It is unlikely the amount of such compensation will be known at the time of distribution of such
tender offer materials or at the time of a stockholder meeting held to consider our initial business combination, as applicable,
as it will be up to the directors of the post-combination business to determine executive and director compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the forward purchase agreement and a registration
rights agreement we will enter into with our initial stockholders on or prior to the closing of this offering, we may be required
to register certain securities for sale under the Securities Act (including securities issuable pursuant to the forward purchase
agreement). These holders, and holders of units issued upon conversion of working capital loans, if any, are entitled under the
registration rights agreement to make up to three demands that we register certain of our securities held by them for sale under
the Securities Act and to have the securities covered thereby registered for resale pursuant to Rule&nbsp;415 under the Securities
Act. In addition, these holders have the right to include their securities in other registration statements filed by us. We will
bear the costs and expenses of filing any such registration statements. See the section of this prospectus entitled &ldquo;Principal
Stockholders &mdash; Registration Rights.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Policy for Approval of Related Party Transactions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The audit committee of our board of directors will adopt a policy
setting forth the policies and procedures for its review and approval or ratification of &ldquo;related party transactions.&rdquo;
A &ldquo;related party transaction&rdquo; is any consummated or proposed transaction or series of transactions: (i)&nbsp;in which
the company was or is to be a participant; (ii)&nbsp;the amount of which exceeds (or is reasonably expected to exceed) the lesser
of $120,000 or 1% of the average of the company&rsquo;s total assets at year end for the prior two completed fiscal years in the
aggregate over the duration of the transaction (without regard to profit or loss); and (iii)&nbsp;in which a &ldquo;related party&rdquo;
had, has or will have a direct or indirect material interest. &ldquo;Related parties&rdquo; under this policy will include: (i)&nbsp;our
directors, nominees for director or executive officers; (ii)&nbsp;any record or beneficial owner of more than 5% of any class of
our voting securities; (iii)&nbsp;any immediate family member of any of the foregoing if the foregoing person is a natural person;
and (iv)&nbsp;any other person who maybe a &ldquo;related person&rdquo; pursuant to Item 404 of Regulation S-K under the Exchange
Act. Pursuant to the policy, the audit committee will consider (i)&nbsp;the relevant facts and circumstances of each related party
transaction, including if the transaction is on terms comparable to those that could be obtained in arm&rsquo;s-length dealings
with an unrelated third party, (ii)&nbsp;the extent of the related party&rsquo;s interest in the transaction, (iii)&nbsp;whether
the transaction contravenes our code of ethics or other policies, (iv)&nbsp;whether the audit committee believes the relationship
underlying the transaction to be in the best interests of the company and its stockholders and (v)&nbsp;the effect that the transaction
may have on a director&rsquo;s status as an independent member of the board and on his or her eligibility to serve on the board&rsquo;s
committees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management will present to the audit committee each proposed
related party transaction, including all relevant facts and circumstances relating thereto. Under the policy, we may consummate
related party transactions only if our audit committee approves or ratifies the transaction in accordance with the guidelines set
forth in the policy. The policy will not permit any director or executive officer to participate in the discussion of, or decision
concerning, a related person transaction in which he or she is the related party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_023"></A><B>DESCRIPTION OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We are a Delaware corporation and our affairs are governed by
our amended and restated certificate of incorporation and the DGCL. Pursuant to our amended and restated certificate of incorporation
which will be adopted prior to the consummation of this offering, we will be authorized to issue 400,000,000 shares of common stock,
including 380,000,000 shares of Class&nbsp;A common stock and 20,000,000 shares of Class&nbsp;B common stock, as well as 1,000,000
shares of preferred stock, $0.0001 par value each. The following description summarizes certain terms of our capital stock as set
out more particularly in our amended and restated certificate of incorporation. Because it is only a summary, it may not contain
all the information that is important to you.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each unit has an offering price of $10.00 and consists of one
share of Class&nbsp;A common stock and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase
one share of Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus. Pursuant
to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of the shares of Company&rsquo;s Class&nbsp;A
common stock. This means only a whole warrant may be exercised at any given time by a warrant holder. For example, if a warrant
holder holds one-half of one warrant to purchase a share of Class&nbsp;A common stock, such warrant will not be exercisable. If
a warrant holder holds two-halves of one warrant, such whole warrant will be exercisable for one share of Class&nbsp;A common stock
at a price of $11.50 per share. The Class&nbsp;A common stock and warrants comprising the units are expected to begin separate
trading on the 52<SUP>nd</SUP> day following the date of this prospectus unless ThinkEquity informs us of its decision to allow
earlier separate trading, subject to our having filed the Current Report on Form&nbsp;8-K described below and having issued a press
release announcing when such separate trading will begin. Once the shares of Class&nbsp;A common stock and warrants commence separate
trading, holders will have the option to continue to hold units or separate their units into the component securities. Holders
will need to have their brokers contact our transfer agent in order to separate the units into Class&nbsp;A common stock and warrants.
No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Accordingly, unless you
purchase at least two units, you will not be able to receive or trade a whole warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will the Class&nbsp;A common stock and warrants
be traded separately until we have filed with the SEC a Current Report on Form&nbsp;8-K which includes an audited balance sheet
reflecting our receipt of the gross proceeds at closing of this offering. We will file a Current Report on Form&nbsp;8-K which
includes this audited balance sheet promptly after the closing of this offering, which closing is anticipated to take place three
business days after the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following the initial
filing of such Current Report on Form&nbsp;8-K, a second or amended Current Report on Form&nbsp;8-K will be filed to provide updated
financial information to reflect the exercise of the underwriters&rsquo; over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Underwriter Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriter Units (including the Underwriter Warrants or
Underwriter Shares issuable upon exercise of such warrants) will not be transferable, assignable or salable until after the completion
of our initial business combination. Otherwise, the Underwriter Units are identical to the units sold in this offering except that
the Underwriter Warrants, so long as they are held by the underwriters or their permitted transferees, (i)&nbsp;will not be redeemable
by us, (ii)&nbsp;may not (including the Class&nbsp;A common stock issuable upon exercise of these warrants), subject to certain
limited exceptions, be transferred, assigned or sold by the holders until after the completion of our initial business combination,
(iii)&nbsp;may be exercised by the holders on a cashless basis, (iv)&nbsp;will be entitled to registration rights and (v)&nbsp;for
so long as they are held by the underwriters, will not be exercisable more than five years from the effective date of the registration
statement of which this prospectus forms a part in accordance with FINRA Rule&nbsp;5110(g)(8)(A), as described below under &ldquo;&mdash;
Warrants &mdash; Underwriter Warrants&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Private Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The private units (including the private warrants or private
shares issuable upon exercise of such warrants) will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination (except, among other limited exceptions as described under &ldquo;Principal Stockholders &mdash;
Restrictions on Transfers of Founder Shares and Private Placement Securities,&rdquo; to our officers and directors and other persons
or entities affiliated with our sponsor). Otherwise, the private units are identical to the units sold in this offering except
that the private warrants, so long as they are held by our sponsor (and/or our designees) or their permitted transferees, (i)&nbsp;will
not be redeemable by us (except as described below under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and
Private Placement Securities&rdquo;), (ii)&nbsp;may be exercised by the holders on a cashless basis and (iii)&nbsp;will be entitled
to registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Working Capital Loan Units</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The units issuable upon the conversion of working capital loans
(the &ldquo;working capital loan units&rdquo;) will not be transferable, assignable or salable until 30 days after the completion
of our initial business combination. Otherwise, the working capital loan units are identical to the units sold in this offering
except that the warrants issuable upon the working capital loan units, so long as they are held by our sponsor (and/or our designees)
or their permitted transferees, (i)&nbsp;will not be redeemable by us, (ii)&nbsp;may be exercised by the holders on a cashless
basis and (iii)&nbsp;will be entitled to registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additionally, the units that have not already been separated
will automatically separate into their component parts in connection with the completion of our initial business combination and
will no longer be listed thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the date of this prospectus, there were 5,750,000 shares
of Class&nbsp;B common stock outstanding, all of which were held of record by our initial stockholders, so that our initial stockholders
will own 20% of our issued and outstanding shares after this offering (assuming our initial stockholders do not purchase any units
in this offering or in open market transactions and excluding the shares of Class&nbsp;A common stock underlying the Underwriter
Units, the private units, the OTM warrants, the shares of Class&nbsp;A common stock which we may issue pursuant to the forward
purchase agreement and the shares of Class&nbsp;A common stock issuable upon conversion of any working capital loans). Up to 750,000
of the founder shares will be forfeited by our initial stockholders depending on the extent to which the underwriters&rsquo; over-allotment
is exercised. Upon the closing of this offering, 25,500,000 of our shares of common stock (excluding up to 2,000,000 shares of
Class&nbsp;A common stock which we may issue pursuant to the forward purchase agreement) will be outstanding (assuming no exercise
of the underwriters&rsquo; over-allotment option and the corresponding forfeiture of 750,000 founder shares by our initial stockholders)
including:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>20,000,000 shares of Class&nbsp;A common stock underlying units issued as part of this offering;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>100,000 shares of Class&nbsp;A common stock underlying the Underwriter Units;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>400,000 shares of Class&nbsp;A common stock underlying the private units; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>5,000,000 shares of Class&nbsp;B common stock held by our initial stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we increase or decrease the size of this offering, we will
effect a stock dividend or share contribution back to capital or other appropriate mechanism, as applicable, with respect to our
Class&nbsp;B common stock immediately prior to the consummation of the offering in such amount as to maintain the ownership of
our initial stockholders at 20.0% of our issued and outstanding common stock upon the consummation of this offering (not including
the shares of Class&nbsp;A common stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A common
stock issuable pursuant to the forward purchase agreement, or the shares of Class&nbsp;A common stock underlying the units issuable
upon conversion of working capital loans).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Capital LLC, or any of its affiliates, agreed to enter
into a forward purchase agreement with us, which will provide that Aldel Capital LLC, or any of its affiliates, shall purchase
from the Company up to a maximum of 2 million Class A shares of Common Stock (or the equivalent securities of any successor entity)
(the &ldquo;Maximum Shares&rdquo;) at a purchase price of $10.00 per forward purchase share, or an aggregate purchase price of
$20.00 million (the &ldquo;Maximum FPS Commitment&rdquo;), in a private placement that will close simultaneously with the closing
of the business combination. The Maximum FPS Commitment (and the corresponding number of Maximum Shares) shall be reduced on a
dollar-for-dollar basis in the amount used by Aldel Capital LLC and its affiliates, at their discretion, to (i) purchase Common
Stock in open market purchases following the IPO, and/or (ii) invest in the target company prior to the closing of the business
combination in cash. Any reduction of the Maximum FPS Commitment shall be rounded down to the nearest integral multiple of $10.00.
For the avoidance of doubt, Aldel Capital LLC, or any of its affiliates, shall have in aggregate, and in accordance with the foregoing
terms, invested an amount equal to the Maximum FPS Commitment upon consummation of the business combination. The funds from the
sale of the forward purchase shares received by us may be used as part of the consideration to the sellers in the initial business
combination. Subject to the conditions in the forward purchase agreement, the purchase of the forward purchase shares will be
a binding obligation of Aldel Capital LLC, regardless of whether any shares of Class&nbsp;A common stock are redeemed by our public
stockholders in connection with our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stockholders of record are entitled to one vote for each share
held on all matters to be voted on by stockholders. Holders of Class&nbsp;A common stock and holders of Class&nbsp;B common stock
will vote together as a single class on all matters submitted to a vote of our stockholders except as required by law. Unless specified
in our amended and restated certificate of incorporation, or as required by applicable provisions of the DGCL or applicable stock
exchange rules, the affirmative vote of a majority of our shares of common stock that are voted is required to approve any such
matter voted on by our stockholders. Our board of directors is divided into three classes, each of which will generally serve for
a term of three years with only one class of directors being elected in each year. There is no cumulative voting with respect to
the election of directors, with the result that the holders of more than 50% of the shares voted for the election of directors
can elect all of the directors. Our stockholders are entitled to receive ratable dividends when, as and if declared by the board
of directors out of funds legally available therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Because our amended and restated certificate of incorporation
authorizes the issuance of up to 380,000,000 shares of Class&nbsp;A common stock, if we were to enter into a business combination,
we may (depending on the terms of such a business combination) be required to increase the number of shares of Class&nbsp;A common
stock which we are authorized to issue at the same time as our stockholders vote on the business combination to the extent we seek
stockholder approval in connection with our initial business combination. Our board of directors is divided into three classes
with only one class of directors being elected in each year and each class (except for those directors appointed prior to our first
annual meeting of stockholders) serving a three-year term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with NYSE corporate governance requirements, we
are not required to hold an annual meeting until no later than one year after our first fiscal year end following our listing on
NYSE. Under Section&nbsp;211(b)&nbsp;of the DGCL, we are, however, required to hold an annual meeting of stockholders for the purposes
of electing directors in accordance with our bylaws, unless such election is made by written consent in lieu of such a meeting.
We may not hold an annual meeting of stockholders to elect new directors prior to the consummation of our initial business combination,
and thus we may not be in compliance with Section&nbsp;211(b)&nbsp;of the DGCL, which requires an annual meeting. Therefore, if
our stockholders want us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt
to force us to hold one by submitting an application to the Delaware Court of Chancery in accordance with Section&nbsp;211(c)&nbsp;of
the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will provide our public stockholders with the opportunity
to redeem all or a portion of their public shares upon the completion of our initial business combination at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account calculated as of two business days prior to
the consummation of our initial business combination, including interest earned on the funds held in the trust account (which
interest shall be net of taxes payable), divided by the number of then outstanding public shares, subject to the limitations described
herein. The amount in the trust account is initially anticipated to be $10.00 per public share (whether or not the underwriters
exercise their over-allotment option). Our initial stockholders, sponsor, officers and directors have entered into a letter agreement
with us, pursuant to which they have agreed to waive their redemption rights with respect to any founder shares and public shares
they hold in connection with the completion of our initial business combination. In addition, the underwriters have agreed to
(i)&nbsp;waive their redemption rights with respect to their Underwriter Shares in connection with the completion of our initial
business combination, (ii)&nbsp;waive their redemption rights with respect to their Underwriter Shares in connection with a stockholder
vote to approve an amendment to our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months
from the closing of this offering or (B)&nbsp;with respect to any other provision relating to stockholders&rsquo; rights or pre-initial
business combination activity and (iii)&nbsp;waive their rights to liquidating distributions from the trust account with respect
to their Underwriter Shares if we fail to complete our initial business combination within 24 months from the closing of this
offering. In addition, the underwriters have agreed to vote any Underwriter Shares held by them in favor of our initial business
combination. Unlike many special purpose acquisition companies that hold stockholder votes and conduct proxy solicitations in
conjunction with their initial business combinations and provide for related redemptions of public shares for cash upon completion
of such initial business combinations even when a vote is not required by law, if a stockholder vote is not required by law and
we do not decide to hold a stockholder vote for business or other legal reasons, we will, pursuant to our amended and restated
certificate of incorporation, conduct the redemptions pursuant to the tender offer rules&nbsp;of the SEC, and file tender offer
documents with the SEC prior to completing our initial business combination. Our amended and restated certificate of incorporation
requires these tender offer documents to contain substantially the same financial and other information about our initial business
combination and the redemption rights as is required under the SEC&rsquo;s proxy rules. If, however, a stockholder approval of
the transaction is required by law, or we decide to obtain stockholder approval for business or other legal reasons, we will,
like many special purpose acquisition companies, offer to redeem shares in conjunction with a proxy solicitation pursuant to the
proxy rules&nbsp;and not pursuant to the tender offer rules. If we seek stockholder approval, we will complete our initial business
combination only if a majority of the shares of common stock voted (or such greater number of shares as is required by applicable
law) are voted in favor of our initial business combination. However, the participation of our sponsor, officers, directors, advisors
or their affiliates in privately-negotiated transactions (as described in this prospectus), if any, could result in the approval
of our initial business combination even if a majority of our public stockholders vote, or indicate their intention to vote, against
such initial business combination. For purposes of seeking approval of the majority of our outstanding shares of common stock,
non-votes will have no effect on the approval of our initial business combination once a quorum is obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval of our initial business combination
and we do not conduct redemptions in connection with our initial business combination pursuant to the tender offer rules, our amended
and restated certificate of incorporation provides that a public stockholder, together with any affiliate of such stockholder or
any other person with whom such stockholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section&nbsp;13
of the Exchange Act), will be restricted from redeeming its shares with respect to Excess Shares, without our prior consent. However,
we would not be restricting our stockholders&rsquo; ability to vote all of their shares (including Excess Shares) for or against
our initial business combination. Our stockholders&rsquo; inability to redeem the Excess Shares will reduce their influence over
our ability to complete our initial business combination, and such stockholders could suffer a material loss in their investment
if they sell such Excess Shares in open market transactions. Additionally, such stockholders will not receive redemption distributions
with respect to the Excess Shares if we complete our initial business combination. And, as a result, such stockholders will continue
to hold that number of shares exceeding 15% and, in order to dispose such shares would be required to sell their shares in open
market transactions, potentially at a loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we seek stockholder approval in connection with our initial
business combination, our initial stockholders, sponsor, officers and directors and the underwriters have agreed to vote any founder
shares and Underwriter Shares they hold and any public shares purchased during or after this offering in favor of our initial business
combination. As a result, in addition to our initial stockholders&rsquo; founder shares and private shares and the Underwriter
Shares, we would need 875,001, or approximately 4.4%, of the 20,000,000 public shares sold in this offering to be voted in favor
of an initial business combination in order to have our initial business combination approved (assuming only a quorum is present
at the meeting, and the over-allotment option is not exercised). To the extent Aldel Capital LLC purchases shares of Class&nbsp;A
common stock in open market purchases pursuant to the forward purchase agreement, the number of public shares held by other stockholders
to be voted in favor of the business combination would be reduced by the number of shares purchased by Aldel Capital LLC. Any forward
purchase shares issued by us to Aldel Capital LLC through a private placement to occur simultaneously with the closing of our initial
business combination in accordance with the forward purchase agreement will not be entitled to vote on our initial business combination
since those shares will not be issued until the closing of such transaction. Additionally, each public stockholder may elect to
redeem their public shares irrespective of whether they vote for or against the proposed transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to our amended and restated certificate of incorporation,
if we are unable to complete our initial business combination within 24 months from the closing of this offering, we will (i)&nbsp;cease
all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but no more than ten business
days thereafter, 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 (which interest shall be net of taxes payable
and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption
will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating
distributions, if any), and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. Our initial stockholders and the underwriters
have entered into agreements with us, pursuant to which they have agreed to waive their rights to liquidating distributions from
the trust account with respect to their founder shares and Underwriter Shares if we fail to complete our initial business combination
within 24 months from the closing of this offering or any extended period of time that we may have to consummate an initial business
combination as a result of an amendment to our amended and restated certificate of incorporation. However, if our initial stockholders
or management team acquire public shares in or after this offering, they will be entitled to liquidating distributions from the
trust account with respect to such public shares if we fail to complete our initial business combination within the prescribed
time period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a liquidation, dissolution or winding up of
the company after a business combination, our stockholders are entitled to share ratably in all assets remaining available for
distribution to them after payment of liabilities and after provision is made for each class of shares, if any, having preference
over the common stock. Our stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable
to the common stock, except that we will provide our public stockholders with the opportunity to redeem their public shares for
cash at a per share price equal to the aggregate amount then on deposit in the trust account, including interest earned on the
funds held in the trust account (which interest shall be net of taxes payable), divided by the number of then outstanding public
shares, upon the completion of our initial business combination, subject to the limitations described herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Founder Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The founder shares are designated as Class&nbsp;B common stock
and, except as described below, are identical to the shares of Class&nbsp;A common stock included in the units being sold in this
offering, and holders of founder shares have the same stockholder rights as public stockholders, except that (i)&nbsp;the founder
shares are subject to certain transfer restrictions, as described in more detail below, (ii)&nbsp;our initial stockholders, sponsor,
officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A)&nbsp;to waive their
redemption rights with respect to any founder shares and public shares they hold in connection with the completion of our initial
business combination, (B)&nbsp;to waive their redemption rights with respect to any founder shares and public shares they hold
in connection with a stockholder vote to approve an amendment to our amended and restated certificate of incorporation to modify
the substance or timing of our obligation to redeem 100% of our public shares if we have not consummated an initial business combination
within 24 months from the closing of this offering or with respect to any other material provisions relating to stockholders&rsquo;
rights or pre-initial business combination activity and (C)&nbsp;to waive their rights to liquidating distributions from the trust
account with respect to any founder shares they hold if we fail to complete our initial business combination within 24 months from
the closing of this offering or any extended period of time that we may have to consummate an initial business combination as a
result of an amendment to our amended and restated certificate of incorporation, although they will be entitled to liquidating
distributions from the trust account with respect to any public shares they hold if we fail to complete our initial business combination
within such time period, and (iii)&nbsp;the founder shares are automatically convertible into Class&nbsp;A common stock concurrently
with or immediately following the consummation of our initial business combination on a one-for-one basis, subject to adjustment
as described herein and in our amended and restated certificate of incorporation. If we submit our initial business combination
to our public stockholders for a vote, our initial stockholders have agreed to vote their founder shares and any public shares
purchased during or after this offering in favor of our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The founder shares will automatically convert into shares of
Class&nbsp;A common stock concurrently with or immediately following the consummation of our initial business combination on a
one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and the like, and
subject to further adjustment as provided herein. In the case that additional shares of Class&nbsp;A common stock or equity-linked
securities are issued or deemed issued in connection with our initial business combination, the number of shares of Class&nbsp;A
common stock issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20% of the
total number of shares of Class&nbsp;A common stock outstanding after such conversion (after giving effect to any redemptions of
shares of Class&nbsp;A common stock by public stockholders and excluding the shares of Class&nbsp;A common stock underlying the
Underwriter Units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement, and any shares
of Class&nbsp;A common stock underlying the units issuable upon conversion of conversion of working capital loans), including the
total number of shares of Class&nbsp;A common stock issued, or deemed issued or issuable upon conversion or exercise of any equity-linked
securities or rights issued or deemed issued, by the Company in connection with or in relation to the consummation of the initial
business combination, excluding any shares of Class&nbsp;A common stock or equity-linked securities or rights exercisable for or
convertible into shares of Class&nbsp;A common stock issued, or to be issued, to any seller in the initial business combination
and any units or any underlying securities issued to our sponsor, officers or directors upon conversion of working capital loans,
or any shares issued pursuant to the forward purchase agreement, <I>provided that </I>such conversion of founder shares will never
occur on a less than one-for-one basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">With certain limited exceptions, the founder shares are not
transferable, assignable or salable (except to our officers and directors and other persons or entities affiliated with our sponsor,
each of whom will be subject to the same transfer restrictions) until the earlier of: (i)&nbsp;with respect to 50% of the founder
shares, the earlier of (x)&nbsp;twelve months after the date of the consummation of an initial business combination or (y)&nbsp;the
date on which the closing price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
our initial business combination and (ii)&nbsp;with respect to the remaining 50% of the founder shares, twelve months after the
date of the consummation of our initial business combination, provided, if we consummate a transaction after our initial business
combination which results in our stockholders having the right to exchange their shares for cash, securities or other property,
the founder shares will be released from the lock-up. Up to 750,000 founder shares will be forfeited by our initial stockholders
depending on the exercise of the over-allotment option.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Underwriter Shares</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriter Shares will not be transferable, assignable
or salable until after the completion of our initial business combination. ThinkEquity has agreed to (i)&nbsp;waive their redemption
rights with respect to their Underwriter Shares in connection with the completion of our initial business combination, (ii)&nbsp;waive
their redemption rights with respect to their Underwriter Shares in connection with a stockholder vote to approve an amendment
to our amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within 24 months from the closing of this offering
or (B)&nbsp;with respect to any other provision relating to stockholders&rsquo; rights or pre-initial business combination activity
and (iii)&nbsp;waive their rights to liquidating distributions from the trust account with respect to their Underwriter Shares
if we fail to complete our initial business combination within 24 months from the closing of this offering. The shares have been
deemed compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of
the effectiveness of the registration statement of which this prospectus forms a part pursuant to Rule&nbsp;5110(e)(1)&nbsp;of
FINRA&rsquo;s Conduct Rules. Pursuant to FINRA Rule&nbsp;5110(e)(1), these securities will not be the subject of any hedging, short
sale, derivative, put or call transaction that would result in the economic disposition of the securities by any person for a period
of 180 days immediately following the effective date of the registration statement of which this prospectus forms a part, nor may
they be sold, transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date
of the registration statement of which this prospectus forms a part except to any underwriter and selected dealer participating
in the offering and their bona fide officers or partners. Otherwise, the Underwriter Shares are identical to the shares of Class&nbsp;A
common stock underlying the units sold in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Preferred Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation authorizes
1,000,000 shares of preferred stock and provides that shares of preferred stock may be issued from time to time in one or more
series. Our board of directors will be authorized to fix the voting rights, if any, designations, powers, preferences, the relative,
participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the
shares of each series. Our board of directors will be able to, without stockholder approval, issue shares of preferred stock with
voting and other rights that could adversely affect the voting power and other rights of the holders of the common stock and could
have anti-takeover effects. The ability of our board of directors to issue shares of preferred stock without stockholder approval
could have the effect of delaying, deferring or preventing a change of control of us or the removal of existing management. We
have no preferred shares outstanding at the date hereof. Although we do not currently intend to issue any shares of preferred stock,
we cannot assure you that we will not do so in the future. No shares of preferred stock are being issued or registered in this
offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Warrants</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Public Stockholders&rsquo; Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each whole warrant entitles the registered holder to purchase
one share of Class&nbsp;A common stock at a price of $11.50 per share, subject to adjustment as discussed below, at any time commencing
on the later of 12 months from the closing of this offering and 30 days after the completion of our initial business combination,
provided in each case that we have an effective registration statement under the Securities Act covering the shares of Class&nbsp;A
common stock issuable upon exercise of the warrants and a current prospectus relating to them is available (or we permit holders
to exercise their warrants on a cashless basis under the circumstances specified in the warrant agreement) and such shares are
registered, qualified or exempt from registration under the securities, or blue sky, laws of the state of residence of the holder.
Pursuant to the warrant agreement, a warrant holder may exercise its warrants only for a whole number of shares of Class&nbsp;A
common stock. This means only a whole warrant may be exercised at a 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 warrants will expire five years after the completion of our initial
business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will not be obligated to deliver any Class&nbsp;A common
stock pursuant to the exercise of a warrant and will have no obligation to settle such warrant exercise unless a registration statement
under the Securities Act with respect to the Class&nbsp;A common stock underlying the warrants is then effective and a prospectus
relating thereto is current, subject to our satisfying our obligations described below with respect to registration. No warrant
will be exercisable and we will not be obligated to issue a share of Class&nbsp;A common stock upon exercise of a warrant unless
the share of Class&nbsp;A common stock issuable upon such warrant exercise has been registered, qualified or deemed to be exempt
under the securities laws of the state of residence of the registered holder of the warrants. In the event that the conditions
in the two immediately preceding sentences are not satisfied with respect to a warrant, the holder of such warrant will not be
entitled to exercise such warrant and such warrant may have no value and expire worthless. In no event will we be required to net
cash settle any warrant. In the event that a registration statement is not effective for the exercised warrants, the purchaser
of a unit containing such warrant will have paid the full purchase price for the unit solely for the share of Class&nbsp;A common
stock underlying such unit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed that as soon as practicable, but in no event
later than fifteen (15) business days after the closing of our initial business combination, we will use our best efforts to file
with the SEC a registration statement for the registration, under the Securities Act, of the Class&nbsp;A common stock issuable
upon exercise of the warrants. We will use our best efforts to cause the same to become effective and to maintain the effectiveness
of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with
the provisions of the warrant agreement. If a registration statement covering the shares of Class&nbsp;A common stock issuable
upon exercise of the warrants is not effective by the sixtieth (60<SUP>th</SUP>) business day after the closing of our initial
business combination, warrant holders may, until such time as there is an effective registration statement and during any period
when we will have failed to maintain an effective registration statement, exercise warrants on a &ldquo;cashless basis&rdquo; in
accordance with Section&nbsp;3(a)(9)&nbsp;of the Securities Act or another exemption. Notwithstanding the above, if our Class&nbsp;A
common stock are at the time of any exercise of a warrant not listed on a national securities exchange such that they satisfy the
definition of a &ldquo;covered security&rdquo; under Section&nbsp;18(b)(1)&nbsp;of the Securities Act, we may, at our option, require
holders of public warrants who exercise their warrants to do so on a &ldquo;cashless basis&rdquo; in accordance with Section&nbsp;3(a)(9)&nbsp;of
the Securities Act and, in the event we so elect, we will not be required to file or maintain in effect a registration statement,
and in the event we do not so elect, we will use our best efforts to register or qualify the shares under applicable blue sky laws
to the extent an exemption is not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Redemption of warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Once the warrants become exercisable, we may call the warrants
for redemption for cash:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>in whole and not in part;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at a price of $0.01 per warrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>upon not less than 30 days&rsquo; prior written notice of redemption (the &ldquo;30-day redemption period&rdquo;) to each warrant
holder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>if, and only if, the closing price of the common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock
capitalizations, reorganizations, recapitalizations and the like and for certain issuances of Class&nbsp;A common stock and equity-linked
securities for capital raising purposes in connection with the closing of our initial business combination as described elsewhere
in this prospectus) for any 20 trading days within a 30-trading day period ending three business days before we send to the notice
of redemption to the warrant holders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If and when the warrants become redeemable by us for cash, we
may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable
state securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have established the last of the redemption criterion discussed
above to prevent a redemption call unless there is at the time of the call a significant premium to the warrant exercise price.
If the foregoing conditions are satisfied and we issue a notice of redemption of the warrants, each warrant holder will be entitled
to exercise his, her or its warrant prior to the scheduled redemption date. However, the price of the Class&nbsp;A common stock
may fall below the $18.00 redemption trigger price (as adjusted for stock splits, stock capitalizations, reorganizations, recapitalizations
and the like and for certain issuances of Class&nbsp;A common stock and equity-linked securities for capital raising purposes in
connection with the closing of our initial business combination as described elsewhere in this prospectus) as well as the $11.50
warrant exercise price after the redemption notice is issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we call the warrants for redemption, our management will
have the option to require any holder that wishes to exercise his, her or its warrant to do so on a &ldquo;cashless basis.&rdquo;
In determining whether to require all holders to exercise their warrants on a &ldquo;cashless basis,&rdquo; our management will
consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our stockholders
of issuing the maximum number of shares of Class&nbsp;A common stock issuable upon the exercise of our warrants. If our management
takes advantage of this option, all holders of warrants would pay the exercise price by surrendering their warrants for that number
of shares of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of Class&nbsp;A
common stock underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; of our Class&nbsp;A common
stock (defined below) over the exercise price of the warrants by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo;
will mean the average closing price of the Class&nbsp;A common stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of redemption is sent to the holders of warrants. If our management takes advantage of this option,
the notice of redemption will contain the information necessary to calculate the number of shares of Class&nbsp;A common stock
to be received upon exercise of the warrants, including the &ldquo;fair market value&rdquo; in such case. Requiring a cashless
exercise in this manner will reduce the number of shares to be issued and thereby lessen the dilutive effect of a warrant redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We believe this feature is an attractive option to us if we
do not need the cash from the exercise of the warrants after our initial business combination. If we call our warrants for redemption
and our management does not take advantage of this option, the holders of the private placement warrants and their permitted transferees
would still be entitled to exercise their private placement warrants for cash or on a cashless basis using the same formula described
above that other warrant holders would have been required to use had all warrant holders been required to exercise their warrants
on a cashless basis, as described in more detail below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A holder of a warrant may notify us in writing in the event
it elects to be subject to a requirement that such holder will not have the right to exercise such warrant, to the extent that
after giving effect to such exercise, such person (together with such person&rsquo;s affiliates), to the warrant agent&rsquo;s
actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) of the Class&nbsp;A common stock
outstanding immediately after giving effect to such exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the number of outstanding shares of Class&nbsp;A common stock
is increased by a share capitalization payable in shares of Class&nbsp;A common stock, or by a split-up of common stock or other
similar event, then, on the effective date of such share capitalization, split-up or similar event, the number of shares of Class&nbsp;A
common stock issuable on exercise of each warrant will be increased in proportion to such increase in the outstanding shares of
common stock. A rights offering to holders of common stock entitling holders to purchase Class&nbsp;A common stock at a price less
than the fair market value will be deemed a share capitalization of a number of shares of Class&nbsp;A common stock equal to the
product of (i)&nbsp;the number of shares of Class&nbsp;A common stock actually sold in such rights offering (or issuable under
any other equity securities sold in such rights offering that are convertible into or exercisable for Class&nbsp;A common stock)
multiplied by (ii)&nbsp;one (1)&nbsp;minus the quotient of (x)&nbsp;the price per share of Class&nbsp;A common stock paid in such
rights offering and divided by (y)&nbsp;the fair market value. For these purposes (i)&nbsp;if the rights offering is for securities
convertible into or exercisable for shares of Class&nbsp;A common stock, in determining the price payable for Class&nbsp;A common
stock, there will be taken into account any consideration received for such rights, as well as any additional amount payable upon
exercise or conversion and (ii)&nbsp;fair market value means the volume weighted average price of shares of Class&nbsp;A common
stock as reported during the ten (10)&nbsp;trading day period ending on the trading day prior to the first date on which the Class&nbsp;A
common stock trades on the applicable exchange or in the applicable market, regular way, without the right to receive such rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if we, at any time while the warrants are outstanding
and unexpired, pay a dividend or make a distribution in cash, securities or other assets to the holders of Class&nbsp;A common
stock on account of such Class&nbsp;A common stock (or other securities into which the warrants are convertible), other than (a)&nbsp;as
described above, (b)&nbsp;certain ordinary cash dividends, (c)&nbsp;to satisfy the redemption rights of the holders of Class&nbsp;A
common stock in connection with a proposed initial business combination, or (d)&nbsp;in connection with the redemption of our public
shares upon our failure to complete our initial business combination, then the warrant exercise price will be decreased, effective
immediately after the effective date of such event, by the amount of cash and/or the fair market value of any securities or other
assets paid on each share of Class&nbsp;A common stock in respect of such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the number of outstanding shares of Class&nbsp;A common stock
is decreased by a consolidation, combination, reverse share split or reclassification of Class&nbsp;A common stock or other similar
event, then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event,
the number of shares of Class&nbsp;A common stock issuable on exercise of each warrant will be decreased in proportion to such
decrease in outstanding share of Class&nbsp;A common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Whenever the number of shares of Class&nbsp;A common stock purchasable
upon the exercise of the warrants is adjusted, as described above, the warrant exercise price will be adjusted by multiplying the
warrant exercise price immediately prior to such adjustment by a fraction (x)&nbsp;the numerator of which will be the number of
shares of Class&nbsp;A common stock purchasable upon the exercise of the warrants immediately prior to such adjustment, and (y)&nbsp;the
denominator of which will be the number of shares of Class&nbsp;A common stock so purchasable immediately thereafter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, if (x)&nbsp;we issue additional shares of Class&nbsp;A
common stock or equity-linked securities for capital raising purposes in connection with the closing of our initial business combination
at an issue price or effective issue price of less than $9.20 per share of Class&nbsp;A common stock (with such issue price or
effective issue price to be determined in good faith by our board of directors and, in the case of any such issuance to our initial
stockholders or their affiliates, without taking into account any founder shares held by our initial stockholders or such affiliates,
as applicable, prior to such issuance), (the &ldquo;Newly Issued Price&rdquo;) (y)&nbsp;the aggregate gross proceeds from such
issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of our initial
business combination on the date of the consummation of our initial business combination (net of redemptions), and (z)&nbsp;the
volume weighted average trading price of our Class&nbsp;A common stock during the 20 trading day period starting on the trading
day after the day on which we consummate our initial business combination (such price, the &ldquo;Market Value&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 higher of
the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described under &ldquo;&mdash; Redemption
of warrants&rdquo; will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued
Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In case of any reclassification or reorganization of the outstanding
Class&nbsp;A common stock (other than those described above or that solely affects the par value of such Class&nbsp;A common stock),
or in the case of any merger or consolidation of us with or into another corporation (other than a consolidation or merger in which
we are the continuing corporation and that does not result in any reclassification or reorganization of our outstanding Class&nbsp;A
common stock), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of us
as an entirety or substantially as an entirety in connection with which we are dissolved, the holders of the warrants will thereafter
have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the warrants and in lieu
of the Class&nbsp;A common stock immediately theretofore purchasable and receivable upon the exercise of the rights represented
thereby, the kind and amount of shares of Class&nbsp;A common stock or other securities or property (including cash) receivable
upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer,
that the holder of the warrants would have received if such holder had exercised their warrants immediately prior to such event.
If less than 70% of the consideration receivable by the holders of Class&nbsp;A common stock in such a transaction is payable in
the form of Class&nbsp;A common stock in the successor entity that is listed for trading on a national securities exchange or is
quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event,
and if the registered holder of the warrant properly exercises the warrant within thirty days following public disclosure of such
transaction, the warrant exercise price will be reduced as specified in the warrant agreement based on the Black-Scholes Warrant
Value (as defined in the warrant agreement) of the warrant. The purpose of such exercise price reduction is to provide additional
value to holders of the warrants when an extraordinary transaction occurs during the exercise period of the warrants pursuant to
which the holders of the warrants otherwise do not receive the full potential value of the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants will be issued in registered form under a warrant
agreement between Continental Stock Transfer&nbsp;&amp; Trust Company, as warrant agent, and us. The warrant agreement provides
that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective
provision, and that all other modifications or amendments will require the vote or written consent of the holders of at least 50%
of the then outstanding public warrants, and, solely with respect to any amendment to the terms of the private placement warrants,
a majority of the then outstanding private placement warrants. You should review a copy of the warrant agreement, which will be
filed as an exhibit to the registration statement of which this prospectus is a part, for a complete description of the terms and
conditions applicable to the warrants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants may be exercised upon surrender of the warrant
certificate on or prior to the expiration date at the offices of the warrant agent, with the exercise form on the reverse side
of the warrant certificate completed and executed as indicated, accompanied by full payment of the exercise price (or on a cashless
basis, if applicable), by certified or official bank check payable to us, for the number of warrants being exercised. The warrant
holders do not have the rights or privileges of holders of common stock and any voting rights until they exercise their warrants
and receive Class&nbsp;A common stock. After the issuance of Class&nbsp;A common stock 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 stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No fractional shares will be issued upon exercise of the warrants.
If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise,
round down to the nearest whole number the number of shares of Class&nbsp;A common stock to be issued to the warrant holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Private Placement Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Except as described in this section, the private placement warrants
have terms and provisions that are identical to those of the warrants being sold as part of the units in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The private placement warrants (including the Class&nbsp;A common
stock issuable upon exercise of the private placement warrants) will not be transferable, assignable or salable until 30 days after
the completion of our initial business combination (except, among other limited exceptions as described under &ldquo;Principal
Stockholders &mdash; Transfers of Founder Shares and Private Placement Warrants,&rdquo; to our officers and directors and other
persons or entities affiliated with the initial purchasers of the private placement warrants) and they will not be redeemable by
us so long as they are held by the initial stockholders or their permitted transferees. The initial purchasers, or their permitted
transferees, have the option to exercise the private placement warrants on a cashless basis. If the private placement warrants
are held by holders other than the initial purchasers or their permitted transferees, the private placement warrants will be redeemable
by us for cash and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.
In addition, the OTM Warrants will expire at 5:00 p.m.&nbsp;New York City Time ten years after the consummation our initial business
combination. Each whole OTM Warrant entitles the registered holder to purchase one share of Class&nbsp;A common stock at a price
of $15.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If holders of the private placement warrants elect to exercise
them on a cashless basis, they would pay the exercise price by surrendering his, her or its warrants for that number of shares
of Class&nbsp;A common stock equal to the quotient obtained by dividing (x)&nbsp;the product of the number of shares of Class&nbsp;A
common stock underlying the warrants, multiplied by the excess of the &ldquo;fair market value&rdquo; of our Class&nbsp;A common
stock (defined below) over the exercise price of the warrants by (y)&nbsp;the fair market value. The &ldquo;fair market value&rdquo;
will mean the average closing price of the Class&nbsp;A common stock for the 10 trading days ending on the third trading day prior
to the date on which the notice of warrant exercise is sent to the warrant agent. The reason that we have agreed that these warrants
will be exercisable on a cashless basis so long as they are held by the initial purchasers or their permitted transferees is because
it is not known at this time whether they will be affiliated with us following a business combination. If they remain affiliated
with us, their ability to sell our securities in the open market will be significantly limited. We expect to have policies in place
that prohibit insiders from selling our securities except during specific periods of time. Even during such periods of time when
insiders will be permitted to sell our securities, an insider cannot trade in our securities if he or she is in possession of material
non-public information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, unlike public stockholders who could exercise their
warrants and sell the shares of Class&nbsp;A common stock received upon such exercise freely in the open market in order to recoup
the cost of such exercise, the insiders could be significantly restricted from selling such securities. As a result, we believe
that allowing the holders to exercise such warrants on a cashless basis is appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our initial stockholders have agreed not to transfer, assign
or sell any of the private placement warrants (including the Class&nbsp;A common stock issuable upon exercise of any of these warrants)
until the date that is 30 days after the date we complete our initial business combination, except that, among other limited exceptions
as described under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and Private Placement Warrants,&rdquo; transfers
can be made to our officers and directors and other persons or entities affiliated with the sponsor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Working Capital Loan Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The warrants underlying the units issuable upon conversion of
working capital loans (the &ldquo;working capital loan warrants&rdquo;) are identical to the private placement warrants. The working
capital loan warrants (including the Class&nbsp;A common stock issuable upon exercise of the working capital loan warrants) will
not be transferable, assignable or salable until 30 days after the completion of our initial business combination and they will
not be redeemable by us so long as they are held by the initial stockholders or their permitted transferees. The initial purchasers,
or their permitted transferees, have the option to exercise the working capital loan warrants on a cashless basis. If the working
capital loan warrants are held by holders other than the initial purchasers or their permitted transferees, the working capital
loan warrants will be redeemable by us for cash and exercisable by the holders on the same basis as the warrants included in the
units being sold in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Underwriter Warrants</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Underwriter Warrants are identical to the warrants included
in the units sold in this offering, except that the Underwriter Warrants (i)&nbsp;will not be redeemable by us, (ii)&nbsp;may not
(including the Class&nbsp;A common stock issuable upon exercise of the Underwriter Warrants), subject to certain limited exceptions,
be transferred, assigned or sold by the holders until after the completion of our initial business combination, (iii)&nbsp;may
be exercised by the holders on a cashless basis, (iv)&nbsp;will be entitled to registration rights and (v)&nbsp;for so long as
they are held by the underwriters, will not be exercisable more than five years from the effective date of the registration statement
of which this prospectus forms a part in accordance with FINRA Rule&nbsp;5110(f)(2)(G)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dividends</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not paid any cash dividends on our common stock to date
and do not intend to pay cash dividends prior to the completion of a business combination. The payment of cash dividends in the
future will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent
to completion of a business combination. The payment of any cash dividends subsequent to a business combination will be within
the discretion of our board of directors at such time. If we increase or decrease the size of this offering, then we will effect
a stock dividend or share contribution back to capital or other appropriate mechanism, as applicable, with respect to our founder
shares immediately prior to the consummation of the offering in such amount as to maintain the number of founder shares at 20.0%
of our issued and outstanding common stock upon the consummation of this offering (not including the shares of Class&nbsp;A common
stock underlying the Underwriter Units, the private units, the shares of Class&nbsp;A common stock issuable pursuant to the forward
purchase agreement, or the shares of Class&nbsp;A common stock underlying the units issuable upon conversion of working capital
loans). Further, if we incur any indebtedness, our ability to declare dividends may be limited by restrictive covenants we may
agree to in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Our Transfer Agent and Warrant Agent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The transfer agent for our common stock and warrant agent for
our warrants is Continental Stock Transfer&nbsp;&amp; Trust Company. We have agreed to indemnify Continental Stock Transfer&nbsp;&amp;
Trust Company in its roles as transfer agent and warrant agent, its agents and each of its stockholders, directors, officers and
employees against all claims and losses that may arise out of acts performed or omitted for its activities in that capacity, except
for any liability due to any gross negligence or intentional misconduct of the indemnified person or entity. Continental Stock
Transfer&nbsp;&amp; Trust Company has agreed that it has no right of set-off or any right, title, interest or claim of any kind
to, or to any monies in, the trust account, and has irrevocably waived any right, title, interest or claim of any kind to, or to
any monies in, the trust account that it may have now or in the future. Accordingly, any indemnification provided will only be
able to be satisfied, or a claim will only be able to be pursued, solely against us and our assets outside the trust account and
not against the any monies in the trust account or interest earned thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Amended and Restated Certificate of Incorporation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will contain
certain requirements and restrictions relating to this offering that will apply to us until the completion of our initial business
combination. These provisions cannot be amended without the approval of the holders of 65% of our common stock. Our initial stockholders,
who will collectively beneficially own 20% of our common stock upon the closing of this offering (assuming they do not purchase
any units in this offering or in open market transactions and excluding the shares of Class&nbsp;A common stock underlying the
Underwriter Units, the shares of Class&nbsp;A common stock issuable pursuant to the forward purchase agreement and the shares of
Class&nbsp;A common stock issuable upon conversion of any working capital loans), may participate in any vote to amend our amended
and restated certificate of incorporation and will have the discretion to vote in any manner they choose. Specifically, our amended
and restated certificate of incorporation provides, among other things, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If we are unable to complete our initial business combination within 24 months from the closing of this offering, we will (i)&nbsp;cease
all operations except for the purpose of winding up, (ii)&nbsp;as promptly as reasonably possible but no more than ten business
days thereafter, 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 (which interest shall be net of taxes payable
and up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption
will completely extinguish public stockholders&rsquo; rights as stockholders (including the right to receive further liquidating
distributions, if any), and (iii)&nbsp;as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, liquidate and dissolve, subject in each case to our obligations under Delaware
law to provide for claims of creditors and in all cases subject to the requirements of other applicable law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>Prior to our initial business combination, we may not issue additional securities that would entitle the holders thereof to
(i)&nbsp;receive funds from the trust account or (ii)&nbsp;vote as a class with our public shares (a)&nbsp;on our initial business
combination or (b)&nbsp;to approve an amendment to our amended and restated certificate of incorporation to (x)&nbsp;extend the
time we have to consummate a business combination beyond 24 months from the closing of this offering or (y)&nbsp;amend the foregoing
provisions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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 executive 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 which is a member of
FINRA or a valuation or appraisal firm that such a business combination is fair to our company from a financial point of view;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If a stockholder vote on our initial business combination is not required by law and we do not decide to hold a stockholder
vote for business or other legal reasons, we will offer to redeem our public shares pursuant to Rule&nbsp;13e-4 and Regulation
14E of the Exchange Act, and will file tender offer documents with the SEC prior to completing our initial business combination
which contain substantially the same financial and other information about our initial business combination and the redemption
rights as is required under Regulation 14A of the Exchange Act. Whether or not we maintain our registration under the Exchange
Act or our listing on NYSE, we will provide our public stockholders with the opportunity to redeem their public shares by one of
the two methods listed above</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>So long as we obtain and maintain a listing for our securities on the NYSE, the NYSE rules&nbsp;require that we must not consummate
an initial business combination with one or more operating businesses or assets with a fair market value of at least 80% of the
assets held in the trust account (net of amounts disbursed to management for working capital purposes, if permitted, and excluding
the amount of any deferred underwriting commissions) at the time of the agreement to enter into the initial business combination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If our stockholders approve an amendment to our amended and restated certificate of incorporation to modify the substance or
timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 24 months
from the closing of this offering, or with respect to any other material provisions relating to stockholders&rsquo; rights or pre-initial
business combination activity, we will provide our public stockholders with the opportunity to redeem all or a portion of their
Class&nbsp;A common stock upon such approval at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest earned on the funds held in the trust account (which interest shall be net of taxes payable),
divided by the number of then outstanding public shares, subject to the limitations described herein; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We will not effectuate our initial business combination with another blank check company or a similar company with nominal
operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, our amended and restated certificate of incorporation
provides 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Anti-Takeover Provisions of Delaware Law and our
Amended and Restated Certificate of Incorporation and Bylaws</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will be subject to the provisions of Section&nbsp;203 of
the DGCL regulating corporate takeovers upon closing of this offering. This statute prevents certain Delaware corporations, under
certain circumstances, from engaging in a &ldquo;business combination&rdquo; with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a stockholder who owns 15% or more of our outstanding voting stock (otherwise known as an &ldquo;interested stockholder&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an affiliate of an interested stockholder; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an associate of an interested stockholder, for three years following the date that the stockholder became an interested stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">A &ldquo;business combination&rdquo; includes a merger or sale
of more than 10% of our assets. However, the above provisions of Section&nbsp;203 do not apply if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our board of directors approves the transaction that made the stockholder an &ldquo;interested stockholder,&rdquo; prior to
the date of the transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>after the completion of the transaction that resulted in the stockholder becoming an interested stockholder, that stockholder
owned at least 85% of our voting stock outstanding at the time the transaction commenced, other than statutorily excluded shares
of common stock; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>on or subsequent to the date of the transaction, the initial business combination is approved by our board of directors and
authorized at a meeting of our stockholders, and not by written consent, by an affirmative vote of at least two-thirds of the outstanding
voting stock not owned by the interested stockholder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that our board of directors will be classified into three classes of directors. As a result, in most circumstances, a person can
gain control of our board only by successfully engaging in a proxy contest at two or more annual meetings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our authorized but unissued common stock and preferred stock
are available for future issuances without stockholder approval and could be utilized for a variety of corporate purposes, including
future offerings to raise additional capital, acquisitions and employee benefit plans. The existence of authorized but unissued
and unreserved common stock and preferred stock could render more difficult or discourage an attempt to obtain control of us by
means of a proxy contest, tender offer, merger or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Exclusive forum for certain lawsuits</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will require,
unless we consent in writing to the selection of an alternative forum, that (i)&nbsp;any derivative action or proceeding brought
on our behalf, (ii)&nbsp;any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee
to us or our stockholders, (iii)&nbsp;any action asserting a claim against us, our directors, officers or employees arising pursuant
to any provision of the DGCL or our amended and restated certificate of incorporation or bylaws, or (iv)&nbsp;any action asserting
a claim against us, our directors, officers or employees governed by the internal affairs doctrine may be brought only in the Court
of Chancery in the State of Delaware, except any claim (A)&nbsp;as to which the Court of Chancery of the State of Delaware determines
that there is an indispensable party not subject to the jurisdiction of the Court of Chancery (and the indispensable party does
not consent to the personal jurisdiction of the Court of Chancery within ten days following such determination), (B)&nbsp;which
is vested in the exclusive jurisdiction of a court or forum other than the Court of Chancery or (C)&nbsp;for which the Court of
Chancery does not have subject matter jurisdiction, as to which the Court of Chancery and the federal district court for the District
of Delaware shall have concurrent jurisdiction. If an action is brought outside of Delaware, the stockholder bringing the suit
will be deemed to have consented to service of process on such stockholder&rsquo;s counsel. Although we believe this provision
benefits us by providing increased consistency in the application of Delaware law in the types of lawsuits to which it applies,
a court may determine that this provision is unenforceable, and to the extent it is enforceable, the provision may have the effect
of discouraging lawsuits against our directors and officers, although our stockholders will not be deemed to have waived our compliance
with federal securities laws and the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Notwithstanding the foregoing, our amended and restated certificate
of incorporation will provide that the exclusive forum provision will not apply to suits brought to enforce a duty or liability
created by the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Section&nbsp;27 of the
Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange
Act or the rules&nbsp;and regulations thereunder. Additionally, unless we consent in writing to the selection of an alternative
forum, the federal courts shall be the exclusive forum for the resolution of any complaint asserting a cause of action arising
under the Securities Act against us or any of our directors, officers, other employees or agents. Any person or entity purchasing
or otherwise acquiring any interest in our securities shall be deemed to have notice of and consented to these provisions. We note,
however, that there is uncertainty as to whether a court would enforce this provision and that investors cannot waive compliance
with the federal securities laws and the rules&nbsp;and regulations thereunder. Section&nbsp;22 of the Securities Act creates concurrent
jurisdiction for state and federal courts over all suits brought to enforce any duty or liability created by the Securities Act
or the rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Special meeting of stockholders</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our bylaws provide that special meetings of our stockholders
may be called only by a majority vote of our board of directors, by our Chief Executive Officer or by our Chairman.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Advance notice requirements for stockholder proposals
and director nominations</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our bylaws provide that stockholders seeking to bring business
before our annual meeting of stockholders, or to nominate candidates for election as directors at our annual meeting of stockholders,
must provide timely notice of their intent in writing. To be timely, a stockholder&rsquo;s notice will need to be received by the
company secretary at our principal executive offices not later than the close of business on the 90<SUP>th</SUP> day nor earlier
than the opening of business on the 120<SUP>th</SUP> day prior to the anniversary date of the immediately preceding annual meeting
of stockholders. Pursuant to Rule&nbsp;14a-8 of the Exchange Act, proposals seeking inclusion in our annual proxy statement must
comply with the notice periods contained therein. Our bylaws also specify certain requirements as to the form and content of a
stockholders&rsquo; meeting. These provisions may preclude our stockholders from bringing matters before our annual meeting of
stockholders or from making nominations for directors at our annual meeting of stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Action by written consent</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subsequent to the consummation of the offering, any action required
or permitted to be taken by our common stockholders must be effected by a duly called annual or special meeting of such stockholders
and may not be effected by written consent of the stockholders other than with respect to our Class&nbsp;B common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Classified Board of Directors</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our board of directors will initially be divided into three
classes, Class&nbsp;I, Class&nbsp;II and Class&nbsp;III, with members of each class serving staggered three-year terms. Our amended
and restated certificate of incorporation will provide that the authorized number of directors may be changed only by resolution
of the board of directors. Subject to the terms of any preferred stock, any or all of the directors may be removed from office
at any time, but only for cause and only by the affirmative vote of holders of a majority of the voting power of all then outstanding
shares of our capital stock entitled to vote generally in the election of directors, voting together as a single class. Any vacancy
on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote
of a majority of our directors then in office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Class&nbsp;B Common Stock Consent Right</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For so long as any shares of Class&nbsp;B common stock remain
outstanding, we may not, without the prior vote or written consent of the holders of a majority of the shares of Class&nbsp;B common
stock then outstanding, voting separately as a single class, amend, alter or repeal any provision of our certificate of incorporation,
whether by merger, consolidation or otherwise, if such amendment, alteration or repeal would alter or change the powers, preferences
or relative, participating, optional or other or special rights of the Class&nbsp;B common stock. Any action required or permitted
to be taken at any meeting of the holders of Class&nbsp;B common stock may be taken without a meeting, without prior notice and
without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed by the holders of the outstanding
Class&nbsp;B common stock having not less than the minimum number of votes that would be necessary to authorize or take such action
at a meeting at which all shares of Class&nbsp;B common stock were present and voted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Securities Eligible for Future Sale</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Immediately after this offering we will have 25,500,000 (or
29,265,000 if the underwriters&rsquo; over- allotment option is exercised in full) shares of common stock outstanding. Of these
shares, the shares of Class&nbsp;A common stock sold in this offering (20,000,000 Class&nbsp;A common stock if the underwriters&rsquo;
over- allotment option is not exercised and 23,000,000 shares if the underwriters&rsquo; over-allotment option is exercised in
full) will be freely tradable without restriction or further registration under the Securities Act, except for any Class&nbsp;A
common stock purchased by one of our affiliates within the meaning of Rule&nbsp;144 under the Securities Act. All of the outstanding
founder shares (5,000,000 founder shares if the underwriters&rsquo; over-allotment option is not exercised and 5,750,000 founder
shares if the underwriters&rsquo; over-allotment option is exercised in full), all of the outstanding Underwriter Units (100,000
Underwriter Units if the underwriters&rsquo; over-allotment option is not exercised and 115,000 Underwriter Units if the underwriters&rsquo;
over-allotment option is exercised in full), all of the private shares (400,000 private shares regardless of whether the underwriters
exercise their over-allotment option) and all of the outstanding private placement warrants (200,000 warrants regardless of whether
the underwriters&rsquo; over-allotment option is exercised) will be restricted securities under Rule&nbsp;144, in that they were
issued in private transactions not involving a public offering. In addition, we may issue up to 2,000,000 shares of Class&nbsp;A
common stock in private placement to the Aldel Capital LLC pursuant to the forward purchase agreement, which shares will be restricted
securities under Rule&nbsp;144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Rule&nbsp;144</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule&nbsp;144, a person who has beneficially owned
restricted shares or warrants for at least six months would be entitled to sell their securities <I>provided that </I>(i)&nbsp;such
person is not deemed to have been one of our affiliates at the time of, or at any time during the three months preceding, a sale
and (ii)&nbsp;we are subject to the Exchange Act periodic reporting requirements for at least three months before the sale and
have filed all required reports under Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act during the 12 months (or such shorter period
as we were required to file reports) preceding the sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Persons who have beneficially owned restricted shares or warrants
for at least six months but who are our affiliates at the time of, or at any time during the three months preceding, a sale, would
be subject to additional restrictions, by which such person would be entitled to sell within any three-month period only a number
of securities that does not exceed the greater of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>1% of the total number of shares of Class&nbsp;A common stock then outstanding, which will equal 255,000 shares immediately
after this offering (or 292,650 if the underwriters exercise in full their over-allotment option); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 13 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the average weekly reported trading volume of the Class&nbsp;A common stock during the four calendar weeks preceding the filing
of a notice on Form&nbsp;144 with respect to the sale.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sales by our affiliates under Rule&nbsp;144 are also limited
by manner of sale provisions and notice requirements and to the availability of current public information about us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Restrictions on the Use of Rule&nbsp;144 by Shell Companies
or Former Shell Companies</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rule&nbsp;144 is not available for the resale of securities
initially issued by shell companies (other than business combination related shell companies) or issuers that have been at any
time previously a shell company. However, Rule&nbsp;144 also includes an important exception to this prohibition if the following
conditions are met:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issuer of the securities that was formerly a shell company has ceased to be a shell company;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issuer of the securities is subject to the reporting requirements of Section&nbsp;13 or 15(d)&nbsp;of the Exchange Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the
preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form&nbsp;8-K
reports; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>at least one year has elapsed from the time that the issuer filed current Form&nbsp;10 type information with the SEC reflecting
its status as an entity that is not a shell company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As a result, our initial stockholders will be able to sell their
founder shares, private units and private placement warrants, as applicable, pursuant to Rule&nbsp;144 without registration one
year after we have completed our initial business combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The holders of the (i)&nbsp;founder shares, which were issued
in a private placement prior to the closing of this offering, (ii)&nbsp;private placement warrants, which will be issued in a private
placement simultaneously with the closing of this offering and the shares of Class&nbsp;A common stock underlying such private
placement warrants, (iii)&nbsp;Underwriter Shares and Underwriter Warrants (and the shares of Class&nbsp;A common stock underlying
such Underwriter Warrants), which will be issued as part of the Underwriter Units in a private placement simultaneously with the
closing of this offering, (iv)&nbsp;private shares, (v)&nbsp;forward purchase shares (other than shares purchased in open market
transactions), and (vi)&nbsp;the shares of Class&nbsp;A common stock and the warrants underlying the units that may be issued upon
conversion of working capital loans will have registration rights to require us to register a sale of any of our securities held
by them pursuant to a registration rights agreement to be signed prior to or on the effective date of this offering. Pursuant to
the registration rights agreement and assuming the underwriters exercise their over-allotment option in full and $1,500,000 of
working capital loans are converted into units, we will be obligated to register up to 10,048,250 shares of Class&nbsp;A common
stock (including 1,632,500 shares of Class&nbsp;A common stock issuable upon exercise of warrants) and 1,632,500 warrants. The
number of shares of Class&nbsp;A common stock includes (i)&nbsp;5,750,000 shares of Class&nbsp;A common stock to be issued upon
conversion of the founder shares, (ii)&nbsp;1,300,000 shares of Class&nbsp;A common stock underlying the OTM Warrants, (iii)&nbsp;115,000
Underwriter Shares, (iv)&nbsp;57,500 shares of Class&nbsp;A common stock underlying the Underwriter Warrants, (v)&nbsp;400,000
private shares, (vi)&nbsp;200,000 shares of Class&nbsp;A common stock underlying the private warrants, (vii)&nbsp;up to 2,000,000
shares of Class&nbsp;A common stock issuable in a private placement pursuant to the forward purchase agreement, and (viii)&nbsp;150,000
shares of Class&nbsp;A common stock underlying the units issued upon conversion of working capital loans. The number of warrants
includes (i)&nbsp;200,000 private placement warrants, (ii)&nbsp;57,500 Underwriter Warrants, and (iii)&nbsp;75,000 warrants underlying
the units issued upon conversion of working capital loans. The holders of these securities are entitled to make up to three demands,
excluding short form demands, that we register such securities. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to our completion of our initial business combination.
We will bear the expenses incurred in connection with the filing of any such registration statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Listing of Securities</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have applied to have our units listed on NYSE under the symbol
 &ldquo;ADF.U&rdquo; commencing on or promptly after the date of this prospectus. We cannot guarantee that our securities will be
approved for listing on NYSE. Once the securities comprising the units begin separate trading, we expect that the Class&nbsp;A
common stock and warrants will be listed on NYSE under the symbols &ldquo;ADF&rdquo; and &ldquo;ADF WS,&rdquo; respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_024"></A><B>U.S. FEDERAL INCOME TAX CONSIDERATION</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following is a discussion of certain material U.S. federal
income tax consequences of the acquisition, ownership and disposition of our units, shares of Class&nbsp;A common stock and warrants,
which we refer to collectively as our securities. Because the components of a unit are separable at the option of the holder, the
holder of a unit generally should be treated, for U.S. federal income tax purposes, as the owner of the underlying Class&nbsp;A
common stock and one-half of one redeemable warrant components of the unit, as the case may be. As a result, the discussion below
with respect to actual holders of Class&nbsp;A common stock and warrants should also apply to holders of units (as the deemed owners
of the underlying Class&nbsp;A common stock and warrants that comprise the units). This discussion applies only to securities that
are held as capital assets for U.S. federal income tax purposes and is applicable only to holders who purchased units in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is a summary only and does not describe all
of the tax consequences that may be relevant to you in light of your particular circumstances, including but not limited to the
alternative minimum tax, the Medicare tax on certain investment income and the different consequences that may apply if you are
subject to special rules&nbsp;that apply to certain types of investors, including but not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>financial institutions or financial services entities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>broker-dealers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>governments or agencies or instrumentalities thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>regulated investment companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>real estate investment trusts;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>expatriates or former long-term residents of the U.S.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons that actually or constructively own five percent or more of our voting shares;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>insurance companies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>dealers or traders subject to a mark-to-market method of accounting with respect to the securities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>persons holding the securities as part of a &ldquo;straddle,&rdquo; hedge, integrated transaction or similar transaction;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>U.S. holders (as defined below) whose functional currency is not the U.S. dollar;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>partnerships or other pass-through entities for U.S. federal income tax purposes and any beneficial owners of such entities;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>tax-exempt entities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If you are a partnership for U.S. federal income tax purposes,
the U.S. federal income tax treatment of your partners will generally depend on the status of the partners and your activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This discussion is based on the Internal Revenue Code of 1986,
as amended (the &ldquo;Code&rdquo;), and administrative pronouncements, judicial decisions and final, temporary and proposed Treasury
regulations as of the date hereof, which are subject to change, possibly on a retroactive basis, and changes to any of which subsequent
to the date of this prospectus may affect the tax consequences described herein. This discussion does not address any aspect of
state, local or non-U.S. taxation, or any U.S. federal taxes other than income taxes (such as gift and estate taxes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have not sought, and will not seek, a ruling from the IRS
as to any U.S. federal income tax consequence described herein. The IRS may disagree with the discussion herein, and its determination
may be upheld by a court. Moreover, there can be no assurance that future legislation, regulations, administrative rulings or court
decisions will not adversely affect the accuracy of the statements in this discussion. You are urged to consult your tax advisor
with respect to the application of U.S. federal tax laws to your particular situation, as well as any tax consequences arising
under the laws of any state, local or foreign jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Personal Holding Company Status</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We could be subject to a second level of U.S. federal
income tax on a portion of our income if we are determined to be a personal holding company, or PHC, for U.S. federal income
tax purposes. A U.S. corporation generally will be classified as a PHC for U.S. federal income tax purposes in a given
taxable year if (i)&nbsp;at any time during the last half of such taxable year, five or fewer individuals (without regard to
their citizenship or residency and including as individuals for this purpose certain entities such as certain tax-exempt
organizations, pension funds and charitable trusts) own or are deemed to own (pursuant to certain constructive ownership
rules) more than 50% of the stock of the corporation by value and (ii)&nbsp;at least 60% of the corporation&rsquo;s adjusted
ordinary gross income, as determined for U.S. federal income tax purposes, for such taxable year consists of PHC income
(which includes, among other things, dividends, interest, certain royalties, annuities and, under certain circumstances,
rents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At least 60% of our adjusted ordinary gross income may consist
of PHC income, depending on the date and size of our initial business combination. In addition, depending on the concentration
of our stock in the hands of individuals, including the members of our sponsor and certain tax-exempt organizations, pension funds
and charitable trusts, more than 50% of our stock may be owned or deemed owned (pursuant to the constructive ownership rules) by
such persons during the last half of a taxable year. Thus, no assurance can be given that we will not be a PHC following this offering
or in the future. If we are or were to become a PHC in a given taxable year, we would be subject to an additional PHC tax, currently
20%, on our undistributed PHC income, which generally includes our taxable income, subject to certain adjustments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Allocation of Purchase Price and Characterization of a Unit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No statutory, administrative or judicial authority
directly addresses the treatment of a unit or instruments similar to a unit for U.S. federal income tax purposes and,
therefore, that treatment is not entirely clear. The acquisition of a unit should be treated for U.S. federal income tax
purposes as the acquisition of one share of our Class&nbsp;A common stock and one-half of one warrant to acquire one share of
our Class&nbsp;A common stock. For U.S. federal income tax purposes, each holder of a unit must allocate the purchase price
paid by such holder for such unit between the one share of Class&nbsp;A common stock and the one-half of one warrant based on
the relative fair market value of each at the time of issuance. Under U.S.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">federal income tax law, each investor must make
his or her own determination of such value based on all the relevant facts and circumstances. Therefore, we strongly urge
each investor to consult his or her tax adviser regarding the determination of value for these purposes. The price allocated
to each share of Class&nbsp;A common stock and the one-half of one warrant should be the stockholder&rsquo;s tax basis in
such share or warrant, as the case may be. Any disposition of a unit should be treated for U.S. federal income tax purposes
as a disposition of the share of Class&nbsp;A common stock and one-half of one warrant comprising the unit, and the amount
realized on the disposition should be allocated between the Class&nbsp;A common stock and the one-half of one warrant based
on their respective relative fair market values (as determined by each such unit holder on all the relevant facts and
circumstances) at the time of disposition. The separation of shares of Class&nbsp;A common stock and warrants comprising
units should not be a taxable event for</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. federal income tax purposes.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing treatment of the shares of Class&nbsp;A common
stock and warrants and a holder&rsquo;s purchase price allocation are not binding on the Internal Revenue Service (&ldquo;IRS&rdquo;)
or the courts. Because there are no authorities that directly address instruments that are similar to the units, no assurance can
be given that the IRS or the courts will agree with the characterization described above or the discussion below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accordingly, each prospective investor is urged to consult its
own tax advisors regarding the tax consequences of an investment in a unit (including alternative characterizations of a unit).
The balance of this discussion assumes that the characterization of the units described above is respected for U.S. federal income
tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This section applies to you if you are a &ldquo;U.S. holder.&rdquo;
A U.S. holder is a beneficial owner of our units, shares of Class&nbsp;A common stock or warrants who or that is, for U.S. federal
income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an individual who is a citizen or resident of the United States;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a corporation (or other entity taxable as a corporation) organized in or under the laws of the United States, any state thereof
or the District of Columbia; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an estate the income of which is includible in gross income for U.S. federal income tax purposes regardless of its source;
or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a trust, if (i)&nbsp;a court within the United States is able to exercise primary supervision over the administration of the
trust and one or more U.S. persons (as defined in the Code) have authority to control all substantial decisions of the trust or
(ii)&nbsp;it has a valid election in effect under Treasury Regulations to be treated as a U.S. person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Distributions</I>. If we pay distributions in
cash or other property (other than certain distributions of our stock or rights to acquire our stock) to U.S. holders of shares
of our Class&nbsp;A common stock, such distributions generally will constitute dividends for U.S. federal income tax purposes
to the extent paid from our current or accumulated earnings and profits, as determined under U.S. federal income tax principles.
Distributions in excess of current and accumulated earnings and profits will constitute a return of capital that will be applied
against and reduce (but not below zero) the U.S. holder&rsquo;s adjusted tax basis in our Class&nbsp;A common stock. Any remaining
excess will be treated as gain realized on the sale or other disposition of the Class&nbsp;A common stock and will be treated
as described under &ldquo;U.S. Holders &mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A
Common Stock and Warrants&rdquo; below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dividends we pay to a U.S. holder that is a taxable corporation
generally will qualify for the dividends received deduction if the requisite holding period is satisfied. With certain exceptions
(including, but not limited to, dividends treated as investment income for purposes of investment interest deduction limitations),
and provided certain holding period requirements are met, dividends we pay to a non-corporate U.S. holder may constitute &ldquo;qualified
dividends&rdquo; that will be subject to tax at the maximum tax rate accorded to long-term capital gains. It is unclear whether
the redemption rights with respect to the Class&nbsp;A common stock described in this prospectus may prevent a U.S. holder from
satisfying the applicable holding period requirements with respect to the dividends received deduction or the preferential tax
rate on qualified dividend income, as the case may be. If the holding period requirements are not satisfied, then a corporation
may not be able to qualify for the dividends received deduction and would have taxable income equal to the entire dividend amount,
and non-corporate holders may be subject to tax on such dividend at regular ordinary income tax rates instead of the preferential
rate that applies to qualified dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class&nbsp;A Common Stock and Warrants. </I>Upon a sale or other taxable disposition of our Class&nbsp;A common stock or warrants
which, in general, would include a redemption of Class&nbsp;A common stock or warrants that is treated as a sale of such securities
as described below, and including as a result of a dissolution and liquidation in the event we do not consummate an initial business
combination within the required time period, a U.S. holder generally will recognize capital gain or loss in an amount equal to
the difference between the amount realized and the U.S. holder&rsquo;s adjusted tax basis in the Class&nbsp;A common stock or warrants.
Any such capital gain or loss generally will be long-term capital gain or loss if the U.S. holder&rsquo;s holding period for the
Class&nbsp;A common stock or warrants so disposed of exceeds one year. It is unclear, however, whether the redemption rights with
respect to the Class&nbsp;A common stock described in this prospectus may suspend the running of the applicable holding period
for this purpose. If the running of the holding period for the Class&nbsp;A common stock is suspended, then non-corporate U.S.
holders may not be able to satisfy the one- year holding period requirement for long-term capital gain treatment, in which case
any gain on a sale or taxable disposition of the shares or warrants would be subject to short-term capital gain treatment and would
be taxed at regular ordinary income tax rates. Long-term capital gains recognized by non-corporate U.S. holders will be eligible
to be taxed at reduced rates. The deductibility of capital losses is subject to limitations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Generally, the amount of gain or loss recognized by a U.S.
holder is an amount equal to the difference between (i)&nbsp;the sum of the amount of cash and the fair market value of any property
received in such disposition (or, if the Class&nbsp;A common stock or warrants are held as part of units at the time of the disposition,
the portion of the amount realized on such disposition that is allocated to the Class&nbsp;A common stock or the warrants based
upon the then fair market values of the Class&nbsp;A common stock and the warrants included in the units) and (ii)&nbsp;the U.S.
holder&rsquo;s adjusted tax basis in its Class&nbsp;A common stock or warrants so disposed of. A U.S. holder&rsquo;s adjusted
tax basis in its Class&nbsp;A common stock or warrants generally will equal the U.S. holder&rsquo;s acquisition cost (that is,
as discussed above, the portion of the purchase price of a unit allocated to a share of Class&nbsp;A common stock or one-half
of one warrant or, as discussed below, the U.S. holder&rsquo;s initial basis for Class&nbsp;A common stock received upon exercise
of warrants) less, in the case of a share of Class&nbsp;A common stock, any prior distributions treated as a return of capital.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemption of Class&nbsp;A Common Stock </I>In the event
that a U.S. holder&rsquo;s Class&nbsp;A common stock is redeemed pursuant to the redemption provisions described in this prospectus
under the section of this prospectus entitled &ldquo;Description of Securities &mdash; Common Stock&rdquo; or if we purchase a
U.S. holder&rsquo;s Class&nbsp;A common stock in an open market transaction, the treatment of the transaction for U.S. federal
income tax purposes will depend on whether the redemption or purchase by us qualifies as a sale of the Class&nbsp;A common stock
under Section&nbsp;302 of the Code. If the redemption or purchase by us qualifies as a sale of common stock, the U.S. holder will
be treated as described under &ldquo;U.S. Holders &mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of
Class&nbsp;A Common Stock and Warrants&rdquo; above. If the redemption or purchase by us does not qualify as a sale of common stock,
the U.S. holder will be treated as receiving a corporate distribution with the tax consequences described above under &ldquo;U.S.
Holders &mdash; Taxation of Distributions&rdquo;. Whether a redemption or purchase by us qualifies for sale treatment will depend
largely on the total number of shares of our stock treated as held by the U.S. holder (including any stock constructively owned
by the U.S. holder as a result of owning warrants) relative to all of our shares outstanding both before and after the redemption
or purchase by us. The redemption or purchase by us of Class&nbsp;A common stock generally will be treated as a sale of the Class&nbsp;A
common stock (rather than as a corporate distribution) if the redemption or purchase by us (i)&nbsp;is &ldquo;substantially disproportionate&rdquo;
with respect to the U.S. holder, (ii)&nbsp;results in a &ldquo;complete termination&rdquo; of the U.S. holder&rsquo;s interest
in us or (iii)&nbsp;is &ldquo;not essentially equivalent to a dividend&rdquo; with respect to the U.S. holder. These tests are
explained more fully below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In determining whether any of the foregoing tests are satisfied,
a U.S. holder takes into account not only stock actually owned by the U.S. holder, but also shares of our stock that are constructively
owned by it. A U.S. holder may constructively own, in addition to stock owned directly, stock owned by certain related individuals
and entities in which the U.S. holder has an interest or that have an interest in such U.S. holder, as well as any stock the U.S.
holder has a right to acquire by exercise of an option, which would generally include Class&nbsp;A common stock which could be
acquired pursuant to the exercise of the warrants. In order to meet the substantially disproportionate test, the percentage of
our outstanding voting stock actually and constructively owned by the U.S. holder immediately following the redemption of Class&nbsp;A
common stock must, among other requirements, be less than 80% of the percentage of our outstanding voting stock actually and constructively
owned by the U.S. holder immediately before the redemption. There will be a complete termination of a U.S. holder&rsquo;s interest
if either (i)&nbsp;all of the shares of our stock actually and constructively owned by the U.S. holder are redeemed or (ii)&nbsp;all
of the shares of our stock actually owned by the U.S. holder are redeemed and the U.S. holder is eligible to waive, and effectively
waives in accordance with specific rules, the attribution of stock owned by certain family members and the U.S. holder does not
constructively own any other shares of our stock. The redemption of the Class&nbsp;A common stock will not be essentially equivalent
to a dividend if a U.S. holder&rsquo;s conversion results in a &ldquo;meaningful reduction&rdquo; of the U.S. holder&rsquo;s proportionate
interest in us. Whether the redemption will result in a meaningful reduction in a U.S. holder&rsquo;s proportionate interest in
us will depend on the particular facts and circumstances. However, the IRS has indicated in a published ruling that even a small
reduction in the proportionate interest of a small minority stockholder in a publicly held corporation who exercises no control
over corporate affairs may constitute such a &ldquo;meaningful reduction.&rdquo; A U.S. holder should consult with its own tax
advisors as to the tax consequences of a redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If none of the foregoing tests is satisfied, then the redemption
will be treated as a corporate distribution and the tax effects will be as described under &ldquo;U.S. Holders &mdash; Taxation
of Distributions,&rdquo; above. After the application of those rules, any remaining tax basis of the U.S. holder in the redeemed
Class&nbsp;A common stock will be added to the U.S. holder&rsquo;s adjusted tax basis in its remaining stock, or, if it has none,
to the U.S. holder&rsquo;s adjusted tax basis in its warrants or possibly in other stock constructively owned by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exercise, Lapse or Redemption of a Warrant. </I>Except as
discussed below with respect to the cashless exercise of a warrant, a U.S. holder generally will not recognize taxable gain or
loss on the acquisition of common stock upon exercise of a warrant for cash. The U.S. holder&rsquo;s tax basis in the share of
our Class&nbsp;A common stock received upon exercise of the warrant generally will be an amount equal to the sum of the U.S. holder&rsquo;s
initial investment in the warrant (i.e., the portion of the U.S. holder&rsquo;s purchase price for units that is allocated to the
warrant, as described above under &ldquo;&mdash; Allocation of Purchase Price and Characterization of a Unit&rdquo;) and the exercise
price. It is unclear whether the U.S. holder&rsquo;s holding period for the Class&nbsp;A common stock received upon exercise of
the warrants will begin on the date following the date of exercise or on the date of exercise of the warrants; in either case,
the holding period will not include the period during which the U.S. holder held the warrants. If a warrant is allowed to lapse
unexercised, a U.S. holder generally will recognize a capital loss equal to such holder&rsquo;s tax basis in the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The tax consequences of a cashless exercise of a warrant are
not clear under current tax law. A cashless exercise may be tax-free, either because the exercise is not a realization event or
because the exercise is treated as a recapitalization for U.S. federal income tax purposes. In either tax-free situation, a U.S.
holder&rsquo;s basis in the Class&nbsp;A common stock received would equal the holder&rsquo;s basis in the warrants exercised therefor.
If the cashless exercise were treated as not being a realization event, it is unclear whether a U.S. holder&rsquo;s holding period
in the Class&nbsp;A common stock would be treated as commencing on the date following the date of exercise or on the date of exercise
of the warrant; in either case, the holding period would not include the period during which the U.S. holder held the warrants.
If the cashless exercise were treated as a recapitalization, the holding period of the Class&nbsp;A common stock would include
the holding period of the warrants exercised therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">It is also possible that a cashless exercise could be treated
in part as a taxable exchange in which gain or loss would be recognized. In such event, a U.S. holder could be deemed to have surrendered
warrants equal to the number of shares of Class&nbsp;A common stock having a value equal to the exercise price for the total number
of warrants to be exercised. The U.S. holder would recognize capital gain or loss in an amount equal to the difference between
the fair market value of the Class&nbsp;A common stock received in respect of the warrants deemed surrendered and the U.S. holder&rsquo;s
tax basis in the warrants deemed surrendered. In this case, a U.S. holder&rsquo;s tax basis in the Class&nbsp;A common stock received
would equal the sum of the fair market value of the Class&nbsp;A common stock received in respect of the warrants deemed surrendered
and the U.S. holder&rsquo;s tax basis in the warrants exercised. It is unclear whether a U.S. holder&rsquo;s holding period for
the Class&nbsp;A common stock would commence on the date following the date of exercise or on the date of exercise of the warrant;
in either case, the holding period would not include the period during which the U.S. holder held the warrant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 the Class&nbsp;A
common stock received, there can be no assurance which, if any, of the alternative tax consequences and holding periods described
above would be adopted by the IRS or a court of law. Accordingly, U.S. holders should consult their tax advisors regarding the
tax consequences of a cashless exercise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If we redeem warrants pursuant to the redemption provisions
described in the section of this prospectus entitled &ldquo;Description of Securities &mdash; Warrants &mdash; Redemption of warrants&rdquo;
or if we purchase warrants in an open market transaction, such redemption or purchase generally will be treated as a taxable disposition
to the U.S. holder, taxed as described above under &ldquo;&mdash; Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition
of Class&nbsp;A Common Stock and Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Possible Constructive Distributions. </I>The terms of each
warrant provide for an adjustment to the number of shares of common stock for which the warrant may be exercised or to the exercise
price of the warrant in certain events, as discussed in the section of this prospectus entitled &ldquo;Description of Securities
 &mdash; Redeemable Warrants &mdash; Public Stockholders&rsquo; Warrants.&rdquo; An adjustment which has the effect of preventing
dilution generally is not taxable. The U.S. holders of the warrants would, however, be treated as receiving a constructive distribution
from us if, for example, the adjustment to the number of such shares or to such exercise price increases the warrantholders&rsquo;
proportionate interest in our assets or earnings and profits (e.g., through an increase in the number of shares of common stock
that would be obtained upon exercise or through a decrease in the exercise price of the warrant) as a result of a distribution
of cash or other property, such as other securities, to the holders of shares of our common stock, or as a result of the issuance
of a stock dividend to holders of shares of our common stock, in each case which is taxable to the holders of such shares as a
distribution. Such constructive distribution would be subject to tax as described under that section in the same manner as if the
U.S. holders of the warrants received a cash distribution from us equal to the fair market value of such increased interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Information Reporting and Backup Withholding. </I>In general,
information reporting requirements may apply to dividends paid to a U.S. holder and to the proceeds of the sale or other disposition
of our units, shares of Class&nbsp;A common stock and warrants, unless the U.S. holder is an exempt recipient. Backup withholding
may apply to such payments if the U.S. holder fails to provide a taxpayer identification number, a certification of exempt status
or has been notified by the IRS that it is subject to backup withholding (and such notification has not been withdrawn).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any amounts withheld under the backup withholding rules&nbsp;will
be allowed as a refund or a credit against a U.S. holder&rsquo;s U.S. federal income tax liability provided the required information
is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Non-U.S. Holders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This section applies to you if you are a &ldquo;Non-U.S. holder.&rdquo;
As used herein, the term &ldquo;<B>Non-U.S. holder</B>&rdquo; means a beneficial owner of our units, Class&nbsp;A common stock
or warrants who or that is for U.S. federal income tax purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a non-resident alien individual (other than certain former citizens and residents of the U.S. subject to U.S. tax as expatriates);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>a foreign corporation or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>an estate or trust that is not a U.S. holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">but generally does not include an individual who is present
in the U.S. for 183 days or more in the taxable year of disposition. If you are such an individual, you should consult your tax
advisor regarding the U.S. federal income tax consequences of the acquisition, ownership or sale or other disposition of our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Taxation of Distributions. </I>In general, any distributions
we make to a Non-U.S. holder of shares of our Class&nbsp;A common stock, to the extent paid out of our current or accumulated earnings
and profits (as determined under U.S. federal income tax principles), will constitute dividends for U.S. federal income tax purposes
and, provided such dividends are not effectively connected with the Non-U.S. holder&rsquo;s conduct of a trade or business within
the United States, we will be required to withhold tax from the gross amount of the dividend at a rate of 30%, unless such Non-U.S.
holder is eligible for a reduced rate of withholding tax under an applicable income tax treaty and provides proper certification
of its eligibility for such reduced rate (usually on an IRS Form&nbsp;W-8BEN or W-8BEN-E). Any distribution not constituting a
dividend will be treated first as reducing (but not below zero) the Non-U.S. holder&rsquo;s adjusted tax basis in its shares of
our Class&nbsp;A common stock and, to the extent such distribution exceeds the Non-U.S. holder&rsquo;s adjusted tax basis, as gain
realized from the sale or other disposition of the Class&nbsp;A common stock, which will be treated as described under &ldquo;Non-U.S.
Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants&rdquo; below.
In addition, if we determine that we are likely to be classified as a &ldquo;U.S. real property holding corporation&rdquo; (see
 &ldquo;<I>Non-U.S. Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp; A Common Stock and
Warrants</I>&rdquo; below), we will withhold 15% of any distribution that exceeds our current and accumulated earnings and profits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The withholding tax does not apply to dividends paid to a Non-U.S.
holder who provides a Form&nbsp;W-8ECI, certifying that the dividends are effectively connected with the Non-U.S. holder&rsquo;s
conduct of a trade or business within the United States. Instead, the effectively connected dividends will be subject to regular
U.S. income tax as if the Non-U.S. holder were a U.S. resident, subject to an applicable income tax treaty providing otherwise.
A Non-U.S. corporation receiving effectively connected dividends may also be subject to an additional &ldquo;branch profits tax&rdquo;
imposed at a rate of 30% (or a lower treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Exercise, Lapse or Redemption of a Warrant. </I>The U.S.
federal income tax treatment of a Non-U.S. holder&rsquo;s exercise of a warrant, or the lapse of a warrant held by a Non-U.S.
holder, generally will correspond to the U.S. federal income tax treatment of the exercise or lapse of a warrant by a U.S. holder,
as described under &ldquo;U.S. holders &mdash; Exercise or Lapse of a Warrant&rdquo; above, although to the extent a cashless
exercise results in a taxable exchange, the consequences would be similar to those described below in &ldquo;Non-U.S. Holders
 &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&rdquo; The U.S.
federal income tax treatment for a Non-U.S. holder of a redemption of warrants for cash described in the section of this prospectus
entitled &ldquo;Description of Securities &mdash; Warrants &mdash; Public Stockholders&rsquo; Warrants &mdash; Redemption of warrants&rdquo;
(or if we purchase warrants in an open market transaction) would be similar to that described below in Non-U.S. Holders &mdash;
Gain or Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and Warrants.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Gain on Sale, Taxable Exchange or Other Taxable Disposition
of Class&nbsp; A Common Stock and Warrants. </I>A Non-U.S. holder generally will not be subject to U.S. federal income or withholding
tax in respect of gain recognized on a sale, taxable exchange or other taxable disposition of our Class&nbsp;A common stock, which
would include a dissolution and liquidation in the event we do not complete an initial business combination within 24 months from
the closing of this offering, or warrants (including an expiration or redemption of our warrants), in each case without regard
to whether those securities were held as part of a unit, unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the gain is effectively connected with the conduct of a trade or business by the Non-U.S. holder within the United States (and,
under certain income tax treaties, is attributable to a United States permanent establishment or fixed base maintained by the Non-U.S.
holder); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>we are or have been a &ldquo;U.S. real property holding corporation&rdquo; for U.S. federal income tax purposes at any time
during the shorter of the five-year period ending on the date of disposition or the period that the Non-U.S. holder held our Class&nbsp;A
common stock, and, in the case where shares of our Class&nbsp;A common stock are regularly traded on an established securities
market, the Non-U.S. holder has owned, directly or constructively, more than 5% of our Class&nbsp;A common stock at any time within
the shorter of the five-year period preceding the disposition or such Non-U.S. holder&rsquo;s holding period for the shares of
our Class&nbsp;A common stock. There can be no assurance that our Class&nbsp;A common stock will be treated as regularly traded
on an established securities market for this purpose.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unless an applicable treaty provides otherwise, gain described
in the first bullet point above will be subject to tax at generally applicable U.S. federal income tax rates as if the Non-U.S.
holder were a U.S. resident. Any gains described in the first bullet point above of a Non-U.S. holder that is a foreign corporation
may also be subject to an additional &ldquo;branch profits tax&rdquo; at a 30% rate (or lower treaty rate).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the second bullet point above applies to a Non-U.S. holder,
gain recognized by such holder on the sale, exchange or other disposition of our Class&nbsp;A common stock or warrants will be
subject to tax at generally applicable U.S. federal income tax rates. In addition, a buyer of our Class&nbsp;A common stock or
warrants from such holder may be required to withhold U.S. federal income tax at a rate of 15% of the amount realized upon such
disposition. We cannot determine whether we will be a &ldquo;United States real property holding corporation&rdquo; in the future
until we complete an initial business combination. We will be classified as a U.S. real property holding corporation if the fair
market value of our &ldquo;United States real property interests&rdquo; equals or exceeds 50 percent of the sum of the fair market
value of our worldwide real property interests plus our other assets used or held for use in a trade or business, as determined
for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Redemption of Class&nbsp;A Common Stock. </I>The characterization
for U.S. federal income tax purposes of the redemption of a Non-U.S. holder&rsquo;s Class&nbsp;A common stock pursuant to the redemption
provisions described in the section of this prospectus entitled &ldquo;Description of Securities &mdash; Common Stock&rdquo; generally
will correspond to the U.S. federal income tax characterization of such a redemption of a U.S. holder&rsquo;s Class&nbsp;A common
stock, as described under &ldquo;U.S. Holders &mdash; Redemption of Class&nbsp;A Common Stock&rdquo; above, and the consequences
of the redemption to the Non-U.S. holder will be as described above under &ldquo;Non-U.S. holders &mdash; Taxation of Distributions&rdquo;
and &ldquo;Non-U.S. Holders &mdash; Gain on Sale, Taxable Exchange or Other Taxable Disposition of Class&nbsp;A Common Stock and
Warrants,&rdquo; as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Possible Constructive Distributions. </I>The terms of each
warrant provide for an adjustment to the number of shares of Class&nbsp;A common stock for which the warrant may be exercised or
to the exercise price of the warrant in certain events, as discussed in the section of this prospectus captioned &ldquo;Description
of Securities &mdash; Warrants &mdash; Public Stockholders&rsquo; Warrants.&rdquo; An adjustment which has the effect of preventing
dilution is generally not a taxable event. Nevertheless, a Non-U.S. holder of warrants would be treated as receiving a constructive
distribution from us if, for example, the adjustment increases the holder&rsquo;s proportionate interest in our assets or earnings
and profits (e.g., through an increase in the number of shares of Class&nbsp;A common stock that would be obtained upon exercise)
as a result of a distribution of cash or other property, such as other securities, to the holders of shares of our Class&nbsp;A
common stock which is taxable to such holders as a distribution. Any constructive distribution received by a Non-U.S. holder would
be subject to U.S. federal income tax (including any applicable withholding) in the same manner as if such Non-U.S. holder received
a cash distribution from us equal to the fair market value of such increased interest without any corresponding receipt of cash.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Information Reporting and Backup Withholding. </I>Information
returns will be filed with the IRS in connection with payments of dividends and the proceeds from a sale or other disposition of
our units, shares of Class&nbsp;A common stock and warrants. A Non-U.S. holder may have to comply with certification procedures
to establish that it is not a United States person in order to avoid information reporting and backup withholding requirements.
The certification procedures required to claim a reduced rate of withholding under a treaty will satisfy the certification requirements
necessary to avoid the backup withholding as well. The amount of any backup withholding from a payment to a Non-U.S. holder will
be allowed as a credit against such holder&rsquo;s U.S. federal income tax liability and may entitle such holder to a refund, <I>provided
that </I>the required information is timely furnished to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>FATCA Withholding Taxes. </I>Provisions commonly referred
to as &ldquo;FATCA&rdquo; impose withholding of 30% on payments of dividends (including constructive dividends) on our Class&nbsp;A
common stock to &ldquo;foreign financial institutions&rdquo; (which is broadly defined for this purpose and in general includes
investment vehicles) and certain other Non-U.S. entities unless various U.S. information reporting and due diligence requirements
(generally relating to ownership by U.S. persons of interests in or accounts with those entities) have been satisfied by, or an
exemption applies to, the payee (typically certified as to by the delivery of a properly completed IRS Form&nbsp;W-8BEN-E). Foreign
financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA
may be subject to different rules. Under certain circumstances, a Non-U.S. holder might be eligible for refunds or credits of such
withholding taxes, and a Non-U.S. holder might be required to file a U.S. federal income tax return to claim such refunds or credits.
Prospective investors should consult their tax advisers regarding the effects of FATCA on their investment in our securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Split-Segment; Name: 14 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_025"></A><B>UNDERWRITING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company and the underwriters named below have entered into
an underwriting agreement with respect to the units being offered. Subject to certain conditions, the underwriters have agreed
to purchase the number of units indicated in the following table.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; border-bottom: Black 1pt solid">Underwriters</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 10pt; border-bottom: Black 1pt solid">Number of Units</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 87%; font-size: 10pt; text-align: left">ThinkEquity, a division of Fordham Financial Management,&nbsp;Inc.&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">Total&#9;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">20,000,000</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters are committed to take and pay for all of the
units being offered, if any are taken, other than the units covered by the option described below unless and until this option
is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company granted to the underwriters an option to purchase,
from time to time, in whole or in part, up to an aggregate additional 3,000,000 units at the public offering price set forth on
the cover page&nbsp;of this prospectus less underwriting discounts and commissions from the company to cover sales by the underwriters
of a greater number of units than the total number set forth in the table above. The underwriters may exercise that option for
45 days.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following table shows the total underwriting discounts and
commissions to be paid to the underwriters by the company. Such amounts are shown assuming both no exercise and full exercise of
the underwriters&rsquo; option to purchase 3,000,000 additional units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 74%; font-size: 10pt">Public offering price&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">10.00</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">$</TD><TD STYLE="width: 10%; font-size: 10pt; text-align: right">200,000,000</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Underwriting commissions<SUP>(1)&#9;</SUP></FONT></TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">0.05</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">1,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt; text-align: left">Proceeds, before expenses, to us&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">9.95</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">$</TD><TD STYLE="font-size: 10pt; text-align: right">199,000,000</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>In addition to the cash compensation set forth herein, we have agreed to issue to the underwriters 100,000 units, or up to
115,000 units if the underwriters&rsquo; over-allotment option is exercised in full, each consisting of one share of common stock
and one- half of one redeemable warrant (the &ldquo;Underwriter Units&rdquo;), in a private placement to be completed concurrently
with the consummation of this offering. Except with respect to certain registration rights and transfer restrictions, the Underwriter
Units will be identical to the public units sold in this offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company estimates expenses payable in connection with this
offering, other than the underwriting discounts and commissions referred to above, will be approximately $1,575,000. The company
has agreed to pay certain out-of-pocket expenses of the underwriters, including (i)&nbsp;background checks up to $10,000 in the
aggregate, (ii)&nbsp;all fees, expenses and disbursements relating to the registration or qualification of such Units under the
 &ldquo;blue sky&rdquo; securities laws of such states and other jurisdictions as ThinkEquity may reasonably designate (including,
without limitation, all filing and registration fees, and the reasonable fees and disbursements of &ldquo;blue sky&rdquo; counsel
up to $5,000, (iii)&nbsp;the $20,000 cost associated with data and communications expenses including the use of Ipreo&rsquo;s book
building, prospectus tracking and compliance software for the Offering, (iv)&nbsp;accountable road show expenses up to $15,000
and (v)&nbsp;fees and expenses of the underwriters&rsquo; legal counsel in an amount not to exceed $90,000. Accountable expenses
for the underwriters will not exceed $135,000 in the aggregate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. After the initial offering of the units,
the representatives may change the offering price and the other selling terms. 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company and its sponsors, officers, and directors have agreed
with the underwriters, subject to certain exceptions, not to, except with the prior written consent of the underwriters, offer,
sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, any units, warrants, shares of Class&nbsp;A common
stock or any other securities convertible into, or exercisable, or exchangeable for, shares of Class&nbsp;A common stock during
the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus; <I>provided</I>,
<I>however</I>, <I>that </I>the company may (1)&nbsp;issue and sell the private placement warrants, (2)&nbsp;issue and sell the
additional units to cover the underwriters&rsquo; over-allotment option (if any), (3)&nbsp;register with the SEC pursuant to an
agreement to be entered into concurrently with the issuance and sale of the securities in this offering, the resale of the founder
shares and the private placement warrants or the warrants and shares of Class&nbsp;A common stock issuable upon exercise of the
warrants and (4)&nbsp;issue securities in connection with a Business Combination. The underwriters in their sole discretion may
release any of the securities subject to these lock-up agreements at any time without notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company&rsquo;s initial stockholders have agreed not to
transfer, assign or sell any of their founder shares until: (i)&nbsp;with respect to 50% of the founder shares, the earlier of
(x)&nbsp;twelve months after the date of the consummation of an initial business combination or (y)&nbsp;the date on which the
closing price of our Class&nbsp;A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after our initial business
combination and (ii)&nbsp;with respect to the remaining 50% of the founder shares, twelve months after the date of the consummation
of our initial business combination; except to certain permitted transferees and under certain circumstances as described herein
under &ldquo;Principal Stockholders &mdash; Transfers of Founder Shares and Private Placement Securities&rdquo;. Any permitted
transferees will be subject to the same restrictions and other agreements of our initial stockholders with respect to any founder
shares. We refer to such transfer restrictions throughout this prospectus as the lock-up. Notwithstanding the foregoing, if we
consummate a transaction after our initial business combination which results in our stockholders having the right to exchange
their shares for cash, securities or other property, the founder shares will be released from the lock-up. Any permitted transferees
will be subject to the same restrictions and other agreements of the company&rsquo;s initial stockholders with respect to any founder
shares. The company refers to such transfer restrictions throughout this prospectus as the lock- up.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The private placement warrants (including the shares of Class&nbsp;A
common stock issuable upon exercise of the private placement warrants and the shares of Class&nbsp;A common stock underlying the
private units) will not be transferable, assignable or salable until 30 days after the completion of the company&rsquo;s initial
business combination (except with respect to permitted transferees as described herein under &ldquo;Principal Stockholders &mdash;
Transfers of Founder Shares and Private Placement Securities&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have agreed to issue to ThinkEquity and/or its designees
100,000 Underwriter Units (or 115,000 Underwriter Units if the underwriters&rsquo; over-allotment option is exercised in full)
upon the consummation of this offering. ThinkEquity has agreed not to transfer, assign or sell any such Underwriter Units until
the completion of our initial business combination. The Underwriter Units are identical to the units sold in this offering except
that the Underwriter Warrants, so long as they are held by the underwriter or its permitted transferees, (i)&nbsp;will not be redeemable
by us, (ii)&nbsp;may not (including the Class&nbsp;A common stock issuable upon exercise of these warrants), subject to certain
limited exceptions, be transferred, assigned or sold by the holders until after the completion of our initial business combination,
(iii)&nbsp;may be exercised by the holders on a cashless basis, (iv)&nbsp;will be entitled to registration rights and (v)&nbsp;for
so long as they are held by the underwriters, will not be exercisable more than five years from the effective date of the registration
statement of which this prospectus forms a part in accordance with FINRA Rule&nbsp;5110(f)(2)(G)(i). If the Underwriter Warrants
are held by holders other than the underwriter or its permitted transferees, the Underwriter Warrants will be redeemable by us
and exercisable by the holders on the same basis as the warrants included in the units being sold in this offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In addition, ThinkEquity has agreed to (i)&nbsp;waive its redemption
rights with respect to its Underwriter Shares in connection with the completion of our initial business combination, (ii)&nbsp;waive
its redemption rights with respect to its Underwriter Shares in connection with a stockholder vote to approve an amendment to our
amended and restated certificate of incorporation (A)&nbsp;to modify the substance or timing of our obligation to redeem 100% of
our public shares if we do not complete our initial business combination within 24 months from the closing of this offering or
(B)&nbsp;with respect to any other provision relating to stockholders&rsquo; rights or pre-initial business combination activity
and (iii)&nbsp;waive its rights to liquidating distributions from the trust account with respect to its Underwriter Shares if we
fail to complete our initial business combination within 24 months from the closing of this offering. The shares have been deemed
compensation by FINRA and are therefore subject to a lock-up for a period of 180 days immediately following the date of the effectiveness
of the registration statement of which this prospectus forms a part pursuant to Rule&nbsp;5110(e)(1)&nbsp;of FINRA&rsquo;s Conduct
Rules. Pursuant to FINRA Rule&nbsp;5110(e)(1), these securities will not be the subject of any hedging, short sale, derivative,
put or call transaction that would result in the economic disposition of the securities by any person for a period of 180 days
immediately following the effective date of the registration statement of which this prospectus forms a part, nor may they be sold,
transferred, assigned, pledged or hypothecated for a period of 180 days immediately following the effective date of the registration
statement of which this prospectus forms a part except to any underwriter and selected dealer participating in the offering and
their bona fide officers or partners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to certain conditions, we granted ThinkEquity for a
period beginning on the closing of this offering and ending on the later of 24 months after the closing of this offering and 12
months after the consummation of our business combination, a right of first refusal to act as (i)&nbsp;exclusive financial advisor
in connection with all of our proposed business combinations for a fee of up to 3.5% of the proceeds of this offering (subject
to our right to allocate up to 50% of such fee to another financial institution or extinguish such amount in our sole discretion),
and (ii)&nbsp;sole investment banker, sole book- runner and/or sole placement agent, at ThinkEquity&rsquo;s sole discretion, for
each and every future public and private equity and debt offering, including all equity linked financings, during such period for
us or any successor to us or any of our subsidiaries, on terms agreed to by both us and ThinkEquity in good faith. In accordance
with FINRA Rule&nbsp;5110(g)(6), such right of first refusal shall not have a duration of more than three years from the effective
date of the registration statement of which this prospectus forms a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Prior to the offering, there has been no public market for the
units. The initial public offering price has been negotiated among the company and the underwriters. The determination of the per
unit offering price was more arbitrary than would typically be the case if the company was an operating company. Among the factors
considered in determining initial public offering price were the history and prospects of companies whose principal business is
the acquisition of other companies, prior offerings of those companies, the company&rsquo;s management, the company&rsquo;s capital
structure, and currently prevailing general conditions in equity securities markets, including current market valuations of publicly
traded companies considered comparable to the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">An application will be made to quote the units, common stock
and warrants on NYSE under the symbol &ldquo;ADF.U&rdquo;, &ldquo;ADF&rdquo; and &ldquo;ADF WS&rdquo;, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The 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 the representatives
have repurchased units sold by or for the account of such underwriter in stabilizing or short covering transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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 company&rsquo;s 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 common stock 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 NYSE in the over-the-counter market or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>European Economic Area</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In relation to each Member State of the European Economic Area
(each a &ldquo;Member State&rdquo;), no units have been offered or will be offered pursuant to the offering to the public in that
Member State prior to the publication of a prospectus in relation to the units which has been approved by the competent authority
in that Member State or, where appropriate, approved in another Member State and notified to the competent authority in that Member
State, all in accordance with the Prospectus Regulation), except that offers of units may be made to the public in that Member
State at any time under the following exemptions under the Prospectus Regulation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
any legal entity which is a qualified investor as defined under the Prospectus Regulation;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">to
fewer than 150 natural or legal persons (other than qualified investors as defined under the Prospectus Regulation), subject to
obtaining the prior consent of the Representatives for any such offer; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">in
any other circumstances falling within Article&nbsp;1(4)&nbsp;of the Prospectus Regulation,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">provided that no such offer of units shall require the company
or any Representative to publish a prospectus pursuant to Article&nbsp;3 of the Prospectus Regulation or supplement a prospectus
pursuant to Article&nbsp;23 of the Prospectus Regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the purposes of this provision, the expression an &ldquo;offer
to the public&rdquo; in relation to any units in any Member State means the communication in any form and by any means of sufficient
information on the terms of the offer and any units to be offered so as to enable an investor to decide to purchase or subscribe
for any units, and the expression &ldquo;Prospectus Regulation&rdquo; means Regulation (EU) 2017/1129.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>United Kingdom</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The underwriters have represented and agreed that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">they
have only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or
inducement to engage in investment activity (within the meaning of Section&nbsp;21 of the Financial Services and Markets Act
2000 (FSMA)) received by it in connection with the issue or sale of the units in circumstances in which Section&nbsp;21
(1)&nbsp;of the F SMA does not apply to the company; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">they
have complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the
units in, from or otherwise involving the United Kingdom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Canada</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities may be sold in Canada only to purchasers
purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106
Prospectus Exemptions or subsection 73.3 (1)&nbsp;of the Securities Act (Ontario), and are permitted clients, as defined in
National Instrument 31-103 Registration Requirements, Exemptions, and Ongoing Registrant Obligations. Any resale of the
securities must be made in accordance with an exemption form, or in a transaction not subject to, the prospectus requirements
of applicable securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities legislation in certain provinces or territories of
Canada may provide a purchaser with remedies for rescission or damages if this offering memorandum (including any amendment thereto)
contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time
limit prescribed by the securities legislation of the purchaser&rsquo;s province or territory. The purchaser should refer to any
applicable provisions of the securities legislation of the purchaser&rsquo;s province or territory of these rights or consult with
a legal advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Hong Kong</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The units may not be offered or sold in Hong Kong by means of
any document other than (i)&nbsp;in circumstances which do not constitute an offer to the public within the meaning of the Companies
(Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) (&ldquo;Companies (Winding Up and Miscellaneous
Provisions) Ordinance&rdquo;) or which do not constitute an invitation to the public within the meaning of the Securities and Futures
Ordinance (Cap. 571 of the Laws of Hong Kong) (&ldquo;Securities and Futures Ordinance&rdquo;), or (ii)&nbsp;to &ldquo;professional
investors&rdquo; as defined in the Securities and Futures Ordinance and any rules&nbsp;made thereunder, or (iii)&nbsp;in other
circumstances which do not result in the document being a &ldquo;prospectus&rdquo; as defined in the Companies (Winding Up and
Miscellaneous Provisions) Ordinance, 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 s n under the
securities 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; in Hong Kong as defined in the Securities and Futures Ordinance and any
rules&nbsp;made thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Singapore</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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, on be made the subject of an invitation for subscription or purchase, whether directly or
indirectly, to persons in Singapore other than (i)&nbsp;to an institutional investor (as defined under Section&nbsp;4A of the
Securities and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;)) under Section&nbsp;274 of the SFA, (ii)&nbsp;to
a relevant person (as defined in Section&nbsp;275(2)&nbsp;of the SFA) pursuant to Section&nbsp;275(l) of the SFA, or any
person pursuant to Section&nbsp;275(1 A) of the SFA, and in accordance with the conditions specified in Section&nbsp;275 of
the SFA or (iii)&nbsp;otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the
SFA, in each case subject to conditions set forth in the SFA.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the units are subscribed or purchased under Section&nbsp;275
of the SFA by a relevant person which is a corporation (which is not an accredited investor (as defined in Section&nbsp;4A of the
SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals,
each of whom is an accredited investor, the securities (as defined in Section&nbsp;239(1)&nbsp;of the SFA) of that corporation
shall not be transferable for 6 months after that corporation has acquired the shares under Section&nbsp;275 of the SFA except:
(1)&nbsp;to an institutional investor under Section&nbsp;274 of the SFA or to a relevant person (as defined in Section&nbsp;275(2)&nbsp;of
the SFA), (2)&nbsp;where such transfer arises from an offer in that corporation&rsquo;s securities pursuant to Section&nbsp;275(1
A) of the SFA, (3)&nbsp;where no consideration is or will be given for the transfer, (4)&nbsp;where the transfer is by operation
of law, (5)&nbsp;as specified in Section&nbsp;276(7)&nbsp;of the SFA, or (6)&nbsp;as specified in Regulation 32 of the Securities
and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore (&ldquo;Regulation 32&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Where the units are subscribed or purchased under
Section&nbsp;275 of the SFA by a relevant person which is a trust (where the trustee is not an accredited investor (as
defined in Section&nbsp;4A of the SFA)) whose sole purpose is to hold investments and each beneficiary of the trust is an
accredited investor, the beneficiaries&rsquo; rights and interest (howsoever described) in that trust shall not be
transferable for 6 months after that trust has acquired the shares under Section&nbsp;275 of the SFA except: (1)&nbsp;to an
institutional investor under Section&nbsp;274 of the SFA or to a relevant person (as defined in Section&nbsp;275(2)&nbsp;of
the SFA), (2)&nbsp;where such transfer arises from an offer that is made on terms that such rights or interest are acquired
at a consideration of not less than S$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), (3)&nbsp;where no consideration is or will be
given for the transfer, (4)&nbsp;where the transfer is by operation of law, (5)&nbsp;as specified in
Section&nbsp;276(7)&nbsp;of the SFA, or (6)&nbsp;as specified in Regulation 32.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Japan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The securities have not been and will not be registered under
the Financial Instruments and Exchange Act of Japan (Act No.&nbsp;25 of 1948, as amended), or the FIEA. The securities may not
be offered or sold, directly or indirectly, in Japan or to or for the benefit of any resident of Japan (including any person resident
in Japan or any corporation or other entity organized under the laws of Japan) or to others for reoffering or resale, directly
or indirectly, in Japan or to or for the benefit of any resident of Japan, except pursuant to an exemption from the registration
requirements of the FIEA and otherwise in compliance with any relevant laws and regulations of Japan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The company has agreed to indemnify the several underwriters
against certain liabilities, including liabilities under the Securities Act of 1933.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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. Certain of the underwriters and their respective affiliates have provided, and may in the future
provide, a variety of these services to the issuer and to persons and entities with relationships with the issuer, for which they
received or will receive customary fees and expenses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_026"></A><B>LEGAL MATTERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loeb&nbsp;&amp; Loeb LLP, New York, New York, is acting as counsel
in connection with the registration of our securities under the Securities Act, and as such, will pass upon the validity of the
securities offered in this prospectus. Certain legal matters in connection with this offering will be passed upon for the underwriters
by Blank Rome LLP, New York, New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_027"></A><B>EXPERTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The balance sheet of Aldel Financial Inc., as of December&nbsp;31,
2020, and the related statements of operations, changes in stockholder&rsquo;s equity and cash flows for the period from December&nbsp;23,
2020 (inception) through December&nbsp;31, 2020 appearing in this prospectus have been audited by Plante&nbsp;&amp; Moran, PLLC,
independent registered public accounting firm, as set forth in their report thereon, appearing elsewhere in this prospectus, and
are included in reliance upon such report given on the authority of such firm as experts in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_028"></A><B>WHERE YOU CAN FIND ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We have filed with the SEC a registration statement on Form&nbsp;S-l
under the Securities Act with respect to the securities we are offering by this prospectus. This prospectus does not contain all
of the information included in the registration statement. For further information about us and our securities, you should refer
to the registration statement and the exhibits and schedules filed with the registration statement. Whenever we make reference
in this prospectus to any of our contracts, agreements or other documents, the references are materially complete but may not include
a description of all aspects of such contracts, agreements or other documents, and you should refer to the exhibits attached to
the registration statement for copies of the actual contract, agreement or other document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Upon closing of this offering, we will be subject to the information
requirements of the Exchange Act and will file annual, quarterly and current event reports, proxy statements and other information
with the SEC. You can read our SEC filings, including the registration statement, over the Internet at the SEC&rsquo;s website
at <I>www.sec.gov</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><A NAME="a_029"></A><B>INDEX TO FINANCIAL
STATEMENTS</B></P>

<!-- Field: Split-Segment; Name: 15 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%"><FONT STYLE="font-size: 10pt"><B>Audited Financial Statements
    of Aldel Financial Inc.:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt"></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x_001"><FONT STYLE="font-size: 10pt">Report of Independent Registered Public
    Accounting Firm</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#x_001"><FONT STYLE="font-size: 10pt">F-2</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x_002"><FONT STYLE="font-size: 10pt">Balance Sheet as of December 31, 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#x_002"><FONT STYLE="font-size: 10pt">F-3</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#x_003"><FONT STYLE="font-size: 10pt">Statement of Operations for the Period
    from December 23, 2020 (inception) through December 31, 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#x_003"><FONT STYLE="font-size: 10pt">F-4</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#x_004"><FONT STYLE="font-size: 10pt">Statement of Changes
    in Stockholder&rsquo;s Equity for the Period from December 23, 2020 (inception) through December 31, 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#x_004"><FONT STYLE="font-size: 10pt">F-5</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#x_005"><FONT STYLE="font-size: 10pt">Statement of Cash Flows
    for the Period from December 23, 2020 (inception) through December 31, 2020</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#x_005"><FONT STYLE="font-size: 10pt">F-6</FONT></A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><A HREF="#a_031"><FONT STYLE="font-size: 10pt">Notes to Financial Statements</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><A HREF="#a_031"><FONT STYLE="font-size: 10pt">F-7</FONT></A></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><A NAME="x_001"></A><B>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To the Stockholders and Board of Directors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Aldel Financial Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Opinion on the Financial Statements</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying balance
sheet of Aldel Financial Inc. (the &ldquo;Company&rdquo;) as of December 31, 2020, the related statements of operations, changes
in stockholders' equity, and cash flows for the period from December 23, 2020 (inception) to December 31, 2020, and the related
notes (collectively referred to as the &ldquo;financial statements&rdquo;). In our opinion, the financial statements referred to
above present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and the results of
its operations and its cash flows for the period from December 23, 2020 (inception) to December 31, 2020, in conformity with accounting
principles generally accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Explanatory Paragraph - Going Concern</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have
been prepared assuming that the Company will continue as a going concern. As more fully described in Note 1 to the financial statements,
the Company&rsquo;s ability to execute its business plan is dependent upon its completion of the proposed initial public offering
described in Note 3 to the financial statements. The Company has a working capital deficit of $56,470 as of December 31, 2020 and
lacks the financial resources needed to sustain operations for a reasonable period of time, which is considered to be one year
from the issuance date of the financial statements. These conditions raise substantial doubt about the Company&rsquo;s ability
to continue as a going concern. The financial statements do not include any adjustments that might become necessary should the
Company be unable to continue as a going concern.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Basis for Opinion</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company's management is responsible
for these financial statements. 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) (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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our audit included performing procedures
to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures
that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable
basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Plante &amp; Moran, PLLC</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">Plante &amp; Moran, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s auditor
since 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chicago, Illinois </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">January 15, 2021</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B><A NAME="x_002"></A>Aldel Financial Inc.</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Balance Sheet</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>December 31, 2020</B></FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">ASSETS</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Current assets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 87%; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Deferred offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total assets</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">LIABILITIES AND STOCKHOLDERS&rsquo; EQUITY</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Current liabilities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accrued offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total liabilities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">56,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Stockholders&rsquo; equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock, $0.0001 par value; 10,000,000 shares authorized; 0 issued and outstanding</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt">Accumulated deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total liabilities and stockholders&rsquo; equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 10pt">The accompanying notes are an integral part of the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="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-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>




<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B><A NAME="x_003"></A>Aldel Financial Inc.<BR>
<BR> <FONT STYLE="font-family: Times New Roman, Times, Serif">Statement of Operations<BR>
For the period from December 23, 2020 (inception) to December 31, 2020</FONT> &nbsp;</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 86%; text-align: left"><FONT STYLE="font-size: 10pt">Formation
    costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right"><FONT STYLE="font-size: 10pt">1,470</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">General and administrative
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">-</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left"><FONT STYLE="font-size: 10pt">Net loss</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">(1,470</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT><P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The accompanying notes are an integral part of the financial statements.</FONT></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>




<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><A NAME="x_004"></A>Aldel
Financial Inc.</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement of Changes in Stockholders&rsquo; Equity</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the period from December 23, 2020 (inception) to December 31, 2020</B></FONT></P>



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Common</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Common</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Additional</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Stock</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Paid-in</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Accumulated</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Stockholders'</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Shares</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Amount</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Capital</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Deficit</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Equity</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Balance at December 23, 2020 (inception)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: left">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">Balance at December 31, 2020</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>




<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><A NAME="x_005"></A><FONT STYLE="font-size: 10pt"><B>Aldel Financial Inc.</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Statement
of Cash Flows</B></FONT></P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the period from December 23, 2020 (inception) to December 31, 2020</B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Cash flows from operating activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; padding-left: 0.125in; width: 86%; text-align: left">Net loss</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: right">(1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left">Adjustments to reconcile net loss to net cash used in operating activities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.25in; text-align: left">Changes in operating assets and liabilities:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.375in; text-align: left; padding-bottom: 1pt">Accounts payable</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,470</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Net cash provided by operating activities</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Net increase in cash</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Cash at beginning of period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">Cash at end of period</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">-</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; 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: 10pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">Supplemental diclosure for non-cash financing activities</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0.125in; text-align: left; padding-bottom: 2.5pt">Accrual of offering costs</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">55,000</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="margin: 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">The accompanying
notes are an integral part of the financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Split-Segment; Name: 17 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_031"></A><B>NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Aldel Financial Inc. (the &ldquo;Company&rdquo;)
is a blank check company incorporated in Delaware on December 23, 2020. The Company was formed for the purpose of merger, share
exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or
more businesses or entities (&ldquo;Business Combination&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Although the Company is not limited to
a particular industry or geographic region for purposes of consummating a Business Combination, the Company intends to focus its
search for a target business that is exiting the restructuring process or that has transient current ownership. Aldel Financial
Inc. will target companies with established operating models that have strong management teams, realigned capital structures, positive
cash flows prospects, and a clear and well-defined pathway for growing profitably over the long-term. The Company is an early stage
and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth
companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2020, the Company had
not yet commenced any operations. All activity through December 31, 2020 relates to the Company&rsquo;s formation and the proposed
initial public offering (&ldquo;Proposed Offering&rdquo;), which is described below. The Company will not generate any operating
revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate nonoperating
income in the form of interest income from the proceeds derived from the Proposed Offering. The Company has selected December 31
as its fiscal year end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s ability to
commence operations is contingent upon obtaining adequate financial resources through i) the Proposed Offering of 20,000,000
units at $10.00 per unit (or 23,000,000 units if the underwriters&rsquo; over-allotment option is exercised in full) (the
 &ldquo;Units&rdquo; and, with respect to the shares of Class A common stock included in the Units being offered, the
 &ldquo;Public Shares&rdquo;) which is discussed in Note 3, ii) the sale of 1,300,000 $15.00 exercise price warrants (the
 &ldquo;$15 Private Warrants&rdquo;) at a price of $0.10 per $15 Private Warrant, and iii) the sale of 400,000 units at $10.00
per unit (the &ldquo;Private Units&rdquo;) in a private placement. The Company will sell 650,000 of the $15 Private Warrants
and all of the 400,000 Private Units to the Company&rsquo;s sponsor, Aldel Investors LLC (the &ldquo;Sponsor&rdquo;), and
remaining 650,000 $15 Private Warrants to FG SPAC Partners LP (&ldquo;FGSP&rdquo;), an affiliate of certain of the
Company&rsquo;s directors, in a private placement that will close simultaneously with the Proposed Offering. Each Private
Unit will consist of one Class A common share and one-half of one non-redeemable warrant (&ldquo;Private Unit
Warrant&rdquo;). Each whole Private Unit Warrant will entitle the holder to purchase one share of common stock at an exercise
price of $11.50 per share. The Company intends to raise the same amount of capital in private placement from the sale of
Private Units and $15 Private Warrants regardless of whether the underwriters exercise over-allotment option or not in the
Proposed Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company intends to list the Units on
the New York Stock Exchange (&ldquo;NYSE&rdquo;). The Company&rsquo;s management has broad discretion with respect to the specific
application of the net proceeds of the Proposed Offering and sale of the $15 Private Warrants and Private Units, although substantially
all of the net proceeds are intended to be applied generally toward consummating a Business Combination. NYSE 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 net assets held in the Trust Account (as defined below) (net of amounts disbursed to management for working capital purposes).
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Upon the closing of the Proposed Offering,
management has agreed that $10.00 per Unit sold in the Proposed Offering 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 185 days or less, or in any open-ended investment company that holds itself out as a money market fund meeting the
conditions of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the consummation
of a Business Combination or (ii) the distribution of the funds in the Trust Account to the Company&rsquo;s shareholders, as described
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will 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. In connection
with a proposed Business Combination, the Company may seek shareholder approval of a Business Combination at a meeting called for
such purpose at which shareholders may seek to redeem their shares, regardless of whether they vote for or against the proposed
Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will proceed with a Business
Combination only if the Company has net tangible assets of at least $5,000,001 upon or immediately prior to 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Company seeks shareholder approval
of a Business Combination and it does not conduct redemptions pursuant to the tender offer rules, the Company&rsquo;s amended and
restated certificate of incorporation will provide that a public shareholder, together with any affiliate of such shareholder or
any other person with whom such shareholder is acting in concert or as a &ldquo;group&rdquo; (as defined under Section 13 of the
Securities Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;)), will be restricted from seeking redemption rights
with respect to 15% or more of the Public Shares without the Company&rsquo;s prior written consent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of Public Shares will be entitled
to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (including any pro rata interest earned
on the funds held in the Trust Account and not previously released to the Company to pay its tax obligations). There will be no
redemption rights upon the completion of a Business Combination with respect to the Company&rsquo;s warrants. A portion of the
Public Shares will be recorded at a redemption value and classified as temporary equity upon the completion of the Proposed Offering,
in accordance with Accounting Standard Codification (&ldquo;ASC&rdquo;) Topic 480 &ldquo;Distinguishing Liabilities from Equity&rdquo;
in order for the Company to maintain net tangible assets of at least $5,000,001.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If 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 certificate of incorporation, 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor, FGSP, officers, directors
and advisors (the &ldquo;Initial Shareholders&rdquo;) have agreed (a) to vote their Founder Shares (as defined in Note 5) as well
as any common shares underlying the Private Units, and any Public Shares purchased during or after the Proposed Offering in favor
of a Business Combination, (b) not to propose an amendment to the Company&rsquo;s amended and restated certificate of incorporation
with respect to the Company&rsquo;s pre-Business Combination activities prior to the consummation of a Business Combination unless
the Company provides dissenting public shareholders with the opportunity to redeem their Public Shares in conjunction with any
such amendment; (c) not to redeem any shares (including the Founder Shares as well as any common shares underlying the Private
Units) into the right to receive cash from the Trust Account in connection with a shareholder vote to approve a Business Combination
(or to sell any shares in a tender offer in connection with a Business Combination if the Company does not seek shareholder approval
in connection therewith) or a vote to amend the provisions of the amended and restated certificate of incorporation relating to
shareholders&rsquo; rights of pre-Business Combination activity and (d) that the Founder Shares, the Private Units and $15 Private
Warrants (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 Offering if the Company fails to complete its
Business Combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will have until 24 months from
the closing of the Proposed Offering to consummate a Business Combination (as such period may be extended pursuant to the amended
and restated certificate of incorporation, the &ldquo;Combination Period&rdquo;). 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 and less interest to pay dissolution expenses up to $100,000), divided by the number of then outstanding
Public Shares, which redemption will completely extinguish public shareholders&rsquo; rights as shareholders (including the right
to receive further liquidation distributions, if any), subject to applicable law, and (iii) 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. There will be no redemption rights or liquidation distribution
with respect to the Company&rsquo;s warrants, which will expire worthless if the Company fails to complete its initial Business
Combination within the Combination period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor has agreed that it will be
liable to the Company, if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a
prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amounts in the
Trust Account to below $10.00 per share, 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
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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Going Concern Consideration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2020, the Company had no
cash and working capital deficit of $56,470. The Company has incurred and expects to continue to incur significant costs in pursuit
of its Proposed Offering and Business Combination plans. These conditions raise substantial doubt about the Company&rsquo;s ability
to continue as a going concern within one year after the date that the financial statements are issued. Management plans to address
this uncertainty through a Proposed Offering as discussed in Note 3, as well as sale of $15 Private Warrants and Private Units
as discussed above. 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. Subsequent to December 31, 2020, the Sponsor has agreed to loan
the Company an aggregate amount of $225,000 and FG SPAC Solutions LLC (&ldquo;FGSS&rdquo;), an affiliate of certain of the
Company&rsquo;s directors, has agreed to loan the Company an aggregate
amount of $25,000 to be used, in part, for transaction costs incurred in connection with the Proposed Offering (the &ldquo;Promissory
Notes&rdquo;). As of December 31, 2020, there was not any balance outstanding under the Promissory Notes (see Note 5). The financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basis of presentation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are
presented in U.S. Dollars and conformity with accounting principles generally accepted in the United States of America (&ldquo;GAAP&rdquo;)
and pursuant to the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Emerging growth company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company is an &ldquo;emerging growth
company,&rdquo; as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012
(the &ldquo;JOBS Act&rdquo;), and it may take advantage of certain exemptions from various reporting requirements that are applicable
to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with
the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive
compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory
vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Further, Section 102(b)(1) of the JOBS
Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private
companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of
securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The
JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply
to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such
extended transition period which means that when a standard is issued or revised and it has different application dates for public
or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies
adopt the new or revised standard. This may make comparison of the Company&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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Use of estimates</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements
in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities
and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues
and expenses during the reporting periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Making estimates requires management to
exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or
set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate,
could change in the near term due to one or more future confirming events. Accordingly, the actual results could differ significantly
from those estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash and cash equivalents</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company considers all short-term investments
with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash or cash
equivalents as of December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Deferred offering costs</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Deferred offering costs consist of underwriting
and legal expenses incurred through the balance sheet date that are directly related to the Proposed Offering and that will be
charged to shareholders equity upon the completion of the Proposed Offering. Should the Proposed Offering prove to be unsuccessful,
these deferred costs, as well as additional expenses incurred, will be charged to operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Income taxes</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company complies with the accounting
and reporting requirements of ASC Topic 740, &ldquo;Income Taxes,&rdquo; which requires an asset and liability approach to financial
accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed for differences between the
financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on
enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation
allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">ASC Topic 740 prescribes a recognition
threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected
to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon
examination by taxing authorities. The Company recognizes accrued interest and penalties related to unrecognized tax benefits,
if any, as income tax expense. There were no unrecognized tax benefits as of December 31, 2020 and no amounts accrued for interest
and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals
or material deviation from its position. The Company is subject to income tax examinations by major taxing authorities since inception.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There was no provision for income taxes
for the period from December 23, 2020 (inception) to December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net loss per share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net loss per share is computed by dividing
net loss by the weighted average number of shares of common stock outstanding during the period, excluding shares of common stock
subject to forfeiture by the Initial Shareholders. Company had no shares outstanding as of December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Fair value of financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The fair value of the Company&rsquo;s assets
and liabilities, which qualify as financial instruments under ASC Topic 820, &ldquo;Fair Value Measurement,&rdquo; approximates
the carrying amounts represented in the accompanying balance sheets, primarily due to their short-term nature. The Company did
not have any financial instruments as of December 31, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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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"><B>Recently issued accounting standard</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management does not believe that any recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company&rsquo;s
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 3. PROPOSED OFFERING</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Pursuant to the Proposed Offering, the
Company will offer for sale up to 20,000,000 Units (or 23,000,000 Units if the underwriters&rsquo; overallotment option is exercised
in full) at a purchase price of $10.00 per Unit. Each Unit will consist of one Class A common share and one-half of one redeemable
warrant (&ldquo;Public Warrant&rdquo;). Each whole Public Warrant will entitle the holder to purchase one share of common stock
at an exercise price of $11.50 per share (see Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 4. PRIVATE PLACEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Sponsor and FGSP have committed to
purchase an aggregate of 1,300,000 $15 Private Warrants at a price of $0.10 per $15 Private Warrant, and 400,000 Private Units
at a price of $10.00 per Private Unit, in each case, from the Company in a private placement that will occur simultaneously with
the closing of the Proposed Offering. The aggregate gross proceeds from the sale of $15 Private Warrants and Private Units will
be $4,130,000. If the Company does not complete a Business Combination within the Combination Period, the $15 Private Warrants
and the Private Unit Warrants will expire worthless. The $15 Private Warrants and the Private Unit Warrants will be non-redeemable
for cash and exercisable on a cashless basis so long as they are held by the Initial Shareholders or the permitted transferees.
Each $15 Private Warrant and the Private Unit Warrant will entitle the holder to purchase one share of common stock at its respective
exercise price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 5. RELATED PARTY TRANSACTIONS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Founder Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 11, 2021, the Company issued
an aggregate of 5,750,000 shares of common stock (the &ldquo;Founder Shares&rdquo;) to the Sponsor and FGSP for an aggregate purchase
price of $25,000 in cash. Sponsor was issued 4,675,000 and FGSP, an affiliate of certain of the
Company&rsquo;s directors, was issued 1,075,000 shares of common stock. On January 15, 2021,
the Sponsor transferred an aggregate of 175,000 Founder Shares to members of the Company's management and board of directors as
well as senior advisor, resulting in the Sponsor holding 4,500,000 Founder Shares. The Founder Shares include an aggregate of up
to 750,000 shares subject to forfeiture by the Sponsor and FGSP to the extent that the underwriters&rsquo; over-allotment is not
exercised in full or in part, so that the Initial Shareholders will collectively own 20% of the Company&rsquo;s issued and outstanding
shares after the Proposed Offering (assuming the Initial Shareholders do not purchase any Public Shares in the Proposed Offering
and excluding the securities underlying the $15 Private Warrants, the Private Units and the Units issued to underwriters).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Initial Shareholders have agreed not
to transfer, assign or sell any of the Founder Shares (except to certain permitted transferees) until, with respect to 50% of the
Founder Shares, the earlier of (i) twelve months after the date of the consummation of a Business Combination, or (ii) the date
on which the closing price of the Company&rsquo;s Class A common stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing
after a Business Combination, with respect to the remaining 50% of the Founder Shares, 12 months after the date of the consummation
of a Business Combination, or earlier, in each case, if, subsequent to a Business Combination, the Company consummates a subsequent
liquidation, merger, stock exchange or other similar transaction which results in all of the Company&rsquo;s shareholders having
the right to exchange their Public Shares for cash, securities or other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Promissory Notes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 11, 2021, the Company issued
unsecured Promissory Notes to the Sponsor and FGSS, an affiliate of certain of the
Company&rsquo;s directors, pursuant to which the Company borrowed principal amounts of $225,000 and $25,000,
respectively. As of December 31, 2020, there was no balance outstanding under the Promissory Notes. The Promissory Notes are noninterest
bearing and payable on the earlier of (i) the consummation of the Proposed Offering or (ii) the date on which the Company determines
not to conduct the Proposed Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Administrative Services Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company agreed to enter into an administrative services
agreement (the &ldquo;Administrative Services Agreement&rdquo;) with the Sponsor whereby the Sponsor will perform certain services
for the Company for a monthly fee of $10,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 6. COMMITMENTS AND CONTINGENCIES
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Registration Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The holders of the Founder Shares, the
Private Units and $15 Private Warrants (and their 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 Offering. The Company will bear the
expenses incurred in connection with the filing of any registration statements pursuant to such registration rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Underwriting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company will grant the underwriters
a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments at the Proposed Offering price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The underwriters will be entitled to a
fixed cash underwriting discount of $1,000,000 regardless of whether the underwriters&rsquo; over-allotment option is exercised
or not. In addition, underwriters will also receive a number of Units equal to 0.5% of the Units sold in the Proposed Offering,
with such Units restricted from sale until the closing of the Business Combination and with no redemption rights from the Trust
Account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 7. STOCKHOLDERS&rsquo; EQUITY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Common
Stock</B></FONT> &ndash; The Company is authorized to issue 10,000,000 shares of common stock, par value $0.0001. There were no
shares of common stock issued and outstanding as of December 31, 2020. The Company will amend and restate its charter prior to
the Proposed Offering to create Class A and Class B common stock. The Founder Shares will be exchanged into shares of Class B common
stock prior to or at the completion of the Proposed Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Warrants
 &mdash;</B></FONT> Public Warrants may only be exercised for a whole number of shares. No fractional shares will be issued upon
exercise of the Public Warrants. Each whole Public Warrant will entitle the holder to purchase one share of Class A common stock
at an exercise price of $11.50 per share, and will become exercisable on the later of 30 days after the completion of the Business
Combination and 12 months from the closing of the Proposed Offering. The Public Warrants will expire on the fifth anniversary of
the completion of the Business Combination, or earlier upon redemption or liquidation. The Company may redeem the Public Warrants
i) at a redemption price of $0.01 per warrant, ii) at any time after the Public Warrants become exercisable, iii) upon a minimum
of 30 days&rsquo; prior written notice of redemption, iv) if, and only if, the last sales price of Company&rsquo;s Class A common
stock equals or exceeds $18.00 per share for any 20 trading days within a 30 trading day period commencing after the date the Public
Warrants become exercisable and ending three business days before Company sends the notice of redemption, and v) if, and only if,
there is a current registration statement in effect with respect to the shares of Class A common stock underlying such Public 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The $15 Private Warrants will entitle the
holder to purchase one common share at an exercise price of $15.00 per each share, will be exercisable for a period of 10 years
from the date of Business Combination, will be non-redeemable, and may be exercised on a cashless basis so long as they continue
to be held by the Initial Shareholders or their permitted transferees. Additionally, $15 Private Warrants and the shares issuable
upon the exercise of the $15 Private Warrants will not be transferable, assignable or salable until after the completion of a Business
Combination, subject to certain limited exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Private Unit Warrants will have terms
similar to the Public Warrants underlying the Units being sold in the Proposed Offering, except that the Private Unit Warrants
will be non-redeemable and may be exercised on a cashless basis so long as they continue to be held by the Initial Shareholders
or their permitted transferees. Additionally, Private Unit Warrants and the shares issuable upon the exercise of the Private Unit
Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain
limited exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The 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 stock dividend,
extraordinary dividend or recapitalization, reorganization, merger or consolidation. However, except as described above, the warrants
will not be adjusted for issuances of common stock at a price below its exercise price. Additionally, in no event will the Company
be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination
Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with
respect to their warrants, nor will they receive any distribution from the Company&rsquo;s assets held outside of the Trust Account
with respect to such warrants. Accordingly, the warrants may expire worthless.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NOTE 8. SUBSEQUENT EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluated subsequent events
and transactions that occurred after the balance sheet date up to January 15, 2021 the date that the financial statements were
issued. On January 11, 2021, the Company borrowed $225,000 pursuant to the Promissory Note issued to the Sponsor and $25,000 pursuant
to the Promissory Note issued to FGSS, as discussed above. On January 11, 2021, the Company issued an aggregate of 5,750,000 shares
of common stock as Founder Shares to Sponsor and FGSP, as discussed above. On January 15, 2021, the Sponsor transferred an aggregate
of 175,000 Founder Shares to members of the Company's management and board of directors as well as senior advisor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt; background-color: white"><B>20,000,000
Units</B></FONT></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white"><B>ALDEL
FINANCIAL INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white"><B>&nbsp;</B></FONT><B><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 1pt solid; width: 100%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PRELIMINARY&nbsp;PROSPECTUS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt; background-color: white"><B>ThinkEquity</B></FONT><B><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>a
division of Fordham Financial Management,&nbsp;Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;,
2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; background-color: white"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Through and including &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,
2021 (the 25<SUP>th</SUP> day after the date of this offering), all dealers effecting transactions in these securities, whether
or not participating in this offering, may be required to deliver a prospectus. This is in addition to a dealer&rsquo;s obligation
to deliver a prospectus when acting as an underwriter and with respect to an unsold allotment or subscription.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 217 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Split-Segment; Name: 15 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PART&nbsp;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>INFORMATION NOT REQUIRED IN PROSPECTUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 13. Other Expenses of Issuance and Distribution.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The estimated expenses payable by us in connection with the
offering described in this registration statement (other than the underwriting discount and commissions) will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 86%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SEC expenses</FONT></TD><TD STYLE="width: 2%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">25,093</FONT></TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">FINRA expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">39,907</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Accounting fees and expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Printing and engraving
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">30,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Travel and road show
    expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">25,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Legal fees and expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">295,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">NYSE listing and filing
    fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">85,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Director&nbsp;&amp; Officers
    liability insurance premiums</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,000,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Miscellaneous</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">1,575,000</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 14. Indemnification of Directors and Officers.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our amended and restated certificate of incorporation will provide
that all of our directors, officers, employees and agents shall be entitled to be indemnified by us to the fullest extent permitted
by Section&nbsp;145 of the Delaware General Corporation Law (&ldquo;DGCL&rdquo;). Section&nbsp;145 of the Delaware General Corporation
Law concerning indemnification of officers, directors, employees and agents is set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Section&nbsp;145. Indemnification of officers, directors, employees
and agents; insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(a)&nbsp;A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding,
whether civil, criminal, administrative or investigative (other than an action by or in the right of the corporation) by reason
of the fact that the person is or was a director, officer, employee or agent of the corporation, or is or was serving at the request
of the corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other
enterprise, against expenses (including attorneys&rsquo; fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by the person in connection with such action, suit or proceeding if the person acted in good faith and in a manner the
person reasonably believed to be in or not opposed to the best interests of the corporation, and, with respect to any criminal
action or proceeding, had no reasonable cause to believe the person&rsquo;s conduct was unlawful. The termination of any action,
suit or proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not,
of itself, create a presumption that the person did not act in good faith and in a manner which the person reasonably believed
to be in or not opposed to the best interests of the corporation, and, with respect to any criminal action or proceeding, had reasonable
cause to believe that the person&rsquo;s conduct was unlawful.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">(b)&nbsp;A corporation shall have power to indemnify
any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit by
or in the right of the corporation to procure a judgment in its favor by reason of the fact that the person is or was a director,
officer, employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee
or agent of another corporation, partnership, joint venture, trust or other enterprise against expenses (including attorneys&rsquo;
fees) actually and reasonably incurred by the person in connection with the defense or settlement of such action or suit if the
person acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the
corporation and except that no indemnification shall be made in respect of any claim, issue or matter as to which such person shall
have been adjudged to be liable to the corporation unless and only to the extent that the Court of Chancery or the court in which
such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to indemnity for such expenses which the Court of
Chancery or such other court shall deem proper.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>To the extent that a present or former director or officer of a corporation has been successful on the merits or otherwise
in defense of any action, suit or proceeding referred to in subsections (a)&nbsp;and (b)&nbsp;of this section, or in defense of
any claim, issue or matter therein, such person shall be indemnified against expenses (including attorneys&rsquo; fees) actually
and reasonably incurred by such person in connection therewith.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Any indemnification under subsections (a)&nbsp;and (b)&nbsp;of this section (unless ordered by a court) shall be made by the
corporation only as authorized in the specific case upon a determination that indemnification of the present or former director,
officer, employee or agent is proper in the circumstances because the person has met the applicable standard of conduct set forth
in subsections (a)&nbsp;and (b)&nbsp;of this section. Such determination shall be made, with respect to a person who is a director
or officer at the time of such determination, (1)&nbsp;by a majority vote of the directors who are not parties to such action,
suit or proceeding, even though less than a quorum, or (2)&nbsp;by a committee of such directors designated by majority vote of
such directors, even though less than a quorum, or (3)&nbsp;if there are no such directors, or if such directors so direct, by
independent legal counsel in a written opinion, or (4)&nbsp;by the stockholders.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>Expenses (including attorneys&rsquo; fees) incurred by an officer or director in defending any civil, criminal, administrative
or investigative action, suit or proceeding may be paid by the corporation in advance of the final disposition of such action,
suit or proceeding upon receipt of an undertaking by or on behalf of such director or officer to repay such amount if it shall
ultimately be determined that such person is not entitled to be indemnified by the corporation as authorized in this section. Such
expenses (including attorneys&rsquo; fees) incurred by former officers and directors or other employees and agents may be so paid
upon such terms and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>The indemnification and advancement of expenses provided by, or granted pursuant to, the other subsections of this section
shall not be deemed exclusive of any other rights to which those seeking indemnification or advancement of expenses may be entitled
under any bylaw, agreement, vote of stockholders or disinterested directors or otherwise, both as to action in such person&rsquo;s
official capacity and as to action in another capacity while holding such office. A right to indemnification or to advancement
of expenses arising under a provision of the certificate of incorporation or a bylaw shall not be eliminated or impaired by an
amendment to such provision after the occurrence of the act or omission that is the subject of the civil, criminal, administrative
or investigative action, suit or proceeding for which indemnification or advancement of expenses is sought, unless the provision
in effect at the time of such act or omission explicitly authorizes such elimination or impairment after such action or omission
has occurred.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(e)</TD><TD>A corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer,
employee or agent of the corporation, or is or was serving at the request of the corporation as a director, officer, employee or
agent of another corporation, partnership, joint venture, trust or other enterprise against any liability asserted against such
person and incurred by such person in any such capacity, or arising out of such person&rsquo;s status as such, whether or not the
corporation would have the power to indemnify such person against such liability under this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(f)</TD><TD>For purposes of this section, references to &ldquo;the corporation&rdquo; shall include, in addition to the resulting corporation,
any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, and employees or agents, so that
any person who is or was a director, officer, employee or agent of such constituent corporation, or is or was serving at the request
of such constituent corporation as a director, officer, employee or agent of another corporation, partnership joint venture, trust
or other enterprise, shall stand in the same position under this section with respect to the resulting or surviving corporation
as such person would have with respect to such constituent corporation if its separate existence had continued.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(g)</TD><TD>For purposes of this section, references to &ldquo;other enterprises&rdquo; shall include employee benefit plans; references
to &ldquo;fines&rdquo; shall include any excise taxes assessed on a person with respect to any employee benefit plan; and references
to &ldquo;serving at the request of the corporation&rdquo; shall include any service as a director, officer, employee or agent
of the corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to
an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner such person reasonably
believed to be in the interest of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted
in a manner &ldquo;not opposed to the best interests of the corporation&rdquo; as referred to in this section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(h)</TD><TD>The indemnification and advancement of expenses provided by, or granted pursuant to, this section shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be a director, officer, employee or agent and shall inure
to the benefit of the heirs, executors and administrators of such a person.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>The Court of Chancery is hereby vested with exclusive jurisdiction to hear and determine all actions for advancement of expenses
or indemnification brought under this section or under any by law, agreement, vote of stockholders or disinterested directors,
or otherwise. The Court of Chancery may summarily determine a corporation&rsquo;s obligation to advance expenses (including attorneys&rsquo;
fees).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to our directors, officers, and controlling persons pursuant to the foregoing provisions, or otherwise,
we have been advised that, in the opinion of the SEC, such indemnification is against public policy as expressed in the Securities
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
of expenses incurred or paid by a director, officer or controlling person in a successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, we will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to the court of appropriate jurisdiction
the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed
by the final adjudication of such issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In accordance with Section&nbsp;102(b)(7)&nbsp;of the DGCL,
our amended and restated certificate of incorporation, will provide that no director shall be personally liable to us or any of
our stockholders for monetary damages resulting from breaches of their fiduciary duty as directors, except to the extent such limitation
on or exemption from liability is not permitted under the DGCL. The effect of this provision of our amended and restated certificate
of incorporation is to eliminate our rights and those of our stockholders (through stockholders&rsquo; derivative suits on our
behalf) to recover monetary damages against a director for breach of the fiduciary duty of care as a director, including breaches
resulting from negligent or grossly negligent behavior, except, as restricted by Section&nbsp;102(b)&nbsp;(7)&nbsp;of the DGCL.
However, this provision does not limit or eliminate our rights or the rights of any stockholder to seek non-monetary relief, such
as an injunction or rescission, in the event of a breach of a director&rsquo;s duty of care.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the DGCL is amended to authorize corporate action further
eliminating or limiting the liability of directors, then, in accordance with our amended and restated certificate of incorporation,
the liability of our directors to us or our stockholders will be eliminated or limited to the fullest extent authorized by the
DGCL, as so amended. Any repeal or amendment of provisions of our amended and restated certificate of incorporation limiting or
eliminating the liability of directors, whether by our stockholders or by changes in law, or the adoption of any other provisions
inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such amendment or change
in law permits us to further limit or eliminate the liability of directors on a retroactive basis. Our amended and restated certificate
of incorporation will also provide that we will, to the fullest extent authorized or permitted by applicable law, indemnify our
current and former officers and directors, as well as those persons who, while directors or officers of our corporation, are or
were serving as directors, officers, employees or agents of another entity, trust or other enterprise, including service with respect
to an employee benefit plan, in connection with any threatened, pending or completed proceeding, whether civil, criminal, administrative
or investigative, against all expense, liability and loss (including, without limitation, attorney&rsquo;s fees, judgments, fines,
ERISA excise taxes and penalties and amounts paid in settlement) reasonably incurred or suffered by any such person in connection
with any such proceeding. Notwithstanding the foregoing, a person eligible for indemnification pursuant to our amended and restated
certificate of incorporation will be indemnified by us in connection with a proceeding initiated by such person only if such proceeding
was authorized by our board of directors, except for proceedings to enforce rights to indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The right to indemnification which will be conferred by our
amended and restated certificate of incorporation is a contract right that includes the right to be paid by us the expenses incurred
in defending or otherwise participating in any proceeding referenced above in advance of its final disposition, <I>provided, however,
that</I> if the DGCL requires, an advancement of expenses incurred by our officer or director (solely in the capacity as an officer
or director of our corporation) will be made only upon delivery to us of an undertaking, by or on behalf of such officer or director,
to repay all amounts so advanced if it is ultimately determined that such person is not entitled to be indemnified for such expenses
under our amended and restated certificate of incorporation or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rights to indemnification and advancement of expenses will
not be deemed exclusive of any other rights which any person covered by our amended and restated certificate of incorporation may
have or hereafter acquire under law, our amended and restated certificate of incorporation, our bylaws, an agreement, vote of stockholders
or disinterested directors, or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any repeal or amendment of provisions of our amended and restated
certificate of incorporation affecting indemnification rights, whether by our stockholders or by changes in law, or the adoption
of any other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent
such amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any
way diminish or adversely affect any right or protection existing at the time of such repeal or amendment or adoption of such inconsistent
provision with respect to any act or omission occurring prior to such repeal or amendment or adoption of such inconsistent provision.
Our amended and restated certificate of incorporation will also permit us, to the extent and in the manner authorized or permitted
by law, to indemnify and to advance expenses to persons other that those specifically covered by our amended and restated certificate
of incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our bylaws, which we intend to adopt immediately prior to the
closing of this offering, include the provisions relating to advancement of expenses and indemnification rights consistent with
those which will be set forth in our amended and restated certificate of incorporation. In addition, our bylaws provide for a right
of indemnity to bring a suit in the event a claim for indemnification or advancement of expenses is not paid in full by us within
a specified period of time. Our bylaws also permit us to purchase and maintain insurance, at our expense, to protect us and/or
any director, officer, employee or agent of our corporation or another entity, trust or other enterprise against any expense, liability
or loss, whether or not we would have the power to indemnify such person against such expense, liability or loss under the DGCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any repeal or amendment of provisions of our bylaws affecting
indemnification rights, whether by our board of directors, stockholders or by changes in applicable law, or the adoption of any
other provisions inconsistent therewith, will (unless otherwise required by law) be prospective only, except to the extent such
amendment or change in law permits us to provide broader indemnification rights on a retroactive basis, and will not in any way
diminish or adversely affect any right or protection existing thereunder with respect to any act or omission occurring prior to
such repeal or amendment or adoption of such inconsistent provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We will enter into indemnification agreements with each of our
officers and directors a form of which is to be filed as an exhibit to this Registration Statement. These agreements will require
us to indemnify these individuals to the fullest extent permitted under Delaware law against liabilities that may arise by reason
of their service to us, and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the Underwriting Agreement to be filed as Exhibit&nbsp;1.1
to this Registration Statement, we have agreed to indemnify the underwriters and the underwriters have agreed to indemnify us against
certain civil liabilities that may be incurred in connection with this offering, including certain liabilities under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 15. Recent Sales of Unregistered Securities.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On January&nbsp;11, 2021, our sponsor paid $20,326.09 and FG
SPAC Partners LP, an affiliate of certain of our directors, paid $4,673.91 to cover certain of our offering costs in exchange for 4,675,000 and 1,075,000 founder shares,
respectively, or approximately $0.004 per share. On January&nbsp;15, 2021, our sponsor transferred an aggregate of 175,000 founder
shares to members of our management and our board of directors, resulting in our sponsor holding 4,500,000 founder shares. Such
securities were issued in connection with our organization pursuant to the exemption from registration contained in Section&nbsp;4(a)(2)&nbsp;of
the Securities Act. The number of founder shares outstanding was determined based on the expectation that the total size of this
offering would be a maximum of 23,000,000 units if the underwriters&rsquo; over-allotment option is exercised in full and therefore
that such founder shares would represent 20% of the outstanding shares after this offering (excluding the shares of Class&nbsp;A
common stock underlying the Underwriter Units, the private shares, the shares of Class&nbsp;A common stock issuable pursuant to
the forward purchase agreement and the shares of Class&nbsp;A common stock issuable upon conversion of any working capital loans).
Up to 750,000 of these shares will be forfeited depending on the extent to which the underwriters&rsquo; over-allotment is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Each of Robert I. Kauffman and Hassan R. Baqar are managers
of our sponsor. Our sponsor is an accredited investor for purposes of Rule&nbsp;501 of Regulation D. Each of the equity holders
in our sponsor is an accredited investor under Rule&nbsp;501 of Regulation D. The sole business of our sponsor is to act as the
company&rsquo;s sponsor in connection with this offering. The limited liability company agreement of our sponsor provides that
its membership interests may only be transferred to our officers or directors or other persons affiliated with our sponsor, or
in connection with estate planning transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our sponsor and FG SPAC Partners LP (and/or their
designees) have committed, pursuant to written agreements, to purchase an aggregate of 1,300,000 OTM Warrants at $0.10 per
warrant to be sold in in a private placement occurring simultaneously with the closing of this offering (for an aggregate
purchase price of $130,000). In addition, our sponsor (and/or its designees) has committed, pursuant to a written agreement,
to purchase an aggregate of 400,000 units, each unit consisting of one share of Class&nbsp;A common stock and one-half of one
non-redeemable warrant. These purchases will take place on a private placement basis simultaneously with the completion of
our initial public offering. This issuance will be made pursuant to the exemption from registration contained in
Section&nbsp;4(a)(2)&nbsp;of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No underwriting discounts or commissions were or will be paid
with respect to such sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 16. Exhibits and Financial Statement Schedules.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><I>Exhibits.</I> The following exhibits are being filed herewith:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD><I>Financial Statements.</I> See page&nbsp;F-1 for an index to the financial statements and schedules included in the registration
statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT&nbsp;INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 7%; padding-bottom: 0"><FONT STYLE="font-size: 10pt"><B>Exhibit</B><BR>
    <B>No.</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top; width: 1%; padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom; width: 92%; padding-bottom: 0; text-align: center"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">1.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Underwriting Agreement.*</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Certificate
    of Incorporation.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Amended
    and Restated Certificate of Incorporation.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">3.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex3-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Bylaws.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen
    Unit Certificate.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen
    Class&nbsp;A Common Stock Certificate.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">4.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Specimen
    Warrant Certificate.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex4-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">4.4</FONT> </A></TD>
    <TD STYLE="padding-bottom: 0"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex4-4.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Warrant Agreement
    between Continental Stock Transfer&nbsp;&amp; Trust Company and Registrant*</FONT> </A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">5.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Opinion
    of Loeb&nbsp;&amp; Loeb LLP.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Letter Agreement among the Registrant, Aldel Investors LLC and each of the executive officers and directors of the Registrant.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Investment Management Trust Agreement between Continental Stock Transfer&nbsp;&amp; Trust Company and the Registrant.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Registration Rights Agreement among the Registrant. Aldel Investors LLC. ThinkEauitv. a division of Fordham Financial Management.
    Inc., and the Holders signatorv thereto.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.4</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    OTM Warrants Purchase Agreement between the Registrant and Aldel Investors LLC.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.5</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Private Placement Units Purchase Agreement between the Registrant and Aldel Investors LLC.*</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.6</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Indemnity Agreement.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.7</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Promissory
    Note issued to Aldel Investors LLC.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.8</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-8.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Promissory
    Note issued to FG SPAC Solutions LLC.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex10-9.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">10.9</FONT> </A></TD>
    <TD STYLE="padding-bottom: 0"> &nbsp; </TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921029339/tm213277d4_ex10-9.htm" STYLE="-sec-extract: exhibit"> <FONT STYLE="font-size: 10pt">Form&nbsp;of Forward Purchase
    Agreement by and between the Registrant and Aldel Capital LLC.*</FONT> </A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.10</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-10.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Securities
    Subscription Agreement between the Registrant and Aldel Investors LLC.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.11</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-11.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Securities
    Subscription Agreement between the Registrant and FG SPAC Partners LP.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">10.12</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex10-12.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Administrative Services Agreement between the Registrant and Aldel Investors LLC.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">14</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex14.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Code of Business Conduct and Ethics.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="tm213277d6_ex23-1.htm"><FONT STYLE="font-size: 10pt">23.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="tm213277d6_ex23-1.htm"><FONT STYLE="font-size: 10pt">Consent
    of Plante&nbsp;&amp; Moran, PLLC.</FONT></A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">23.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex5-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Loeb&nbsp;&amp; Loeb LLP ( included on Exhibit&nbsp;5.1).</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277-2_s1.htm#a_030"><FONT STYLE="font-size: 10pt">24</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277-2_s1.htm#a_030"><FONT STYLE="font-size: 10pt">Power
    of Attorney (included on signature page&nbsp;of this Registration Statement).</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.1</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Audit Committee Charter.</FONT>*</A></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.2</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Compensation Committee Charter.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.3</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Nominating&nbsp;&amp; Corporate Governance Committee Charter.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.4</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Martin S. Friedman.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.5</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Mark H. Love. </FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.6</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of D. Kyle Cerminara.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">99.7</FONT></A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-7.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-size: 10pt">Consent
    of Charles E. Nearburg.</FONT>*</A></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-bottom: 0; text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-8.htm" STYLE="-sec-extract: exhibit">99.8</A></TD>
    <TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="padding-bottom: 0"><A HREF="https://www.sec.gov/Archives/edgar/data/1840776/000110465921024395/tm213277d2_ex99-8.htm" STYLE="-sec-extract: exhibit">Consent
    of Robert I. Kauffman.*</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0pt 0">* Previously filed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 17. Undertakings.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The undersigned registrant hereby undertakes to provide to the underwriters at the closing specified in the underwriting agreements,
certificates in such denominations and registered in such names as required by the underwriters to permit prompt delivery to each
purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers
and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that
in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful
defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities
being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent,
submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Act and will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>The undersigned registrant hereby undertakes that:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>For purposes of determining any liability under the Securities Act of 1933, the information omitted from the form of prospectus
filed as part of this registration statement in reliance upon Rule&nbsp;430A and contained in a form of prospectus filed by the
registrant pursuant to Rule&nbsp;424(b)(1)&nbsp;or (4)&nbsp;or 497(h)&nbsp;under the Securities Act shall be deemed to be part
of this registration statement as of the time it was declared effective.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>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 <I>bona fide</I> offering thereof.</TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> 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 the City of Itasca, State of Illinois, on the 3rd day of &nbsp;March, 2021. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>Aldel Financial Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 50%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;/s/ Robert I.
    Kauffman</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Robert I. Kauffman</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Chairman and Chief Executive Officer</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 35%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Name</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 42%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Position</B></FONT> </TD>
    <TD STYLE="white-space: nowrap; width: 1%; padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="width: 21%; border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt"><B>Date</B></FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Robert I Kauffman&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Chairman and Chief Executive Officer</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">March 3, 2021</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Robert I. Kauffman</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>(Principal Executive Officer)</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; text-align: center"> <FONT STYLE="font-size: 10pt">/s/ Hassan Baqar&nbsp;</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>Chief Financial Officer</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">March 3, 2021</FONT> </TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt">Hassan R. Baqar</FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> <FONT STYLE="font-size: 10pt"><I>(Principal Financial and Accounting Officer)</I></FONT> </TD>
    <TD STYLE="white-space: nowrap; text-align: center"> &nbsp; </TD>
    <TD STYLE="text-align: center"> &nbsp; </TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>tm213277d6_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Consent of Independent Registered Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the inclusion in this Registration
Statement of Aldel Financial Inc. on Form S-1 of our report dated January 15, 2021, which includes an explanatory paragraph as
to the Company&rsquo;s ability to continue as a going concern, with respect to our audit of the financial statements of Aldel Financial
Inc. as of December 31, 2020 and for the period from December 23, 2020 (inception) to December 31, 2020, which report appears in
the Prospectus, which is part of the Registration Statement. We also consent to the reference to our Firm under the heading &ldquo;Experts&rdquo;
in such Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Plante &amp; Moran, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Plante &amp; Moran, PLLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Chicago, Illinois</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> March 3, 2021 </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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