<SEC-DOCUMENT>0001615774-16-007186.txt : 20160915
<SEC-HEADER>0001615774-16-007186.hdr.sgml : 20160915
<ACCEPTANCE-DATETIME>20160914190930
ACCESSION NUMBER:		0001615774-16-007186
CONFORMED SUBMISSION TYPE:	424B4
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20160915
DATE AS OF CHANGE:		20160914

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			M I Acquisitions, Inc.
		CENTRAL INDEX KEY:			0001653558
		STANDARD INDUSTRIAL CLASSIFICATION:	BLANK CHECKS [6770]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		424B4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-212675
		FILM NUMBER:		161886049

	BUSINESS ADDRESS:	
		STREET 1:		C/O MAGNA MANAGEMENT LLC
		STREET 2:		5 HANOVER SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		347-491-4240

	MAIL ADDRESS:	
		STREET 1:		C/O MAGNA MANAGEMENT LLC
		STREET 2:		5 HANOVER SQUARE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B4
<SEQUENCE>1
<FILENAME>s104120_424b4.htm
<DESCRIPTION>424B4
<TEXT>
<HTML>
<HEAD>


<TITLE></TITLE>
</HEAD>
<BODY LANG="EN-US" STYLE=
"text-justify-trim: punctuation; margin: 0 auto; padding: 10pt;">

<DIV CLASS="WordSection1" STYLE=
"width: 600px; margin: 0 auto; page: WordSection1;">&nbsp;&nbsp;&nbsp;<P CLASS="Textflush" STYLE="font: 10pt/12pt TimesNewRomanPSStd-Regular; margin: 0in 0in 0pt; text-align: right; mso-style-name: Text_flush; text-justify: inter-ideograph; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 9pt"><B>Filed
                                         Pursuant to Rule 424(b)(4)</B></FONT><BR>
                                         <FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 9pt"><B>Registration No.
                                         333-212675</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>$50,000,000</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>M
I Acquisitions, Inc.</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 0in; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>5,000,000
Units</B></FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 5.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">M
I Acquisitions, Inc. is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition,
stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Our efforts to identify a target business will not be limited to a particular industry or geographic region, although we intend
to focus our efforts on seeking a business combination with a company or companies operating in the technology, media and telecommunications
industries.&nbsp;</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">This
is an initial public offering of our securities. Each unit that we are offering has a price of $10.00 and consists of one share
of common stock and one warrant. Each warrant entitles the holder thereof to purchase one share of our common stock. The warrants
are exercisable at a price of $11.50 per share of common stock, subject to adjustment as described in this prospectus. 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 after the completion of our initial business combination or earlier upon
redemption or liquidation, as described in this prospectus. We refer to the warrants included in the units as &ldquo;warrants&rdquo;
or the &ldquo;public warrants.&rdquo; If we are unable to consummate a business combination within 18 months from the closing
of this offering, or up to 21 months from the closing of this offering if we extend the period of time to consummate a business
combination, as described in more detail in this prospectus, we will redeem 100% of the public shares using the funds in the trust
account described below. In such event, the public warrants will expire and be worthless. We have also granted Chardan Capital
Markets, LLC, the representative of the underwriters, a 45-day option to purchase up to 750,000 units (over and above the 5,000,000
units referred to above) solely to cover over-allotments, if any.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">Our
insiders (and/or their designees) have committed to purchase from us an aggregate of 402,500 units, or &ldquo;private units,&rdquo;
at $10.00 per unit, (for a total purchase price of $4,025,000). These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. Our insiders have also agreed that if the over-allotment option is exercised by the underwriters
in full or in part, they or their designee will purchase from us at a price of $10.00 per unit the number of private units (up
to a maximum of 45,000 private units) that is necessary to maintain in the trust account described below an amount equal to $10.30
per share of common stock sold to the public in this offering. These additional private units will be purchased in a private placement
that will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment option. All of the
proceeds we receive from these purchases will be placed in the trust account.</FONT></P>
<P CLASS="Textflush" STYLE="margin: 4.5pt 0in 0pt; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 8pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: Black">There
is presently no public market for our units, shares of common stock or warrants. Our units have been listed on the Nasdaq Capital
Market, or Nasdaq, under the symbol &ldquo;MACQU&rdquo;. The common stock and warrants comprising the units will begin separate
trading on the 90<SUP>th</SUP> day following the date of this prospectus unless Chardan Capital Markets, LLC informs us of its
decision to allow separate earlier trading, subject to our filing a Report on Form 8-K with the Securities and Exchange Commission
containing an audited balance sheet reflecting our receipt of the gross proceeds of this offering and issuing a press release
announcing when such separate trading will begin. Once the securities comprising the units begin separate trading as described
in this prospectus, the common stock and warrants will be traded on Nasdaq under the symbols &ldquo;MACQ&rdquo; and &ldquo;MACQW,&rdquo;
respectively. We cannot assure you that our securities will continue to be listed on Nasdaq after this offering.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">We
qualify as an &ldquo;emerging growth company&rdquo; as defined in the Jumpstart Our Business Startups Act of 2012, and therefore
will be subject to reduced reporting requirements.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.5pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt"><B>Investing
in our securities involves a high degree of risk. See &ldquo;Risks Factors&rdquo; beginning on page 20 for a discussion of information
that should be considered in connection with an investment in our securities. Investors will not be entitled to protections normally
afforded to investors in Rule 419 blank check offerings.</B></FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.5pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt"><B>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.</B></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="58%" VALIGN="bottom" STYLE=
"width: 58.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 12.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 7.5pt">Price
                                         to Public</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 12.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 7.5pt">Underwriting
                                         Discounts and Commissions</FONT><FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 12.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 7.5pt">Proceeds,
                                         Before Expenses, to us</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="58%" VALIGN="bottom" STYLE=
"width: 58.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Per
                                         Unit</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>9.50</P>
</TD>
</TR>
<TR>
<TD WIDTH="58%" VALIGN="bottom" STYLE=
"width: 58.26%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.66%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.42%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.08%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>47,500,000</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">____________</FONT></P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">(1)</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 8pt">Please see the section titled &ldquo;Underwriting&rdquo; for further information relating
to the underwriting arrangements agreed to between us and the underwriters.</FONT></P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">(2)</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 8pt">Includes $1,000,000, or $0.20 per unit, equal to 2.0% of the gross proceeds of this offering
(or $1,150,000 if the underwriters&rsquo; over-allotment option is exercised in full) payable to the underwriters as deferred
underwriting discounts and commissions from the funds to be placed in the trust account described below. Such funds will be released
to the underwriters only upon consummation of an initial business combination, as described in this prospectus. If the business
combination is not consummated, such deferred discount will be forfeited by the underwriters. The underwriters will not be entitled
to any interest accrued on the deferred underwriting discount.</FONT></P>
<P CLASS="Textflush" STYLE="margin: 4pt 0in 0pt; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 8pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: Black">Upon
consummation of the offering, $10.30 per unit sold to the public in this offering (whether or not the underwriters&rsquo; over-allotment
option has been exercised in full or part) will be deposited into a United States-based trust account at JP Morgan Chase, maintained
by American Stock Transfer &amp; Trust Company, LLC, acting as trustee. Such amount includes $1,000,000, or $0.20 per unit, (or
$1,150,000 if the underwriters&rsquo; over-allotment option is exercised in full) payable to the underwriters as deferred underwriting
discounts and commissions. Except as described in this prospectus, these funds will not be released until the earlier of the completion
of our initial business combination and our redemption of the shares of common stock sold in this offering upon our failure to
consummate a business combination within the required period.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 4.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 8pt">The
underwriters are offering the units on a firm commitment basis. Chardan Capital Markets, LLC, acting as the representative of
the underwriters, expects to deliver the units to purchasers on or about September 19, 201 6.</FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="left" STYLE=
'margin-top: 0in; text-align: left; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-BoldIt; font-size: 9pt"><B><I>Sole
                                         Book-Running Manager</I></B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="50%" VALIGN="top" STYLE=
"width: 50.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="right" STYLE=
'margin-top: 0in; text-align: right; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-BoldIt; font-size: 9pt"><B><I>Co-Manager</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="47%" VALIGN="top" STYLE=
"width: 47.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="left" STYLE=
'margin-top: 0in; text-align: left; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>Chardan</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.68%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="50%" VALIGN="top" STYLE=
"width: 50.96%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="right" STYLE=
'margin-top: 0in; text-align: right; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>Maxim
                                                              Group LLC</B></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 47.36%; background-color: white"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.68%; background-color: white"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 50.96%; background-color: white"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></TD></TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white; text-align: right"><FONT STYLE="font: 9pt TimesNewRomanPSStd-BoldIt"><B><I>Co-Manager</I></B></FONT></TD></TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white; text-align: right"><FONT STYLE="font: 14pt TimesNewRomanPSStd-Bold"><B>I-Bankers
Securities, Inc.</B></FONT></TD></TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 12pt"><B>September
13, 2016</B></FONT></P>
<P CLASS="RRH" STYLE=
'margin: 0in; margin-bottom: .0001pt; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>TABLE
OF CONTENTS</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>PAGE</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_011">PROSPECTUS
                                         SUMMARY</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_014">SUMMARY
                                         FINANCIAL DATA</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>19</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_015">RISK
                                         FACTORS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>20</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_016">CAUTIONARY
                                         NOTE REGARDING FORWARD LOOKING STATEMENTS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>37</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_017">USE
                                         OF PROCEEDS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>38</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_018">DIVIDEND
                                         POLICY</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>41</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_019">DILUTION</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>42</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_020">CAPITALIZATION</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>44</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="bottom" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_021">MANAGEMENT&rsquo;S
                                         DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="bottom" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>45</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_022">PROPOSED
                                         BUSINESS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>49</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_023">MANAGEMENT</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>66</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_024">PRINCIPAL
                                         STOCKHOLDERS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>73</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_025">CERTAIN
                                         TRANSACTIONS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>75</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_026">DESCRIPTION
                                         OF SECURITIES</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>78</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_027">SHARES
                                         ELIGIBLE FOR FUTURE SALE</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>83</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_028">UNDERWRITING</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>85</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_029">LEGAL
                                         MATTERS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>92</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_030">EXPERTS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>92</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_031">WHERE
                                         YOU CAN FIND ADDITIONAL INFORMATION</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>92</P>
</TD>
</TR>
<TR>
<TD WIDTH="88%" VALIGN="top" STYLE=
"width: 88.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_032">INDEX
                                         TO FINANCIAL STATEMENTS</A></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="9%" VALIGN="top" STYLE=
"width: 9.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodycenteralign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_centeralign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-1</P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>i</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="SumBoxH1" STYLE=
'mso-style-name: Sum_Box_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; text-transform: uppercase; font-weight: bold;'><A NAME="a_011" TITLE="pros"></A><B>PROSPECTUS
                                         SUMMARY</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Unless
otherwise stated in this prospectus, references to:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;we,&rdquo; &ldquo;us&rdquo; or &ldquo;our company&rdquo; refer to M I Acquisitions, Inc.;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;insider shares&rdquo; refer to the 1,437,500 shares of common stock held or controlled by our insiders (as defined
below) prior to this offering, which include up to an aggregate of 187,500 shares of common stock subject to forfeiture by our
insiders to the extent that the underwriters&rsquo; over-allotment option is not exercised in full or in part;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;private units&rdquo; refer to the 402,500 units (or 447,500 units if the over-allotment option is exercised in full)
we are selling privately to our insiders (and/or their designees) upon consummation of this offering and references to &ldquo;private
shares&rdquo; and &ldquo;private warrants&rdquo; refers to the shares of common stock and warrants, respectively, included within
the private units;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our &ldquo;management&rdquo; or our &ldquo;management team&rdquo; refer to our officers and directors;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our &ldquo;public shares&rdquo; refer to shares of common stock which are being sold as part of the units in this offering
(whether they are purchased in this offering or thereafter in the open market) and references to &ldquo;public stockholders&rdquo;
refer to the holders of our public shares, including our insiders to the extent our insiders purchase public shares, provided
that their status as &ldquo;public stockholders&rdquo; shall exist only with respect to such public shares;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our &ldquo;warrants&rdquo; or &ldquo;public warrants&rdquo; refer to the warrants which are being sold as part of the units
in this offering; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our &ldquo;insiders&rdquo; refer to our officers, directors, and any holder of our insider shares.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Except
as specifically provided otherwise, the information in this prospectus assumes that the underwriters will not exercise their over-allotment
option.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are responsible for the information contained in this prospectus. We have not, and the underwriters 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 CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>General</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are a blank check company formed under the laws of the State of Delaware on April 23, 2015. We were formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination, which we refer to throughout this prospectus as our initial business combination, with one or more businesses or
entities, which we refer to throughout this prospectus as a target business. To date, our efforts have been limited to organizational
activities as well as activities related to this offering. Our efforts to identify a prospective target business will not be limited
to any particular industry or geographic region, although we intend to focus our search on target businesses operating in the
technology, media and telecommunications industries. We have not selected any target business for our initial business combination
and we have not (nor has anyone on our behalf), directly or indirectly, engaged in any substantive discussions with a target business
with respect to a business combination transaction with us.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
executive officers and directors have extensive experience in technology, media and telecommunications industries as managers,
principals, advisors or directors of companies operating in those industries. In addition, our management has longstanding relationships
and affiliations with key companies operating in our target industries, including Sony Entertainment, Miramax Films, Dimension
Films, Open Roads Films, Columbia Records, and London Records (acquired by Universal Music Group). They also have extensive experience
in identifying, negotiating with and conducting due diligence on companies targeted for acquisition and consummating acquisitions
in the technology, media and telecommunications industries. Prior to</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>the
                                         consummation of our initial business combination, we will seek to capitalize on management&rsquo;s
                                         experience in the technology, media and telecommunications industries. Led by our Chief
                                         Executive Officer, Joshua Sason, we believe that we are in a position to bring substantial
                                         value to any relevant potential target company. Joshua Sason, through Magna Entertainment,
                                         has produced four feature films, including the latest feature film, &ldquo;Bleed for
                                         This&rdquo;, which was a collaboration with Open Road Films in the United States and
                                         Sony Entertainment internationally that launched marketing in July and is scheduled for
                                         release in late 2016.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
management team, however, does not have prior experience in pursuing acquisitions on behalf of blank check companies and past
performance by our management team is not a guarantee of success with respect to locating a target business to acquire.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Subsequent
to the consummation of our initial business combination, we believe that the strengths of our management team, particularly their
extensive operations experience in the technology, media and telecommunications industries, will be valuable to any business in
the technology, media and telecommunications industry with which we consummate our initial business combination, although the
specific roles, if any, they may have following our initial business combination cannot be determined at this time.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">We will have until 18 months from the closing of this offering to consummate our initial business combination.
However, if we anticipate that we may not be able to consummate our initial business combination within 18 months, we may extend
the period of time to consummate a business combination up to three times, each by an additional month (for a total of up to 21
months to complete a business combination). Pursuant to the terms of our amended and restated articles of incorporation and the
trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this prospectus,
in order to extend the time available for us to consummate our initial business combination, our insiders or their affiliates or
designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $125,000, or $143,750
if the underwriters&rsquo; over-allotment option is exercised in full ($0.025 per unit in either case), up to an aggregate of $375,000
(or $431,250 if the underwriters&rsquo; over-allotment option is exercised in full), or $0.075 per unit, on or prior to the date
of the applicable deadline, for each one month extension. The insiders will receive a non-interest bearing, unsecured promissory
note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business combination
unless there are funds available outside the trust account to do so. In the event that we receive notice from our insiders five
days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press release announcing such
intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release the day after the
applicable deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates or designees
are not obligated to fund the trust account to extend the time for us to complete our initial business combination. To the extent
that some, but not all, of our insiders, decide to extend the period of time to consummate our initial business combinations, such
insiders (or their affiliates or designees) may deposit the entire $375,000 (or $431,250). If we are unable to consummate our initial
business combination within such time period, we will, as promptly as possible but not more than ten business days thereafter,
redeem 100% of our outstanding public shares for a pro rata portion of the funds held in the trust account, including a pro rata
portion of any interest earned on the funds held in the trust account and not previously released to us for tax purposes or necessary
to pay our taxes, and then seek to dissolve and liquidate. However, we may not be able to distribute such amounts as a result of
claims of creditors which may take priority over the claims of our public stockholders. In the event of our dissolution and liquidation,
the public warrants will expire and will be worthless.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will either (1) seek stockholder approval of our initial business combination at a meeting called for such purpose, at which stockholders
may seek to convert their shares, regardless of whether they vote for or against the proposed business combination, into their
pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2) provide our stockholders
with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need for a stockholder vote)
for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable),
in each case subject to the limitations described herein. The decision as to whether we will seek stockholder approval of our
proposed business combination or 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. Any tender offer documents used in connection with a business combination
will contain substantially the same financial and other information about the initial business combination as is required under
the SEC&rsquo;s proxy rules.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
initial per public share redemption or conversion price will be $10.30 per share, regardless of whether the over-allotment option
is exercised. However, we may not be able to distribute such amounts as a result of claims of creditors which may take priority
over the claims of our public stockholders.</P>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pursuant
                                         to the rules of the Nasdaq Stock Market, our initial business combination must occur
                                         with one or more target businesses having an aggregate fair market value of at least
                                         80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees
                                         and taxes payable on the income earned on the trust account), which we refer to as the
                                         80% test, at the time of the agreement to enter into the initial business combination.
                                         If our board is not able to independently determine the fair market value of the target
                                         business or businesses, we will obtain an opinion from an independent investment banking
                                         firm with respect to the satisfaction of such criteria. We will also obtain a fairness
                                         opinion from an independent investment banking firm before consummating a business combination
                                         with an entity affiliated with any of our officers, directors or insiders. If we are
                                         no longer listed on Nasdaq, we will not be required to satisfy the 80% test.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 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 50% or more of the outstanding voting securities
of the target or otherwise owns 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 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 valued for purposes of the 80% test.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
more fully discussed in &ldquo;Management &mdash; Conflicts of Interest,&rdquo; if any of our officers or directors becomes aware
of a business combination opportunity that falls within the line of business of any entity to which he or she has pre-existing
fiduciary or contractual obligations, he or she may be required to present such business combination opportunity to such entity
prior to presenting such business combination opportunity to us. All of our officers, directors and director nominees currently
have certain relevant pre-existing fiduciary duties or contractual obligations.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are 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, or the JOBS Act. As such, we are eligible to take advantage of certain exemptions from various
reporting requirements that are applicable to other public companies that are not &ldquo;emerging growth companies&rdquo; including,
but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley
Act of 2002, or the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports
and proxy statements, and exemptions from the requirements of holding a non-binding advisory vote on executive compensation and
stockholder approval of any golden parachute payments not previously approved. If some investors find our securities less attractive
as a result, there may be a less active trading market for our securities and the prices of our securities may be more volatile.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
addition, Section 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 7(a)(2)(B) 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 until
we are no longer an &ldquo;emerging growth company.&rdquo;</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will remain an emerging growth company until the earlier of (1) the last day of the fiscal year (a) following the fifth anniversary
of the completion of this offering, (b) in which we have total annual gross revenue of at least $1.0 billion, or (c) in which
we are deemed to be a large accelerated filer, which means the market value of our common stock that is held by non-affiliates
exceeds $700 million as of the prior June 30<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT>, and (2) the date on which we have
issued more than $1.0 billion in non-convertible debt during the prior three-year period. References herein to &ldquo;emerging
growth company&rdquo; shall have the meaning associated with it in the JOBS Act.</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>3</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Private
                                         Placements</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
April 2015, we sold an aggregate of 1,437,500 shares of our common stock for $25,000, or approximately $.02 per share, to M SPAC
LLC, which is controlled by Joshua Sason. On July 20, 2016, M SPAC LLC sold back 494,480 shares to us at a price equal to the
amount paid for such shares. We subsequently sold an aggregate of 494,480 shares of our common stock for $8,599.65, or approximately
$.02 per share, to M SPAC Holdings I LLC and M SPAC Holdings II LLC, each of which is controlled by Joshua Sason. The 1,437,500
insider shares held or controlled by our insiders include an aggregate of up to 187,500 shares subject to forfeiture to the extent
that the underwriters&rsquo; over-allotment option is not exercised in full or in part, so that our insiders will collectively
own or control 20.0% of our issued and outstanding shares after this offering (excluding the sale of the private units and assuming
our insiders do not purchase units in this offering).</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.15pt">The
insider shares are identical to the shares of common stock included in the units being sold in this offering. However, our insiders
have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after this offering in favor
of any proposed business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of incorporation
that would affect the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial
business combination within 18 months from the closing of this offering (or 21 months, as applicable), unless we provide our public
stockholders with the opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price,
payable in cash, equal to the aggregate amount then on deposit in the trust account, net of taxes payable, divided by the number
of then outstanding public shares, (C) not to convert any shares (including the insider shares) into the right to receive cash
from the trust account in connection with a stockholder vote to approve our proposed initial business combination (or sell any
shares they hold to us in a tender offer in connection with a proposed initial business combination) or a vote to amend the provisions
of our certificate of incorporation relating to the substance or timing of our obligation to redeem 100% of our public shares
if we do not complete our initial business combination within 18 months from the closing of this offering (or 21 months, as applicable),
and (D) that the insider shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the trust account
if a business combination is not consummated.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On the date of this prospectus, the insider shares will be placed into an escrow account maintained in
New York, New York by American Stock Transfer &amp; Trust Company, LLC, acting as escrow agent. Subject to certain limited exceptions,
50% of these shares will not be transferred, assigned, sold or released from escrow until the earlier of six months after the date
of the consummation of our initial business combination and the date on which the closing price of our common stock equals or exceeds
$12.50 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 the remaining 50% of the insider shares
will not be transferred, assigned, sold or released from escrow until six months after the date of the consummation of our initial
business combination, or earlier, in either case, if, subsequent to our initial business combination, we complete a liquidation,
merger, stock exchange or other similar transaction which results in all of our stockholders having the right to exchange their
shares of common stock for cash, securities or other property. The limited exceptions referred to above include (1) transfers among
the insiders, to our officers, directors, advisors and employees, (2) transfers to an insider&rsquo;s affiliates or its members
upon its liquidation, (3) transfers to relatives and trusts for estate planning purposes, (4) transfers by virtue of the laws of
descent and distribution upon death, (5) transfers pursuant to a qualified domestic relations order, (6) private sales made at
prices no greater than the price at which the securities were originally purchased or (7) transfers to us for cancellation in connection
with the consummation of an initial business combination, in each case (except for clause 7) where the transferee agrees to the
terms of the escrow agreement and forfeiture, as the case may be, as well as the other applicable restrictions and agreements of
the holders of the insider shares.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.15pt">In
addition, M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC, entities controlled by Joshua Sason, our Chief Executive
Officer, (and/or its designees) has committed to purchase an aggregate of 402,500 private units at a price of $10.00 per unit
($4,025,000 in the aggregate) in a private placement that will occur simultaneously with the closing of this offering. M SPAC
LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC have also agreed that if the over-allotment option is exercised by the underwriters,
they will purchase from us at a price of $10.00 per unit the number of private units (up to a maximum of 45,000 private units)
that is necessary to maintain in the trust account an amount equal to $10.30 per share of common stock sold to the public in this
offering. These additional private units will be purchased in a private placement that will occur simultaneously with the purchase
of units resulting from the exercise of the over-allotment option. The proceeds from the private placement of the private units
will be added to the proceeds of this offering and placed in the trust account.</FONT></P>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>4</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.15pt">The
                                         private units are identical to the units sold in this offering. However, the holders
                                         have agreed (A) to vote their private shares and any public shares acquired in or after
                                         this offering in favor of any proposed business combination, (B) not to propose, or vote
                                         in favor of, an amendment to our certificate of incorporation that would affect the substance
                                         or timing of our obligation to redeem 100% of our public shares if we do not complete
                                         our initial business combination within 18 months from the closing of this offering (or
                                         21 months, as applicable), unless we provide our public stockholders with the opportunity
                                         to redeem their shares of common stock upon approval of any such amendment at a per-share
                                         price, payable in cash, equal to the aggregate amount then on deposit in the trust account,
                                         including interest earned on the funds held in the trust account and not previously released
                                         to us to pay our franchise and income taxes, divided by the number of then outstanding
                                         public shares, (C) not to convert any shares (including the private shares) into the
                                         right to receive cash from the trust account in connection with a stockholder vote to
                                         approve our proposed initial business combination (or sell any shares they hold to us
                                         in a tender offer in connection with a proposed initial business combination) or a vote
                                         to amend the provisions of our certificate of incorporation relating to the substance
                                         or timing of our obligation to redeem 100% of our public shares if we do not complete
                                         our initial business combination within 18 months from the closing of this offering (or
                                         21 months, as applicable) and (D) that the private shares shall not be entitled to be
                                         redeemed for a pro rata portion of the funds held in the trust account if a business
                                         combination is not consummated. Additionally, our insiders (and/or their designees) have
                                         agreed not to transfer, assign or sell any of the private units or underlying securities
                                         (except to the same permitted transferees as the insider shares and provided the transferees
                                         agree to the same terms and restrictions as the permitted transferees of the insider
                                         shares must agree to, each as described above) until the completion of our initial business
                                         combination.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We&nbsp;have also agreed to sell to Chardan Capital Markets, LLC (and/or its designees), for $100, an option
to purchase up to a total of 300,000 units exercisable at $12.00 per unit (or an aggregate exercise price of $3,600,000) commencing
on the later of the consummation of a business combination and six months from the date of this prospectus.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Our
executive offices are located at 40 Wall Street, 58<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> Floor, New York, NY 10005
and our telephone number is (347) 491-4240.</FONT></P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>The
                                         Offering</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
making your decision on whether to invest in our securities, you should take into account not only the backgrounds of the members
of our management team, but also the special risks we face as a blank check company and the fact that this offering is not being
conducted in compliance with Rule 419 promulgated under the Securities Act. You will not be entitled to protections normally afforded
to investors in Rule 419 blank check offerings. You should carefully consider these and the other risks set forth in the section
below entitled &ldquo;Risk Factors&rdquo; beginning on page 20 of this prospectus.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Securities
                                         offered</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,000
                                         Units, at $10.00 per unit, each unit consisting of one share of common stock and one
                                         warrant entitling the holder thereof to purchase one share of our common stock at a price
                                         of $11.50 per share, subject to adjustment as described in this prospectus.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Proposed
                                         Nasdaq symbols</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The units and the shares of common stock and warrants, once they begin separate
                                         trading, will be listed on Nasdaq under the symbols&nbsp; &ldquo;MACQU,&rdquo; &ldquo;MACQ&rdquo;
                                         and &ldquo;MACQW,&rdquo; respectively.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Trading
                                         commencement and separate trading of common stock and warrants</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         The units will begin trading on or promptly after the date of this prospectus. Each of
                                         the common stock and warrants may trade separately on the 90<FONT STYLE="font-size: 6pt"><SUP>th
                                         </SUP></FONT>day after the date of this prospectus unless Chardan Capital Markets, LLC
                                         determines that an earlier date is acceptable (based upon, among other things, its assessment
                                         of the relative strengths of the securities markets and small capitalization companies
                                         in general, and the trading pattern of, and demand for, our securities in particular).
                                         In no event will Chardan Capital Markets, LLC allow separate trading of the common stock
                                         and warrants until we file an audited balance sheet reflecting our receipt of the gross
                                         proceeds at the closing of this offering. Once the shares of common stock and warrants
                                         commence separate trading, holders will have the option to continue to hold units or
                                         separate their units into the component pieces. Holders will need to have their brokers
                                         contact our transfer agent in order to separate the units into shares of common stock
                                         and warrants. We will file a Current Report on Form 8-K with the U.S. Securities and
                                         Exchange Commission, or the SEC, including an audited balance sheet, promptly following
                                         the closing of this offering, which is anticipated to take place three business days
                                         from the date the units commence trading. The audited balance sheet will reflect our
                                         receipt of the proceeds from the exercise of the over-allotment option if the over-allotment
                                         option is exercised on the date of this prospectus. If the over-allotment option is exercised
                                         after the date of this prospectus, we will file an amendment to the Form 8-K or a new
                                         Form 8-K to provide updated financial information to reflect the exercise of the over-allotment
                                         option. We will also include in the Form 8-K, or amendment thereto, or in a subsequent
                                         Form 8-K, information indicating if Chardan Capital Markets, LLC has allowed separate
                                         trading of the common stock and warrants prior to the 90<FONT STYLE="font-size: 6pt"><SUP>th
                                         </SUP></FONT>day after the date of this prospectus.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Units:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'margin-left: 10.0pt; text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt"><B>Number
                                         outstanding before this offering</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'margin-left: 10.0pt; text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt"><B>Number
                                         outstanding after this offering and sale of private units</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,402,500<SUP>(1)</SUP></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes the over-allotment option has not been exercised.</P>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>6</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Shares
                                         of common stock:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt"><B>Number
                                         outstanding before this offering</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,437,500
                                         shares<SUP>(2)</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Number
                                         to be outstanding after this offering and sale of private units</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         6,652,500 shares<SUP>(3)</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Warrants
                                         included as part of units:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt"><B>Number
                                         outstanding before this offering</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0
                                         warrants</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Number
                                         of private warrants to be sold as</B><BR>
                                         <B>part of the private units in a private placement simultaneously with this offering</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         <BR>
                                         <BR>
                                         402,500 warrants</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'margin-left: 20.0pt; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Number
                                         to be outstanding after this offering and sale of private units</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         5,402,500 warrants<SUP>(4)</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Exercisability</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Each
                                         public warrant and private warrant is exercisable to purchase one share of our common
                                         stock.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Exercise
                                         price of public warrants and private warrants</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         $11.50 per share, subject to adjustments as described herein.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Exercise
                                         Period</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         warrants will become exercisable on the later of:</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>30 days after the completion of our initial business combination, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>12 months from the closing of this offering;</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">provided
                                         in each case that we have an effective registration statement under the Securities Act
                                         covering the shares of common stock issuable upon exercise of the warrants and a current
                                         prospectus relating to them is available (or we permit holders to exercise their public
                                         warrants or private warrants on a cashless basis under the circumstances specified in
                                         the warrant agreement).</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">We
                                         have agreed to use our best efforts to file and have an effective registration statement
                                         covering the shares of common stock issuable upon exercise of the warrants, to maintain
                                         a current prospectus relating to those shares of common stock until the warrants expire
                                         or are redeemed, and to register the shares of common stock that are issuable upon exercise
                                         of the public warrants and private warrants under state blue sky laws, to the extent
                                         an exemption is not available. Notwithstanding the foregoing, if a registration statement
                                         covering the shares of common stock issuable upon exercise of the public warrants and
                                         private warrants has not been declared effective by the 90<FONT STYLE="font-size: 6pt"><SUP>th
                                         </SUP></FONT>business day following the closing of our initial business combination and
                                         during any period when we shall have failed to maintain an effective registration statement,
                                         public warrant and private warrant holders may, until such time as there is an effective
                                         registration statement, exercise the public warrants and private warrants on a cashless
                                         basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         public and private 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>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number includes an aggregate of up to 187,500 insider shares that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters in full.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes the over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes the over-allotment option has not been exercised.</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; border-width: 0px; margin: 0 auto">
<TR><TD STYLE="width: 37%; vertical-align: top; width: 37.5%; background-color: white; padding: 0in"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Redemption
                                         of warrants</B></P>
</TD>
<TD STYLE="width: 1%; vertical-align: top; width: 1.56%; background-color: white; padding: 0in"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 60%; vertical-align: top; width: 60.94%; background-color: white; padding: 0in"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Once
                                         the warrants become exercisable, we may redeem the outstanding warrants:</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>in whole or in part</P>
<P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>at a price of $0.01 per warrant;</P>
<P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>upon a minimum of 30 days&rsquo; prior written notice of redemption, which we refer to as the 30-day redemption period;
and</P>
<P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
</FONT>if, and only if, the last sale price of our common stock equals or exceeds $16.00 per share 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.</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
                                         will not redeem the warrants unless an effective registration statement under the Securities
                                         Act covering the shares of common stock issuable upon exercise of the warrants is effective
                                         and a current prospectus relating to those shares of 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>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 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 common stock equal to
                                         the quotient obtained by dividing (x) the product of the number of shares of common stock
                                         underlying the warrants, multiplied by the difference between the exercise price of the
                                         warrants and the &ldquo;fair market value&rdquo; (defined below) by (y) the fair market
                                         value. The &ldquo;fair market value&rdquo; shall mean the average reported closing price
                                         of the common stock for the 10 trading days ending on the third trading day prior to
                                         the date on which the notice of redemption is sent to the holders of warrants. Please
                                         see the section entitled &ldquo;Description of Securities &mdash; Warrants &mdash; Public
                                         Stockholders&rsquo; Warrants&rdquo; for additional information.</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>None
                                         of the private warrants will be redeemable by us so long as they are held by the initial
                                         purchasers of the private warrants or any of their permitted transferees.</P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Offering
                                         proceeds to be held in the trust account</B></P>
</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; margin: 0in 0in 0pt; mso-style-name: Texttable; text-align: justify; text-justify: inter-ideograph; text-autospace: none; color: black"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'></P>
<P STYLE="margin: 0pt 0">$51,500,000 (or $59,225,000 if the over-allotment option is exercised in full) of the net proceeds of
this offering and the proceeds we will receive from the sale of the private units, or $10.30 per unit sold to the public in this
offering, will be placed in a trust account in the United States at JP Morgan Chase, maintained by American Stock Transfer &amp;
Trust Company, LLC, acting as trustee pursuant to an agreement to be signed on the date of this prospectus. These proceeds include
$1,000,000 (or $1,150,000 if the underwriters&rsquo; over-allotment option is exercised in full) in deferred underwriting commissions
which will be paid to the underwriters upon the closing of a business combination. The remainder of the net proceeds of this offering
will not be held in the trust account.</P>


</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>8</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Except
                                         as set forth below, the proceeds held in the trust account will not be released until
                                         the earlier of: (1) the completion of our initial business combination within the required
                                         time period and (2) our redemption of 100% of the outstanding public shares if we have
                                         not completed a business combination in the required time period. Therefore, unless and
                                         until our initial business combination is consummated, the proceeds held in the trust
                                         account will not be available for our use for any expenses related to this offering or
                                         expenses which we may incur related to the investigation and selection of a target business
                                         and the negotiation of an agreement in connection with our initial business combination.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Notwithstanding
                                         the foregoing, there can be released to us from the trust account any interest earned
                                         on the funds in the trust account that we need to pay our income or other tax obligations.
                                         With this exception, expenses incurred by us may be paid prior to a business combination
                                         only from the net proceeds of this offering not held in the trust account of approximately
                                         $525,000; provided, however, that in order to meet our working capital needs following
                                         the consummation of this offering, if the funds not held in the trust account are insufficient,
                                         our insiders, officers and directors or their affiliates may, but are not obligated to,
                                         loan us funds, from time to time or at any time, in whatever amount they deem reasonable
                                         in their sole discretion. Each loan would be evidenced by a promissory note. The notes
                                         would either be paid upon consummation of our initial business combination, without interest,
                                         or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon
                                         consummation of our business combination into additional private units at a price of
                                         $10.00 per unit. Our stockholders have approved the issuance of the private units upon
                                         conversion of such notes, to the extent the holder wishes to so convert such notes at
                                         the time of the consummation of our initial business combination. If we do not complete
                                         a business combination, any other outstanding loans from our insiders, officers and directors
                                         or their affiliates, will be repaid only from amounts remaining outside our trust account,
                                         if any.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>Insider
                                         Shares</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
                                         April 2015, we sold an aggregate of 1,437,500 shares of our common stock for $25,000,
                                         or approximately $.02 per share, to M SPAC LLC, which is controlled by Joshua Sason.
                                         On July 20, 2016, M SPAC LLC sold back 494,480 shares to us at a price equal to the amount
                                         paid for such shares. We subsequently sold an aggregate of 494,480 shares of our common
                                         stock for $8,599.65, or approximately $.02 per share, to M SPAC Holdings I LLC and M
                                         SPAC Holdings II LLC, each of which is controlled by Joshua Sason. The 1,437,500 insider
                                         shares held or controlled by our insiders include an aggregate of up to 187,500 shares
                                         subject to forfeiture to the extent that the underwriters&rsquo; over-allotment option
                                         is not exercised in full or in part, so that our insiders will collectively own or control
                                         20.0% of our issued and outstanding shares after this offering (excluding the sale of
                                         the private units and assuming our insiders do not purchase units in this offering).
                                         The purchase price of the insider shares was determined by dividing the amount of cash
                                         contributed to the company by the number of insider shares issued. If we increase or
                                         decrease the size of the offering pursuant to Rule 462(b) under the Securities Act, we
                                         will effect a stock dividend or share contribution back to capital, as applicable, immediately
                                         prior to the consummation of the offering in such amount as to maintain the ownership
                                         of our stockholders prior to this offering at 25% of the number of shares sold in this
                                         offering. Our insiders will collectively beneficially <FONT STYLE="letter-spacing: -0.1pt">own</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>9</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">approximately
                                         24.8% of our issued and outstanding shares after this offering (assuming they do not
                                         purchase any public units in this offering and the underwriters do not exercise all or
                                         a portion of the over-allotment option). Up to 187,500 insider shares will be subject
                                         to forfeiture by our insiders and their designees (and/or their permitted transferees)
                                         depending on the extent to which the underwriters&rsquo; over-allotment option is exercised.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         insider shares are identical to the shares of common stock included in the units being
                                         sold in this offering, except that:</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>the
                                         insider shares are subject to certain transfer restrictions, as described in more detail
                                         below, and</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>our insiders, officers and directors have entered into letter agreements with
                                         us, pursuant to which they have agreed (i) to waive their conversion rights with respect
                                         to their insider shares and any public shares they purchase in connection with the completion
                                         of our initial business combination and (ii) to waive their redemption rights with respect
                                         to their insider shares if we fail to complete our initial business combination within
                                         18 months (or 21 months, as applicable) from the closing of this offering (although they
                                         will be entitled to redemption rights with respect to any public shares they hold if
                                         we fail to complete our business combination within the prescribed time frame).</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>If we submit our initial business combination to our public stockholders for a
                                         vote, our insiders have agreed to vote their insider shares, private shares and any public
                                         shares purchased during or after this offering in favor of our initial business combination.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Transfer
                                         restrictions on insider shares</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Our insiders have agreed not to transfer, assign or sell any of the insider shares (except to certain
permitted transferees) until, with respect to 50% of the insider shares, the earlier of six months after the date of the consummation
of our initial business combination and the date on which the closing price of our common stock equals or exceeds $12.50 per share
for any 20 trading days within a 30-trading day period following the consummation of our initial business combination and, with
respect to the remaining 50% of the insider shares, six months after the date of the consummation of our initial business combination,
or earlier in each case if, subsequent to our initial business combination, we complete a liquidation, merger, stock exchange or
other similar transaction which results in all of our stockholders having the right to exchange their shares of common stock for
cash, securities or other property. The insider shares will be held in escrow with American Stock Transfer &amp; Trust Company,
LLC during the period in which they are subject to the transfer restrictions described above.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Private
                                         units</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC, an entity controlled by Joshua
                                         Sason, our Chief Executive Officer, (and/or its designees) has committed, pursuant to
                                         a written agreement, to purchase an aggregate of 402,500 private units (or 447,500 if
                                         the over-allotment option is exercised in full) at a price of $10.00 per unit ($4,025,000
                                         or $4,475,000 if the over-allotment option is exercised in full) in a private placement
                                         that will occur simultaneously with the closing of this offering. The purchase price
                                         of the private units will be added to the proceeds from this offering to pay for the
                                         expenses of this offering and to be held in the trust account. If we do not complete
                                         our initial business combination within 18 months from the closing of this offering (or
                                         21 months, as applicable), the proceeds of the sale of the private units will be used
                                         to fund the redemption of our public shares (subject to the requirements of applicable
                                         law) and the private units will be worthless.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Limited
                                         payments to insiders</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">There
                                         will be no fees, reimbursements or other cash payments paid to our insiders or any of
                                         the members of our management team prior to, or for any services they render in order
                                         to effectuate, the consummation of our initial business combination (regardless of the
                                         type of transaction that it is) other than:</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>repayment at the closing of this offering of non-interest bearing loans in an
                                         amount of $35,000 made by M SPAC LLC, an entity controlled by Joshua Sason, our Chief
                                         Executive Officer;</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>payment of $10,000 per month to Magna Management LLC, a company wholly owned by
                                         our insiders, for office space and related services, subject to deferral as described
                                         herein;</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT>reimbursement of out-of-pocket expenses incurred by insiders, officers, directors
                                         or any of its or their affiliates in connection with certain activities on our behalf,
                                         such as identifying and investigating possible business targets and business combinations;
                                         and</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="BLtable" STYLE=
'margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 24.0pt; line-height: normal; mso-style-name: BL_table; text-align: justify; text-justify: inter-ideograph; text-indent: -12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">&bull;</FONT><FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;
                                         </FONT><FONT STYLE="letter-spacing: -0.1pt">repayment of loans which may be made by our
                                         insiders, officers, directors or any of its or their affiliates to finance transaction
                                         costs in connection with an initial business combination, the terms of which have not
                                         been determined.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>There
                                         is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however,
                                         that to the extent such expenses exceed the available proceeds not deposited in the trust
                                         account, such expenses would not be reimbursed by us unless we consummate an initial
                                         business combination. We have no policy which prohibits our insiders or any member of
                                         our management team from negotiating the reimbursement of such expenses by a target business.
                                         Our audit committee will review and approve all reimbursements and payments made to any
                                         insider or member of our management team, or our or their respective affiliates, and
                                         any reimbursements and payments made to members of our audit committee will be reviewed
                                         and approved by our board of directors, with any interested director abstaining from
                                         such review and approval.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; margin: 0in; mso-style-name: Texttable; margin-bottom: 0pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; color: black"><B>Potential
                                         revisions to agreements with insiders</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         We could seek to amend certain agreements made by our management team disclosed in this
                                         prospectus without the approval of stockholders, although we have no intention to do
                                         so. For example, restrictions on our executives relating to the voting of securities
                                         owned by them, the agreement of our management team to remain with us until the closing
                                         of a business combination, the obligation of our management team to not propose certain
                                         changes to our organizational documents or the obligation of the management team and
                                         its affiliates to not receive any compensation in connection with a business combination
                                         could be modified without obtaining stockholder approval. Although stockholders would
                                         not be given the opportunity to redeem their shares in connection with such changes,
                                         in no event would we be able to modify the redemption or liquidation rights of our stockholders
                                         without permitting our stockholders the right to redeem their shares in connection with
                                         any such change. We will not agree to any such changes unless we believed that such changes
                                         were in the best interests of our stockholders (for example, if such a modification were
                                         necessary to complete a business combination).</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>11</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Stockholder
                                         approval of, or tender offer in connection with, initial business combination</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         <BR>
                                         <FONT STYLE="letter-spacing: -0.05pt">In connection with any proposed initial business
                                         combination, we will either (1) seek stockholder approval of such initial business combination
                                         at a meeting called for such purpose at which stockholders may seek to convert their
                                         shares into the right to receive cash from the trust account, regardless of whether they
                                         vote for or against the proposed business combination; or (2) provide our stockholders
                                         with the opportunity to sell their shares to us by means of a tender offer (and thereby
                                         avoid the need for a stockholder vote) for an amount equal to their pro rata share of
                                         the aggregate amount then on deposit in the trust account (net of taxes payable), in
                                         each case subject to the limitations described herein. The decision as to whether we
                                         will seek stockholder approval of our proposed business combination or 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.
                                         If we provide stockholders with the opportunity to sell their shares to us by means of
                                         a tender offer, we will file tender offer documents with the SEC which will contain substantially
                                         the same financial and other information about the initial business combination as is
                                         required under the SEC&rsquo;s proxy rules. If we seek stockholder approval of our initial
                                         business combination, we will consummate the business combination only if a majority
                                         of the outstanding shares of common stock voted are voted in favor of the business combination.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">In
                                         addition, we will not consummate our initial business combination if public stockholders
                                         exercise conversion rights in an amount that would cause our net tangible assets to be
                                         less than $5,000,001 (so that this offering is not subject to Rule 419 promulgated under
                                         the Securities Act) or if we do not satisfy any greater net tangible asset or cash requirement
                                         which may be contained in the agreement relating to our initial business combination.
                                         For example, the proposed business combination may require: (i) cash consideration to
                                         be paid to the target or its owners, (ii) cash to be transferred to the target for working
                                         capital or other general corporate purposes or (iii) the retention of cash to satisfy
                                         other conditions in accordance with the terms of the proposed business combination. In
                                         the event the aggregate cash consideration needed to satisfy cash conditions pursuant
                                         to the terms of the proposed business combination exceeds the aggregate amount of cash
                                         available to us (including any cash we may obtain from financing from third parties or
                                         our insiders, officers, directors or their affiliates, which may not be available on
                                         terms acceptable to us or at all), we will not complete the business combination (as
                                         we may be required to have a lesser number of shares converted). As a result, we may
                                         not be able to locate another suitable target within the applicable time period, if at
                                         all. However, if we seek stockholder approval of a business combination and if a significant
                                         number of public stockholders properly seek to convert their public shares in connection
                                         with a proposed business combination, we or our insiders or their affiliates could purchase
                                         some or all of such shares in the open market or in private transactions in order to
                                         seek to satisfy the cash conditions. However, they have no current commitments, plans
                                         or intentions to engage in such transactions and have not formulated any terms or conditions
                                         for any such transactions. No funds from the trust account can be released from the trust
                                         account prior to the consummation of a business combination to make such purchases (although
                                         such purchases could be made using funds available to us after the closing of a business
                                         combination). We do not currently anticipate that such purchases, if any, would constitute
                                         a tender offer subject to the tender offer rules under the Exchange Act or a going-private
                                         transaction subject to the going-private rules under the Exchange Act; however, if the
                                         purchasers determine at the</FONT> <FONT STYLE="letter-spacing: -0.05pt">time of any
                                         such purchases that the purchases are subject to such rules, the purchasers will comply
                                         with such rules. Notwithstanding the foregoing, we or our insiders and their affiliates
                                         will not make purchases of shares of common</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>12</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">stock
                                         if the purchases would violate Sections 9(a)(2) or 10(b) of the Exchange Act or Regulation
                                         M, which are rules that prohibit manipulation of a company&rsquo;s stock, and we and
                                         they will comply with Rule 10b-18 under the Exchange Act in connection with any open-market
                                         purchases. If purchases cannot be made without violating applicable law, no such purchases
                                         will be made.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">Our
                                         insiders have agreed (A) to vote their insider shares, private shares and any public
                                         shares acquired in or after this offering in favor of any proposed business combination,
                                         (B) not to propose, or vote in favor of, an amendment to our certificate of incorporation
                                         that would affect the substance or timing of our obligation to redeem 100% of our public
                                         shares if we do not complete our initial business combination within 18 months from the
                                         closing of this offering (or 21 months, as applicable), unless we provide our public
                                         stockholders with the opportunity to redeem their shares of common stock upon approval
                                         of any such amendment at a per-share price, payable in cash, equal to the aggregate amount
                                         then on deposit in the trust account, including interest earned on the funds held in
                                         the trust account and not previously released to us to pay our franchise and income taxes,
                                         divided by the number of then outstanding public shares, (C) not to convert any shares
                                         (including the insider shares and private shares) into the right to receive cash from
                                         the trust account in connection with a stockholder vote to approve our proposed initial
                                         business combination (or sell any shares they hold to us in a tender offer in connection
                                         with a proposed initial business combination) or a vote to amend the provisions of our
                                         certificate of incorporation relating to the substance or timing of our obligation to
                                         redeem 100% of our public shares if we do not complete our initial business combination
                                         within 18 months from the closing of this offering (or 21 months, as applicable) and
                                         (D) that the insider shares and private shares shall not be entitled to be redeemed for
                                         a pro rata portion of the funds held in the trust account if a business combination is
                                         not consummated. Depending on how a business combination was structured, any stockholder
                                         approval requirement could be satisfied by obtaining the approval of either (i) a majority
                                         of the shares of our common stock that were voted at the meeting (assuming a quorum was
                                         present at the meeting), or (ii) a majority of the outstanding shares of our common stock.
                                         Because our insiders, officers and directors will collectively beneficially own approximately
                                         24.8% of our issued and outstanding shares of common stock (assuming they do not purchase
                                         any units in this offering and assuming the over-allotment option has not been exercised
                                         and an aggregate of 187,500 insider shares have been forfeited as a result thereof) upon
                                         consummation of this offering and the sale of the private units, a minimum of approximately
                                         10,626, or 0.2% (if the approval requirement was a majority of shares voted and the minimum
                                         number of shares required for a quorum attended the meeting), and a maximum of approximately
                                         1,673,751, or 27.9% (assuming that a majority of the outstanding shares was required
                                         to approve the initial business combination), of the outstanding shares of our common
                                         stock not owned by our insiders, officers or directors would need to be voted in favor
                                         a business combination in order for it to be approved.&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>None
                                         of our insiders, officers, directors, director nominees or their affiliates has committed
                                         to purchase units in this offering or any units or shares of common stock in the open
                                         market or in private transactions. In addition, if a significant number of stockholders
                                         vote, or indicate an intention to vote, against a proposed business combination, our
                                         insiders, officers, directors or their affiliates could make such purchases in the open
                                         market or in private transactions in order to influence the vote. Notwithstanding the
                                         foregoing, our insiders, officers, directors and their affiliates will not make purchases
                                         of shares of common stock if the purchases would violate Section 9(a)(2) or Rule 10b-5
                                         of the Exchange Act.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>13</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Conditions
                                         to completing our initial business combination</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         There is no limitation on our ability to raise funds privately or through loans in connection
                                         with our initial business combination. Our initial business combination must occur with
                                         one or more target businesses that together have an aggregate fair market value of at
                                         least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s
                                         fees and taxes payable on the income earned on the trust account) at the time of the
                                         agreement to enter into the initial business combination. If we are no longer listed
                                         on Nasdaq, we will not be required to satisfy the 80% test.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.05pt">If
                                         our board is not able to independently determine the fair market value of the target
                                         business or businesses, we may obtain an opinion from an independent investment banking
                                         or accounting firm as to the fair market value of the target business. We will complete
                                         our initial business combination only if the post-transaction company in which our public
                                         stockholders own shares will own or acquire 50% or more of the outstanding voting securities
                                         of the target or otherwise acquires a controlling interest in the target sufficient for
                                         it not to be required to register as an investment company under the Investment Company
                                         Act. Even if the post-transaction company owns 50% or more of the voting securities of
                                         the target, our 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 transaction. If less than 100% of the
                                         equity interests or assets of a target business or businesses are owned or acquired by
                                         the post-transaction company, the portion of such business or businesses that is owned
                                         or acquired is what will be valued for purposes of the 80% test, provided that in the
                                         event that the business combination involves more than one target business, the 80% test
                                         will be based on the aggregate value of all of the target businesses.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Conversion
                                         rights</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
                                         connection with a business combination, public stockholders will have the right to convert
                                         their shares into an amount equal to (1) the number of public shares being converted
                                         by such public holder divided by the total number of public shares multiplied by (2)
                                         the amount then in the trust account (initially $10.30 per share), which includes the
                                         deferred underwriting commission, plus a pro rata portion of any interest earned on the
                                         funds held in the trust account and not previously released to us or necessary to pay
                                         our taxes. At any meeting called to approve an initial business combination, public stockholders
                                         may elect to convert their share regardless of whether or not they vote to approve the
                                         business combination.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.05pt">As
                                         described above under &ldquo;&mdash; Stockholder approval of, or tender offer in connection
                                         with, initial business combination &mdash;,&rdquo; we will consummate our initial business
                                         combination only if public stockholders do not exercise conversion rights in an amount
                                         that would cause our net tangible assets to be less than $5,000,001 (so that this offering
                                         is not subject to Rule 419 promulgated under the Securities Act). As a result, if stockholders
                                         owning approximately 89.3% (or approximately 90.5% if the over-allotment option is exercised
                                         in full) or more of the shares of common stock sold in this offering exercise conversion
                                         rights, the business combination will not be consummated. However, the actual percentages
                                         will only be able to be determined once a target business is located and we can assess
                                         all of the assets and liabilities of the combined company upon consummation of the proposed
                                         business combination (which would include the deferred underwriting discounts and commissions
                                         payable to the underwriters in an amount equal to 2% of the total gross proceeds raised
                                         in the offering as described elsewhere</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>14</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.05pt">in
                                         this prospectus, any out-of-pocket expenses incurred by our insiders, officers, directors
                                         or their affiliates in connection with certain activities on our behalf, such as identifying
                                         and investigating possible business targets and business combinations that have not been
                                         repaid at that time, as well as any other liabilities of ours and the liabilities of
                                         the target business). As a result, the actual percentages of shares that can be converted
                                         may be significantly lower than our estimates. In addition, in order to satisfy any greater
                                         net tangible asset or cash condition which may be contained in the agreement relating
                                         to our initial business combination, we may not be able to consummate a business combination
                                         unless the number of shares of common stock seeking conversion rights is significantly
                                         less than the 89.3% (or 90.5% if the over-allotment option is exercised in full) indicated
                                         above. As a result, we may not be able to consummate such initial business combination
                                         and we may not be able to locate another suitable target within the applicable time period,
                                         if at all.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Notwithstanding
                                         the foregoing, a public stockholder, together with any affiliate of his or hers, or any
                                         other person with whom he or she is acting in concert or as a &ldquo;group&rdquo; (as
                                         defined in Section 13(d)(3) of the Exchange Act) will be restricted from seeking conversion
                                         rights with respect to 20% or more of the shares of common stock sold in this offering
                                         without our prior written consent. We believe this restriction will prevent an individual
                                         stockholder or &ldquo;group&rdquo; from accumulating large blocks of shares before the
                                         vote held to approve a proposed business combination and attempt to use the conversion
                                         right as a means to force us or our management to purchase its shares at a significant
                                         premium to the then current market price. By not allowing a stockholder to convert more
                                         than 20% of the shares of common stock sold in this offering, we believe we have limited
                                         the ability of a small group of stockholders to unreasonably attempt to block a transaction
                                         which is favored by our other public stockholders.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
                                         may require public stockholders seeking to convert their shares in connection with a
                                         stockholder vote on a business combination, whether they are a record holder or hold
                                         their shares in &ldquo;street name,&rdquo; to either tender their certificates to our
                                         transfer agent or to deliver their shares to the transfer agent electronically using
                                         Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at the
                                         holder&rsquo;s option, at least two business days prior to the vote on the initial business
                                         combination (a tender of shares is always required in connection with a tender offer).
                                         The requirement for physical or electronic delivery prior to the meeting ensures that
                                         a holder&rsquo;s election to convert his or her shares is irrevocable once the business
                                         combination is approved. There is a nominal cost associated with this tendering process
                                         and the act of certificating the shares or delivering them through the DWAC system. The
                                         transfer agent will typically charge the tendering broker $45 and it would be up to the
                                         broker whether or not to pass this cost on to the converting holder. However, this fee
                                         would be incurred regardless of whether or not we require holders to deliver their shares
                                         prior to the vote on the business combination in order to exercise conversion rights.
                                         This is because a holder would need to deliver shares to exercise conversion rights regardless
                                         of the timing of when such delivery must be effectuated. However, in the event we require
                                         stockholders to deliver their shares prior to the vote on the proposed business combination
                                         and the proposed business combination is not consummated, this may result in an increased
                                         cost to stockholders.</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>15</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Release
                                         of funds in trust account on</B><BR>
                                         <B>closing of our initial</B><BR>
                                         <B>business combination</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><BR>
                                         <BR>
                                         <FONT STYLE="letter-spacing: -0.05pt">On the completion of our initial business combination,
                                         all amounts held in the trust account will be released to us. We will use these funds
                                         to pay amounts due to any public stockholders who exercise their conversion rights as
                                         described above under &ldquo;&mdash; Conversion rights,&rdquo; to pay the underwriters
                                         their deferred underwriting commissions, to pay all or a portion of the consideration
                                         payable to the target or targets or owners of the target or targets 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 stock or debt securities, or not
                                         all of the funds released from the trust account are used for payment of the consideration
                                         in connection with our initial business combination, we may apply the balance of the
                                         cash released to us from the trust account for general corporate purposes, including
                                         for maintenance or expansion of operations of post-transaction businesses, the payment
                                         of principal or interest due on indebtedness incurred in completing our initial business
                                         combination, to fund the purchase of other companies or for working capital.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttablewrap" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Texttable_wrap; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-justify: inter-ideograph; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Liquidation
                                         if no business combination</B></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If we are unable to complete our initial business combination within 18 months from the closing of this
offering (or 21 months from the closing of this offering if we extend the period of time to consummate a business combination,
as described in more detail below), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but not more than ten business days thereafter, redeem 100% of the outstanding public shares for a pro rata
portion of the funds held in the trust account which redemption will completely extinguish public stockholders&rsquo; rights as
stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as
promptly as reasonably possible following such redemption, subject to the approval of our remaining holders of common stock and
our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware
law to provide for claims of creditors and the requirements of other applicable law. If we anticipate that we may not be able to
consummate our initial business combination within 18 months, we may extend the period of time to consummate a business combination
up to three times, each by an additional month (for a total of up to 21 months to complete a business combination). Pursuant to
the terms of our amended and restated articles of incorporation and the trust agreement to be entered into between us and American
Stock Transfer &amp; Trust Company, LLC on the date of this prospectus, in order to extend the time available for us to consummate
our initial business combination, our insiders or their affiliates or designees, upon five days advance notice prior to the applicable
deadline, must deposit into the trust account $125,000, or $143,750 if the underwriters&rsquo; over-allotment option is exercised
in full ($0.025 per unit in either case), up to an aggregate of $375,000 (or $431,250 if the underwriters&rsquo; over-allotment
option is exercised in full), or $0.075 per unit, on or prior to the date of the applicable deadline, for each one month extension.
The insiders will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">
that will not be repaid in the event that we are unable to close a business combination unless there are funds available outside
the trust account to do so. In the event that we receive notice from our insiders five days prior to the applicable deadline of
their intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior to
the applicable deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether
or not the funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders,
decide to extend the period of time to consummate our initial business combinations, such insiders (or their affiliates or designees)
may deposit the entire $375,000 (or $431,250).</FONT></P>


</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="top" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="top" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>16</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR><TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt">In
                                         connection with our redemption of 100% of our outstanding public shares, each holder
                                         will receive an amount equal to (1) the number of public shares being converted by such
                                         public holder divided by the total number of public shares multiplied by (2) the amount
                                         then in the trust account (initially $10.30 per share), which includes the deferred underwriting
                                         commission, plus a pro rata portion of any interest earned on the funds held in the trust
                                         account and not previously released to us or necessary to pay our taxes (subject in each
                                         case to our obligations under Delaware law to provide for claims of creditors). Holders
                                         of warrants will receive no proceeds in connection with the liquidation with respect
                                         to such warrants, which will expire worthless.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">The
                                         proceeds deposited in the trust account could, however, become subject to claims of our
                                         creditors that are in preference to the claims of our stockholders. We may not have funds
                                         sufficient to pay or provide for all creditors&rsquo; claims. Although we will seek to
                                         have all third parties (including any vendors or other entities we engage after this
                                         offering) and any prospective target businesses enter into valid and enforceable agreements
                                         with us waiving any right, title, interest or claim of any kind in or to any monies held
                                         in the trust account, there is no guarantee that they will execute such agreements. There
                                         is also no guarantee that the third parties would not challenge the enforceability of
                                         these waivers and bring claims against the trust account for monies owed them. In addition,
                                         if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed
                                         against us that is not dismissed, the proceeds held in the trust account could be subject
                                         to applicable bankruptcy law, and may be included in our bankruptcy estate and subject
                                         to the claims of third parties with priority over the claims of our stockholders. Therefore,
                                         the actual per-share redemption price may be less than $10.30.</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         holders of the insider shares and private units will not participate in any redemption
                                         with respect to their insider shares or private shares.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
                                         we are unable to conclude our initial business combination and we expend all of the net
                                         proceeds of this offering not deposited in the trust account, without taking into account
                                         any interest earned on the trust account, we expect that the initial per-share redemption
                                         price will be approximately $10.30.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
                                         will pay the costs of any liquidation following the redemptions from our remaining assets
                                         outside of the trust account. If such funds are insufficient, our insiders have agreed
                                         to pay the funds necessary to complete such liquidation (currently anticipated to be
                                         no more than approximately $15,000) and have agreed not to seek repayment for such expenses.</P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="37%" VALIGN="bottom" STYLE=
"width: 37.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="60%" VALIGN="bottom" STYLE=
"width: 60.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         underwriters have agreed to waive their rights to the deferred underwriting commissions
                                         held in the trust account in the event we do not consummate a business combination within
                                         18 months from the closing of this offering (or 21 months, as applicable) and in such
                                         event, such amounts will be included with the funds held in the trust account that will
                                         be available to fund the redemption of our public shares.</P>
</TD>
</TR>
</TABLE>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>17</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Risks</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are a newly formed company that has conducted no operations and has generated no revenues. Until we complete our initial business
combination, we will have no operations and will generate no operating revenues. In making your decision whether to invest in
our securities, you should take into account not only the background of our management team, but also the special risks we face
as a blank check company. This offering is not being conducted in compliance with Rule 419 promulgated under the Securities Act.
Accordingly, you will not be entitled to protections normally afforded to investors in Rule 419 blank check offerings. For additional
information concerning how Rule 419 blank check offerings differ from this offering, please see &ldquo;Proposed Business &mdash;
Comparison to offerings of blank check companies subject to Rule 419.&rdquo; You should carefully consider these and the other
risks set forth in the section entitled &ldquo;Risk Factors&rdquo; beginning on page 20 of this prospectus.</P>
</DIV>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>18</P>
<DIV STYLE=
"border: solid windowtext 1.0pt; padding: 10.0pt 4.0pt 10.0pt 4.0pt;"><P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_014" TITLE="summary"></A><B>SUMMARY
                                         FINANCIAL DATA</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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, and accordingly only balance sheet data is
presented.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>December
                                         31, 2015</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 28.78%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>June
                                         30, 2016</B></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Actual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Actual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>As
                                         Adjusted<SUP>(1)</SUP></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Balance
                                         Sheet Data:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Working
                                         capital (deficiency)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(164,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(186,447</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,032,610</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         assets</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>183,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>194,230</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>52,032,610</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         liabilities</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>169,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>186,720</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><SUP>(2)</SUP></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Value
                                         of common stock subject to possible conversion/tender</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>46,032,606</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Stockholders&rsquo;
                                         equity</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>14,774</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7,510</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,004</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes the $4,025,000 we will receive from the sale of the private units.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The &ldquo;as adjusted&rdquo; liabilities represents up to $1,000,000 of deferred underwriting commissions.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The &ldquo;as adjusted&rdquo; value of common stock which may be subject to possible conversion/tender for cash is derived
by taking 4,469,185 shares of common stock which may be converted, representing the maximum number of shares that may be converted
or sold while maintaining at least $5,000,001 in net tangible assets after this offering, multiplied by a conversion price of
$10.30.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
&ldquo;as adjusted&rdquo; column gives effect to the sale of the units we are offering, including the application of the related
gross proceeds and the payment of the estimated remaining costs from such sale and the repayment of the accrued and other liabilities
required to be repaid such that we have at least $5,000,001 of net tangible assets upon consummation of this offering and upon
consummation of our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
&ldquo;as adjusted&rdquo; working capital amount includes the $51,500,000 to be held in the trust account, less the deferred underwriting
commission of $1,000,000, which, except for limited situations described in this prospectus, will be available to us only upon
the consummation of our initial business combination within the time period described in this prospectus. The &ldquo;as adjusted&rdquo;
total assets amount includes the $51,500,000 to be held in the trust account, including the deferred underwriting commission of
$1,000,000. If our initial business combination is not so consummated, the trust account, less amounts we are permitted to withdraw
as described in this prospectus, will be distributed solely to our public stockholders (subject to our obligations under Delaware
law to provide for claims of creditors).</P>
</DIV>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>19</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>R</B>IS<A NAME="a_015" TITLE="rf"></A><B>K
FACTORS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><I>An
investment in our securities involves a high degree of risk. You should consider carefully all of the risks described below, which
we believe represent the material risks related to the offering, together with the other information contained in this prospectus,
before making a decision to invest in our units. 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. 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.</I></P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="text-transform: uppercase"><B>Risks
Associated with Our Business</B></FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
are a newly formed early stage company with no operating history and, accordingly, you have no basis on which to evaluate our
ability to achieve our business objective.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are a newly formed early stage company with no operating results, and we will not commence operations until obtaining funding
through this offering. Because we lack an operating history, you have no basis upon which to evaluate our ability to achieve our
business objective, which is to complete our initial business combination with one or more target businesses. We have not engaged
in any substantive discussions and we have no plans, arrangements or understandings with any prospective target business concerning
a business combination and may be unable to complete our business combination. If we fail to complete our business combination,
we will never generate any operating revenues.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
independent registered public accounting firm&rsquo;s report contains an explanatory paragraph that expresses substantial doubt
about our ability to continue as a &ldquo;going concern.&rdquo;</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
of June 30, 2016, we had $273 in cash and a working capital deficiency of $186,447. Further, we have incurred and expect to continue
to incur significant costs in pursuit of our acquisition plans. Management&rsquo;s plans to address this need for capital through
this offering are discussed in the section of this prospectus titled &ldquo;Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations.&rdquo; Our plans to raise capital and to consummate our initial business combination may
not be successful. These factors, among others, raise substantial doubt about our ability to continue as a going concern. The
financial statements contained elsewhere in this prospectus do not include any adjustments that might result from our inability
to consummate this offering or our inability to continue as a going concern.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we are unable to consummate our initial business combination, our public stockholders may be forced to wait more than 21 months
before receiving distributions from the trust account.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will have until 18 months from the closing of this offering (or 21 months from the closing of this offering if we extend the period
of time to consummate a business combination, as described in more detail elsewhere in this prospectus) to consummate our initial
business combination. We have no obligation to return funds to investors prior to such date unless we consummate our initial business
combination prior thereto and only then in cases where investors have sought to convert their shares. Only after the expiration
of this full time period will holders of our common stock be entitled to distributions from the trust account if we are unable
to complete our initial business combination. Accordingly, investors&rsquo; funds may be unavailable to them until after such
date and to liquidate your investment, public security holders may be forced to sell their public shares, potentially at a loss.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
public stockholders may not be afforded an opportunity to vote on our proposed business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will either (1) seek stockholder approval of our initial business combination at a meeting called for such purpose at which public
stockholders may seek to convert their shares, regardless of whether they vote for or against the proposed business combination,
into their pro rata share of the aggregate amount then on deposit in the trust account (net of taxes payable), or (2) provide
our public stockholders with the opportunity to sell their shares to us by means of a tender offer (and thereby avoid the need
for a stockholder vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account,
in each case subject to the limitations described elsewhere in this prospectus. Accordingly, it is possible that we will consummate
our initial business combination even if holders of a majority of our public shares do not approve of the business combination.
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</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>20</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>of
factors such as the timing of the transaction and whether the terms of the transaction would otherwise require us to seek stockholder
approval. For instance, Nasdaq rules currently allow us to engage in a tender offer in lieu of a stockholder meeting but would
still require us to obtain stockholder approval if we were seeking to issue more than 20% of our outstanding shares to a target
business as consideration in any business combination. Therefore, if we were structuring a business combination that required
us to issue more than 20% of our outstanding shares, we would seek stockholder approval of such business combination instead of
conducting a tender offer.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>You
will not be entitled to protections normally afforded to investors of blank check companies.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Since
the net proceeds of this offering are intended to be used to complete our initial business combination with a target business
that has not been identified, we may be deemed to be a &ldquo;blank check&rdquo; company under the United States securities laws.
However, since we will have net tangible assets in excess of $5,000,001 upon the successful consummation of this offering and
will file a Current Report on Form 8-K, including an audited balance sheet demonstrating this fact, we are exempt from rules promulgated
by the SEC to protect investors of blank check companies such as Rule 419. Accordingly, investors will not be afforded the benefits
or protections of those rules which would, for example, completely restrict the transferability of our securities, require us
to complete our initial business combination within 18 months of the effective date of the initial registration statement and
restrict the use of interest earned on the funds held in the trust account. Because we are not subject to Rule 419, our units
will be immediately tradable, we will be entitled to withdraw amounts from the funds held in the trust account prior to the completion
of our initial business combination and we may have a longer period of time to complete such a business combination than we would
if we were subject to such rule.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we determine to amend certain agreements made by our management team, many of the disclosures contained in this prospectus regarding
those agreements would no longer apply.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
could seek to amend certain agreements with our management team disclosed in this prospectus without the approval of our stockholders,
although we have no current intention to do so. For example, restrictions on our executives relating to the voting of securities
owned by them, the agreement of our management team to remain with us until the closing of a business combination, the obligation
of our management team to not propose certain changes to our organizational documents or the obligation of the management team
and its affiliates to not receive any compensation in connection with a business combination could be modified without obtaining
stockholder approval. Although stockholders would not be given the opportunity to redeem their shares in connection with such
changes, in no event would we be able to modify the redemption or liquidation rights of our stockholders without permitting our
stockholders the right to redeem their shares in connection with any such change. We will not agree to any such changes unless
we believed that such changes were in the best interests of our stockholders (for example, if such a modification were necessary
to complete a business combination).</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we deviate from the acquisition criteria or guidelines set forth in this prospectus, investors in this offering may have rescission
rights or may bring an action for damages against us or we could be subject to civil or criminal actions taken by governmental
authorities.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we were to elect to deviate from the acquisition criteria or guidelines set forth in this prospectus, each person who purchased
units in this offering and still held such securities upon learning of the facts relating to the deviation may seek rescission
of the purchase of the units he or she acquired in the offering (under which a successful claimant has the right to receive the
total amount paid for his or her securities pursuant to an allegedly deficient prospectus, plus interest and less any income earned
on the securities, in exchange for surrender of the securities) or bring an action for damages against us (compensation for loss
on an investment caused by alleged material misrepresentations or omissions in the sale of a security). In such event, we could
also be subject to civil or criminal actions taken by governmental authorities. For instance, the SEC can seek injunctions under
Section 20(b) of the Securities Act if it believes a violation under the Securities Act has occurred or is imminent. The SEC can
also seek civil penalties under Sections 20(d) and 24 if a party has violated the Securities Act or an injunctive action taken
by the SEC or if a party willfully, in a registration statement filed under the Securities Act, makes any untrue statement of
a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein
not misleading. Furthermore, Section 20 allows the SEC to refer matters to the attorney general to bring criminal penalties against
an issuer.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>21</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may issue shares of our capital stock to complete our initial business combination, which would reduce the equity interest of
our stockholders and likely cause a change in control of our ownership.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Our
amended and restated certificate of incorporation currently authorizes the issuance of up to 30,000,000 shares of common stock,
par value $0.001 per share, and 1,000,000 shares of preferred stock, par value $0.001 per share. Immediately after this offering
and the purchase of the private units (assuming no exercise of the underwriters&rsquo; over-allotment option), there will be approximately
16,945,000 authorized but unissued shares of common stock available for issuance (after appropriate reservation for the issuance
of the shares (i) underlying the public warrants and private warrants issuable upon consummation of our initial business combination,
and (ii) underlying the unit purchase option being issued to Chardan Capital Markets, LLC and/or its designees). Although we have
no commitment as of the date of this offering, we may issue a substantial number of additional shares of common stock or shares
of preferred stock, or a combination of common stock and preferred stock, to complete our initial business combination. The issuance
of additional shares of common stock or preferred stock:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may significantly reduce the equity interest of investors in this offering;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may subordinate the rights of holders of shares of common stock if we issue shares of preferred stock with rights senior
to those afforded to our shares of common stock;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may cause a change in control if a substantial number of shares of common stock are issued, which may affect, among other
things, our ability to use our net operating loss carry forwards, if any, and could result in the resignation or removal of our
present officers and directors; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may adversely affect prevailing market prices for our shares of common stock.</P>
<P CLASS="H3" STYLE=
'margin-top: 13.0pt; mso-style-name: H3; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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, we may choose to incur substantial debt to complete our business combination. However, the incurrence of debt could have
a variety of negative effects, including:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default and foreclosure on our assets if our operating revenues after our initial business combination are insufficient
to repay our debt obligations;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our inability to obtain necessary additional financing if the debt security contains covenants restricting our ability
to obtain such financing while the debt security is outstanding; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>
<P CLASS="H3" STYLE=
'margin-top: 13.0pt; mso-style-name: H3; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may be limited to the funds held outside of the trust account to fund our search for target businesses, to pay our tax obligations
and to complete our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Of
the net proceeds of this offering, $525,000 is anticipated to be available to us initially outside the trust account to fund our
working capital requirements. We will depend on sufficient interest being earned on the proceeds held in the trust account to
pay any tax obligations that we may owe. Interest rates on permissible investments for us have been less than 1% over the last
several years. Accordingly, if we use all of the funds held outside of the trust account, we may not have sufficient funds available
with which to structure, negotiate or close our initial business combination. In such event, we would need to borrow funds from
our</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>22</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>insiders,
officers or directors to operate or may be forced to liquidate. Our insiders, officers and directors are under no obligation to
loan us any funds. If we are unable to obtain the funds necessary, we may be forced to cease searching for a target business and
may be unable to complete our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may not have sufficient working capital to cover our operating expenses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
set forth in this prospectus under &ldquo;Use of Proceeds,&rdquo; we anticipate that we will incur operating expenses of approximately
$525,000 after the initial public offering. These expenses include $150,000 of third party expenses related to the search for
target businesses and the due diligence investigation, structuring and negotiation of our initial business combination; $10,000
of expenses related to due diligence of prospective target businesses; $40,000 of legal and accounting fees related to SEC reporting
obligations; $210,000 of administrative fees payable to Magna Management LLC ($10,000 per month for up to 21 months), subject
to deferral as described below; and $115,000 of working capital to cover miscellaneous expenses, D&amp;O insurance, liquidation
obligations, reserves and for general corporate purposes. Following the consummation of this offering, the amounts available to
us to pay our operating expenses will consist only of the approximately $525,000 initially held outside of the trust account.
Therefore, if our expenses exceed our estimates, we will not have sufficient funds outside the trust account to cover our expenses.
In such event, we would need to borrow funds from our insiders, officers or directors or from third parties to continue to operate.
However, our insiders, officers and directors and third parties are under no obligation to loan us any funds. If we are unable
to obtain the necessary funds, we may be forced to cease searching for a target business and liquidate without completing our
initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Reimbursement
of out-of-pocket expenses incurred by our insiders, officers, directors or any of their affiliates in connection with certain
activities on our behalf, such as identifying and investigating possible business targets and business combinations, could reduce
the funds available to us to consummate a business combination. In addition, an indemnification claim by one or more of our officers
and directors in the event that any of them are sued in their capacity as an officer or director could also reduce the funds available
to us outside of the trust account.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may reimburse our insiders, officers, directors or any of their affiliates for out-of-pocket expenses incurred in connection with
certain activities on our behalf, such as identifying and investigating possible business targets and business combinations. There
is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, that, to the extent such expenses exceed the
available proceeds not deposited in the trust account, such expenses would not be reimbursed by us unless we consummate an initial
business combination. In addition, pursuant to our certificate of incorporation and Delaware law, we may be required to indemnify
our officers and directors in the event that any of them are sued in their capacity as an officer or director. We will also enter
into agreements with our officers and directors to provide contractual indemnification in addition to the indemnification provided
for in our certificate of incorporation and under Delaware law. In the event that we reimburse our insiders, officers, directors
or any of their affiliates for out-of-pocket expenses prior to the consummation of a business combination or are required to indemnify
any of our officers or directors pursuant to our certificate of incorporation, Delaware law, or the indemnity agreements that
we will enter into with them, we would use funds available to us outside of the trust account. Any reduction in the funds available
to us could have a material adverse effect on our ability to locate and investigate prospective target businesses and to structure,
negotiate, conduct due diligence in connection with or consummate our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
third parties bring claims against us, the proceeds held in the trust account could be reduced and the per-share redemption price
received by stockholders may be less than approximately $10.30.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">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 and service providers we engage and prospective target businesses we negotiate with execute agreements with us
waiving any right, title, interest or claim of any kind in or to any monies held in the trust account for the benefit of our public
stockholders, they may not execute such agreements. Furthermore, even if such entities execute such agreements with us, they may
seek recourse against the trust account. A court may not uphold the validity of such agreements. Accordingly, the proceeds held
in the trust account could be subject to claims which could take priority over those of our public stockholders. If we are unable
to complete an initial business combination within the required time period, our insiders have agreed that they will be jointly
and severally liable to ensure that the proceeds in the trust account are not reduced by the claims of target businesses or claims
of vendors or other entities that are owed money by us for services rendered or contracted for or products sold to us, but only
if such a vendor or prospective target business does not execute such a waiver. However, our insiders may not be able to meet
such obligation as we have not required our insider to retain any assets to provide for their indemnification obligations, nor
have we taken any further steps to ensure that our</FONT></P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">insiders
will be able to satisfy any indemnification obligations that arise. Moreover, our insiders will not be liable to our public stockholders
if they should fail to satisfy their obligations under this agreement and instead will only be liable to us. Therefore, the per
share redemption or conversion amount received by public stockholders may be less than approximately $10.30 due to such claims.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Additionally,
if we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds
held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject
to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete
the trust account, the per share redemption or conversion amount received by public stockholders may be less than $10.30.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
stockholders may be held liable for claims by third parties against us to the extent of distributions received by them.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">If
we have not completed our initial business combination within 18 months from the closing of this offering (or 21 months from the
closing of this offering if we extend the period of time to consummate a business combination, as described in more detail elsewhere
in this prospectus), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than ten business days thereafter, redeem 100% of the outstanding public shares for a pro rata portion of the funds
held in the trust account which redemption will completely extinguish public stockholders&rsquo; rights as stockholders (including
the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our remaining holders of common stock and our board of directors,
dissolve and liquidate, subject (in the case of (ii) and (iii) above) to our obligations under Delaware law to provide for claims
of creditors and the requirements of other applicable law. We may not 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 well beyond the third anniversary of the date of distribution.
Accordingly, third parties may seek to recover from our stockholders amounts owed to them by us.</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">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 all amounts received by our stockholders. In addition, our board of directors
may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself
and us to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of creditors.</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Holders
of warrants will not have redemption rights.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we are unable to complete an initial business combination within the required time period and we redeem the funds held in the
trust account, the warrants will expire and holders will not receive any of the amounts held in the trust account in exchange
for such warrants.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>24</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Since
we have not yet selected a particular industry or target business with which to complete our initial business combination, we
are unable to currently ascertain the merits or risks of the industry or business in which we may ultimately operate.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Although
we intend to focus our search on target businesses operating in technology, media and telecommunications industries, we may consummate
our initial business combination with a target business in any industry we choose and are not limited to any particular industry
or type of business. Accordingly, there is no current basis for you to evaluate the possible merits or risks of the particular
industry in which we may ultimately operate or the target business which we may ultimately consummate our initial business combination.
To the extent we complete our initial business combination with a financially unstable company or an entity in its development
stage, we may be affected by numerous risks inherent in the business operations of those entities. If we complete our initial
business combination with an entity in an industry characterized by a high level of risk, we may be affected by the currently
unascertainable risks of that industry. We may not properly ascertain or assess all of the significant risk factors. An investment
in our shares may not ultimately prove to be more favorable to investors in this offering than a direct investment, if an opportunity
were available, in a target business.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><FONT STYLE="letter-spacing: -0.15pt">The
requirement that our initial business combination occur with one or more target businesses having an aggregate fair market value
equal to at least 80% of the value of the trust account at the time of the execution of a definitive agreement for our initial
business combination may limit the type and number of companies that we may complete such a business combination with.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pursuant
to the Nasdaq listing rules, our initial business combination must occur with one or more target businesses having an aggregate
fair market value equal to at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and
taxes payable on the income earned on the trust account) at the time of the execution of a definitive agreement for our initial
business combination. This restriction may limit the type and number of companies that we may complete a business combination
with. If we are unable to locate a target business or businesses that satisfy this fair market value test, we may be forced to
liquidate and you will only be entitled to receive your pro rata portion of the funds in the trust account. If we are no longer
listed on Nasdaq, we will not be required to satisfy the 80% test.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may structure our initial business combination such that the post-transaction company owns 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 50% or more of the outstanding voting
securities of the target or otherwise owns a controlling interest in the target sufficient for it not to be required to register
as an investment company under the Investment Company Act. Even if the post-transaction company owns 50% or more of the voting
securities of the target, our 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. 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
stock than we initially acquired. Accordingly, this may make it more likely that our management will not be able to maintain our
control of the target business.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
ability to successfully effect our initial business combination and to be successful thereafter will be totally dependent upon
the efforts of our key personnel, some of whom may join us following our initial business combination. While we intend to closely
scrutinize any individuals we engage after our initial business combination, our assessment of these individuals may not prove
to be correct.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
ability to successfully effect our initial business combination is dependent upon the efforts of our key personnel. We believe
that our success depends on the continued service of our key personnel, at least until we have consummated our initial business
combination. None of our officers are required to commit any specified amount of time to our affairs (although we expect them
to devote approximately 10 hours per week to our business) and, accordingly, they will have conflicts of interest in allocating
management time among various business activities, including identifying potential business combinations and monitoring the related
due diligence. If our officers&rsquo; and directors&rsquo; other business affairs require them to devote more substantial amounts
of</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>25</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>time
to their other business activities, it could limit their ability to devote time to our affairs and could have a negative impact
on our ability to consummate our initial business combination. In addition, we do not have employment agreements with, or key-man
insurance on the life of, any of our officers. The unexpected loss of the services of our key personnel could have a detrimental
effect on us.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
role of our key personnel after our initial business combination, however, remains to be determined. Although some of our key
personnel serve in senior management or advisory positions following our initial business combination, it is likely that most,
if not all, of the management of the target business will remain in place. These individuals may be unfamiliar with the requirements
of operating a public company which could cause us to have to expend time and resources helping them become familiar with such
requirements. This could be expensive and time-consuming and could lead to various regulatory issues which may adversely affect
our operations.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
officers and directors may not have significant experience or knowledge regarding the jurisdiction or industry of the target business
we may seek to consummate our initial business combination with.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may consummate a business combination with a target business in any geographic location or industry we choose. Our officers and
directors may not have enough experience or sufficient knowledge relating to the jurisdiction of the target or its industry to
make an informed decision regarding our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
key personnel may negotiate employment or consulting agreements with a target business in connection with a particular business
combination. These agreements may provide for them to receive compensation following our initial business combination and as a
result, may cause them to have conflicts of interest in determining whether a particular business combination is the most advantageous.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
key personnel may be able to remain with the company after the completion of our 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.
The personal and financial interests of such individuals may influence their motivation in identifying and selecting a target
business.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
insiders, officers, directors and their affiliates may be owed reimbursement for out-of-pocket expenses which may cause them to
have conflicts of interest in determining whether a particular business combination is most advantageous.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders, officers, directors and their affiliates may incur out-of-pocket expenses in connection with certain activities on our
behalf, such as identifying and investigating possible business targets and combinations. We have no policy that would prohibit
these individuals and their affiliates from negotiating the reimbursement of such expenses by a target business. As a result,
the personal and financial interests of such individuals may influence their motivation in identifying and selecting a target
business.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Members
of our management team may have affiliations with entities engaged in business activities similar to those intended to be conducted
by us and accordingly, may have conflicts of interest in determining to which entity a particular business opportunity should
be presented.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Members
of our management team may have affiliations with companies, including companies that are engaged in business activities similar
to those intended to be conducted by us. Accordingly, they may participate in transactions and have obligations that may be in
conflict or competition with our consummation of our initial business combination. As a result, a potential target business may
be presented by our management team to another entity prior to its presentation to us and we may not be afforded the opportunity
to engage in a transaction with such target business. For a more detailed description of the potential conflicts of interest of
our management, see the section titled &ldquo;Management &mdash; Conflicts of Interest.&rdquo;</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may engage in a business combination with one or more target businesses that have relationships with entities that may be affiliated
with our executive officers, directors or insiders, which may raise potential conflicts of interest.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
light of the involvement of our insiders, officers, directors and director nominees with other entities, we may decide to acquire
one or more businesses affiliated with our insiders, officers, directors and director nominees. Our directors and director nominees
also serve as officers and board members for other entities, including, without limitation, those described under &ldquo;Management
&mdash; Conflicts of Interest.&rdquo; Our insiders, officers, directors and director nominees are not currently aware of any</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>26</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>specific
opportunities for us to complete our business combination with any entities with which they are affiliated, and there have been
no preliminary discussions concerning a business combination with any such entity or entities. Although we will not be specifically
focusing on, or targeting, any transaction with any affiliated entities, we would pursue such a transaction if we determined that
such affiliated entity met our criteria for a business combination as set forth in &ldquo;Proposed Business &mdash; Effecting
Our Initial Business Combination &mdash; Selection of a Target Business and Structuring of Our Initial Business Combination,&rdquo;
such transaction was approved by a majority of our disinterested and independent directors (if we have any at that time), and
we obtain an opinion from an independent investment banking firm that the business combination is fair to our unaffiliated stockholders
from a financial point of view. Despite our agreement to obtain an opinion from an independent investment banking 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 officers, directors or insiders, 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 CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>The
shares beneficially owned by our insiders, officers and directors will not participate in a redemption and, therefore, our insiders,
officers and directors may have a conflict of interest in determining whether a particular target business is appropriate for
our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders, officers and directors have waived their right to convert their insider shares and private shares in connection with
a business combination and their redemption rights with respect to their insider shares and private shares if we are unable to
consummate our initial business combination. Accordingly, these securities will be worthless if we do not consummate our initial
business combination. Any warrants they hold, like those held by the public, will also be worthless if we do not consummate an
initial business combination. The personal and financial interests of our directors and officers may influence their motivation
in timely identifying and selecting a target business and completing a business combination. Consequently, our directors&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.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we are unable to consummate a business combination, any loans made by our insiders, officers, directors or their affiliates would
not be repaid, resulting in a potential conflict of interest in determining whether a potential transaction is in our stockholders&rsquo;
best interest.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
order to meet our working capital needs following the consummation of this offering, our insiders, officers, directors or their
affiliates may, but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable
in their sole discretion. The loans would be non-interest bearing and would be payable at the consummation of a business combination.
If we fail to consummate a business combination within the required time period, the loans would not be repaid. Consequently,
our directors and officers may have a conflict of interest in determining whether the terms, conditions and timing of a particular
business combination are appropriate and in our stockholders&rsquo; best interest.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Nasdaq
may delist our securities from quotation on its exchange which could limit investors&rsquo; ability to make transactions in our
securities and subject us to additional trading restrictions.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
securities will be listed on Nasdaq, a national securities exchange, upon consummation of this offering. Although after giving
effect to this offering we expect to meet, on a pro forma basis, the minimum initial listing standards set forth in the Nasdaq
listing standards, we cannot assure you that our securities will be, or will continue to be, listed on Nasdaq in the future or
prior to our initial business combination. In order to continue listing our securities on Nasdaq prior to our initial business
combination, we must maintain certain financial, distribution and stock price levels. Generally, we must maintain a minimum amount
in stockholders&rsquo; equity (generally $2,500,000) and a minimum number of holders of our securities (generally 300 public holders).
Additionally, in connection with our initial business combination, we will be required to demonstrate compliance with Nasdaq&rsquo;s
initial listing requirements, which are more rigorous than Nasdaq&rsquo;s continued listing requirements, in order to continue
to maintain the listing of our securities on Nasdaq. For instance, our stock price would generally be required to be at least
$4.00 per share and our stockholders&rsquo; equity would generally be required to be at least $5.0 million. We cannot assure you
that we will be able to meet those initial listing requirements at that time.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
Nasdaq delists our securities from trading on its exchange, we could face significant material adverse consequences, including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a limited availability of market quotations for our securities;</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>27</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reduced liquidity with respect to our securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a determination that our shares are a &ldquo;penny stock,&rdquo; which will require brokers trading in our shares to adhere
to more stringent rules, possibly resulting in a reduced level of trading activity in the secondary trading market for our shares;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a limited amount of news and analyst coverage for our company; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a decreased ability to issue additional securities or obtain additional financing in the future.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may only be able to complete one business combination with the proceeds of this offering, which will cause us to be solely dependent
on a single business which may have a limited number of products or services.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>It
is likely we will consummate our initial business combination with a single target business, although we have the ability to simultaneously
consummate our initial business combination with several target businesses. By consummating a business combination with only a
single entity, our lack of diversification may subject us to numerous economic, competitive and regulatory developments. Further,
we would not be able to diversify our operations or benefit from the possible spreading of risks or offsetting of losses, unlike
other entities which may have the resources to complete several business combinations in different industries or different areas
of a single industry. Accordingly, the prospects for our success may be:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>solely dependent upon the performance of a single business, or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>dependent upon the development or market acceptance of a single or limited number of products, processes or services.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>This
lack of diversification may subject us to numerous economic, competitive and regulatory developments, any or all of which may
have a substantial adverse impact upon the particular industry in which we may operate subsequent to our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Alternatively,
if we determine to simultaneously consummate our initial business combination with several businesses and such businesses are
owned by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on
the simultaneous closings of the other business combinations, which may make it more difficult for us, and delay our ability,
to complete the business combination. With multiple business combinations, we could also face additional risks, including additional
burdens and costs with respect to possible multiple negotiations and due diligence investigations (if there are multiple sellers)
and the additional risks associated with the subsequent assimilation of the operations and services or products of the target
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 CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>The
ability of our public stockholders to exercise their conversion rights may not allow us to effectuate the most desirable business
combination or optimize our capital structure.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
our initial business combination requires us to use substantially all of our cash to pay the purchase price, because we will not
know how many public stockholders may exercise conversion rights, we may either need to reserve part of the trust account for
possible payment upon such conversion, or we may need to arrange third party financing to help fund our initial business combination.
In the event that the business combination involves the issuance of our stock as consideration, we may be required to issue a
higher percentage of our stock to make up for a shortfall in funds. Raising additional funds to cover any shortfall may involve
dilutive equity financing or incurring indebtedness at higher than desirable levels. This may limit our ability to effectuate
the most attractive business combination available to us.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may be unable to consummate an initial business combination if a target business requires that we have a certain amount of cash
at closing, in which case public stockholders may have to remain stockholders of our company and wait until our redemption of
the public shares to receive a pro rata share of the trust account or attempt to sell their shares in the open market.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
potential target may make it a closing condition to our initial business combination that we have a certain amount of cash in
excess of the $5,000,001 of net tangible assets we are required to have pursuant to our organizational documents available at
the time of closing. If the number of our public stockholders electing to exercise their conversion rights has the effect of reducing
the amount of money available to us to consummate an initial business combination below such minimum amount required by the target
business and we are not able to locate an alternative source of funding, we will not be able to consummate such initial</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>28</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>business
combination and we may not be able to locate another suitable target within the applicable time period, if at all. In that case,
public stockholders may have to remain stockholders of our company and wait the full 21 months in order to be able to receive
a portion of the trust account, or attempt to sell their shares in the open market prior to such time, in which case they may
receive less than they would have in a liquidation of the trust account.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Public
stockholders, together with any affiliates of theirs or any other person with whom they are acting in concert or as a &ldquo;group,&rdquo;
will be restricted from seeking conversion rights with respect to more than 20% of the shares of common stock sold in this offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
connection with any meeting held to approve an initial business combination, we will offer each public stockholder (but not our
insiders, officers or directors) the right to have his, her, or its shares of common stock converted into cash. Notwithstanding
the foregoing, a public stockholder, together with any affiliate of his or hers, or any other person with whom he or she is acting
in concert or as a &ldquo;group&rdquo; will be restricted from seeking conversion rights with respect to more than 20% of the
shares of common stock sold in this offering. Generally, in this context, a stockholder will be deemed to be acting in concert
or as a group with another stockholder when such stockholders agree to act together for the purpose of acquiring, voting, holding
or disposing of our equity securities. Accordingly, if you purchase more than 20% of the shares of common stock sold in this offering
and our proposed business combination is approved, you will not be able to seek conversion rights with respect to the full amount
of your shares and may be forced to hold such additional shares of common stock or sell them in the open market. The value of
such additional shares may not appreciate over time following our initial business combination, and the market price of our shares
of common stock may not exceed the per-share conversion price.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may require public stockholders who wish to convert their shares of common stock in connection with a vote of stockholders on
a proposed business combination to comply with specific requirements for conversion that may make it more difficult for them to
exercise their conversion rights prior to the deadline for exercising their rights.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
connection with any stockholder meeting called to approve a proposed initial business combination, each public stockholder will
have the right, regardless of whether he or she is voting for or against such proposed business combination, to demand that we
convert his or her shares of common stock into a share of the trust account. We may require public stockholders seeking to convert
their shares in connection with a stockholder vote on a proposed business combination, whether they are a record holder or hold
their shares in &ldquo;street name,&rdquo; to either tender their certificates to our transfer agent or to deliver their shares
to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal At Custodian) System, at
the holder&rsquo;s option, at least two business days on the initial business combination (a tender of shares is always required
in connection with a tender offer). In order to obtain a physical stock certificate, a stockholder&rsquo;s broker and/or clearing
broker, DTC and our transfer agent will need to act to facilitate this request. It is our understanding that stockholders should
generally allot at least two weeks to obtain physical certificates from the transfer agent. However, because we do not have any
control over this process or over the brokers or DTC, it may take significantly longer than two weeks to obtain a physical stock
certificate. While we have been advised that it takes a short time to deliver shares through the DWAC System, this may not be
the case. Under Delaware law and our bylaws, we are required to provide at least 10 days advance notice of any stockholder meeting,
which would be the minimum amount of time a public stockholder would have to determine whether to exercise conversion rights.
Accordingly, if it takes longer than we anticipate for stockholders to deliver their shares, stockholders who wish to convert
may be unable to meet the deadline for exercising their conversion rights and thus may be unable to convert their shares.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we require public stockholders who wish to convert their shares of common stock to comply with the delivery requirements discussed
above for conversion, such converting stockholders may be unable to sell their securities when they wish to in the event that
the proposed business combination is not approved.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we require public stockholders who wish to convert their shares of common stock to comply with the delivery requirements discussed
above for conversion and such proposed business combination is not consummated, we will promptly return such certificates to the
tendering public stockholders. Accordingly, investors who attempted to convert their shares in such a circumstance will be unable
to sell their securities after the failed business combination until we have returned their securities to them. The market price
for our shares of common stock may decline during this time and you may not be able to sell your securities when you wish to,
even while other stockholders that did not seek conversion may be able to sell their securities.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>29</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Because
of our structure, other companies may have a competitive advantage and we may not be able to consummate an attractive business
combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
expect to encounter intense competition from entities other than blank check companies having a business objective similar to
ours, including venture capital funds, leveraged buyout funds and operating businesses competing for acquisitions. Many of these
entities are well established and have extensive experience in identifying and effecting business combinations directly or through
affiliates. Many of these competitors possess greater technical, human and other resources than we do and our financial resources
will be relatively limited when contrasted with those of many of these competitors. Therefore, our ability to compete in consummating
our initial business combination with certain sizable target businesses may be limited by our available financial resources. This
inherent competitive limitation gives others an advantage in pursuing a business combination with certain target businesses. Furthermore,
seeking stockholder approval of our initial business combination may delay the consummation of a transaction. Additionally, our
warrants, and the future dilution they represent (entitling the holders to receive shares of our common stock on exercise of the
warrants), may not be viewed favorably by certain target businesses. Any of the foregoing may place us at a competitive disadvantage
in successfully negotiating our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
ability to consummate an attractive business combination may be impacted by the market for initial public offerings.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although
it is very likely that our target will be a company or companies operating in or providing services to the technology, media and
telecommunications industries and will want to be a public reporting company. If the market for initial public offerings is limited,
we believe there will be a greater number of attractive target businesses open to consummating an initial business combination
with us as a means to achieve publicly held status. Alternatively, if the market for initial public offerings is robust, we believe
that there will be fewer attractive target businesses amenable to consummating an initial business combination with us to become
a public reporting company. Accordingly, during periods with strong public offering markets, it may be more difficult for us to
complete an initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may be unable to obtain additional financing, if required, to complete our initial business combination or to fund the operations
and growth of the target business, which could compel us to restructure or abandon a particular business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Although
we believe that the net proceeds of this offering will be sufficient to allow us to consummate a business combination, because
we have not yet identified any prospective target business, the capital requirements for any particular transaction remain to
be determined. If the net proceeds of this offering prove to be insufficient, either because of the size of the business combination,
the depletion of the available net proceeds in search of a target business, or the obligation to convert into cash a significant
number of shares of common stock, we will be required to seek additional financing. Such financing may not be available on acceptable
terms, if at all. To the extent that additional financing proves to be unavailable when needed to consummate a particular business
combination, we would be compelled to either restructure the transaction or abandon that particular business combination and seek
an alternative target business candidate. In addition, if we consummate a business combination, we may require additional financing
to fund the operations or growth of the target business. The failure to secure additional financing could have a material adverse
effect on the continued development or growth of the target business. None of our officers, directors or stockholders is required
to provide any financing to us in connection with or after our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
insiders, officers and directors, will control a substantial interest in us and thus may influence certain actions requiring a
stockholder vote.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Upon
consummation of our offering and sale of the private units, our insiders, officers and directors, will collectively beneficially
own approximately 24.8% of our issued and outstanding shares of common stock (assuming they do not purchase any units in this
offering and assuming the over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited
as a result thereof). None of our insiders, officers, directors, director nominees or their affiliates has committed to purchase
units in this offering or any units or shares from persons in the open market or in private transactions. In addition, our insiders,
officers, directors or their affiliates could determine in the future to make such purchases in the open market or in private
transactions, to the extent permitted by law, in order to influence the vote. In connection with any vote for a proposed business
combination, our insiders, officers and directors have agreed to vote the shares of common stock owned by them immediately before
this offering as well as the private shares and any shares of common stock acquired in this offering or in the aftermarket in
favor of such proposed business combination, and therefore will have a significant influence on the vote.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>30</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
board of directors is divided into three classes and, therefore, our insiders will continue to exert control over us until the
closing of a business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
board of directors 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. It is unlikely that there will be an annual meeting of stockholders to
elect new directors prior to the consummation of our initial business combination, in which case all of the current directors
will continue in office until at least the consummation of the business combination. Accordingly, you may not be able to exercise
your voting rights under corporate law for up to 21 months. If there is an annual meeting, as a consequence of our &ldquo;staggered&rdquo;
board of directors, fewer than half of the board of directors will be considered for election and our insiders, because of their
ownership position, will have considerable influence regarding the outcome. Accordingly, our insiders will continue to exert control
at least until the consummation of our initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may not hold an annual meeting of stockholders until after the consummation of our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
accordance with Nasdaq corporate governance requirements, we are not required to hold an annual meeting until one year after our
first fiscal year end following our listing on Nasdaq. Under Section 211(b) of the Delaware General Corporation Law, 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. It is unlikely that there will be an annual meeting of stockholders
to elect new directors prior to the consummation of our initial business combination, and thus we may not be in compliance with
Section 211(b) of the Delaware General Corporation Law, which requires an annual meeting. Therefore, if our stockholders want
us to hold an annual meeting prior to the consummation of our initial business combination, they may attempt to force us to hold
one by submitting an application to the Delaware Court of Chancery in accordance with Section 211(c) of the Delaware General Corporation
Law.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Our
insiders paid an aggregate of $25,000, or approximately $0.02 per share, for the insider shares and our insiders (and/or their
designees) will pay $10.00 per unit for the private units, for an average price of approximately $1.68 per share (assuming the
over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited as a result thereof),
and, accordingly, you will experience immediate and substantial dilution from the purchase of our shares of common stock.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
difference between the public offering price per share and the pro forma net tangible book value per share of common stock after
this offering constitutes the dilution to the investors in this offering. Our insiders acquired the insider shares and our insiders
(and/or their designees) will acquire the private shares for $10.00 per share, significantly contributing to this dilution. Upon
consummation of this offering, you and the other new investors will incur an immediate and substantial dilution of approximately
77.1% or $7.71 per share (the difference between the pro forma net tangible book value per share of $2.29, and the initial offering
price of $10.00 per share), taking into account that the net tangible book value per share prior to this offering was ($0.15).
This is because investors in this offering will be contributing approximately 92.5% of the total amount paid to us for our outstanding
shares of common stock after this offering but will only own 75.2% of our outstanding shares of common stock. Accordingly, the
per-share purchase price you will be paying substantially exceeds our per share net tangible book value.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
our insiders exercise their registration rights, it may have an adverse effect on the market price of our shares of common stock
and the existence of these rights may make it more difficult to effect our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders are entitled to make a demand that we register the resale of the insider shares at any time commencing three months prior
to the date on which their shares may be released from escrow. Additionally, the purchasers of the private units and our insiders,
officers, directors or their affiliates are entitled to demand that we register the resale of the private units (and underlying
securities of each) and any units our insiders, officers, directors or their affiliates may be issued in payment of working capital
loans made to us commencing on the date that we consummate our initial business combination. The presence of these additional
shares of common stock trading in the public market may have an adverse effect on the market price of our securities. In addition,
the existence of these rights may make it more difficult to effectuate our initial business combination or increase the cost of
consummating our initial business combination with the target business, as the stockholders of the target business may be discouraged
from entering into a business combination with us or will request a higher price for their securities because of the potential
effect the exercise of such rights may have on the trading market for our shares of common stock.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>31</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may enter into agreements with consultants or financial advisers that provide for the payment of fees upon the consummation of
our initial business combination, and, therefore, such consultants or financial advisers may have conflicts of interest.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may enter into agreements with consultants or financial advisers that provide for the payment of fees upon the consummation of
our initial business combination. If we pay consultants or financial advisers fees that are tied to the consummation of our initial
business combination, they may have conflicts of interest when providing services to us, and their interests in such fees may
influence their advice with respect to a potential business combination. For example, if a consultant&rsquo;s or financial advisor&rsquo;s
fee is based on the size of the transaction, then they may be influenced to present us larger transactions that may have lower
growth opportunities or long-term value versus smaller transactions that may have greater growth opportunities or provide greater
value to our stockholders. Similarly, consultants whose fees are based on consummation of a business combination may be influenced
to present potential business combinations to us regardless of whether they provide longer-term value for our stockholders. While
we will endeavor to structure agreements with consultants and financial advisors to minimize the possibility and extent of these
conflicts of interest, we cannot assure you that we will be able to do so and that we will not be impacted by the adverse influences
they create.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we are deemed to be an investment company, we may be required to institute burdensome compliance requirements and our activities
may be restricted, which may make it difficult for us to complete our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>restrictions on the nature of our investments; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>restrictions on the issuance of securities,</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>each
of which may make it difficult for us to complete our business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
addition, we may have imposed upon us certain burdensome requirements, including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>registration as an investment company;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>adoption of a specific form of corporate structure; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reporting, record keeping, voting, proxy and disclosure requirements and other rules and regulations.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
order not to be regulated as an investment company under the Investment Company Act, unless we can qualify for an exclusion, we
must ensure that we are engaged primarily in a business other than investing, reinvesting or trading in securities and that our
activities do not include investing, reinvesting, owning, holding or trading &ldquo;investment securities&rdquo; constituting
more than 40% of our total assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis. Our business
will be to identify and complete 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 CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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
2(a)(16) of the Investment Company Act having a maturity of 180 days or less or in money market funds meeting certain conditions
under Rule 2a-7 promulgated under the Investment Company Act which invest only in direct U.S. government treasury obligations.
Pursuant to the trust agreement, the trustee is not permitted to invest in other securities or assets. By restricting the investment
of the proceeds to these instruments, and by having a business plan targeted at acquiring and growing businesses for the long
term (rather than on buying and selling businesses in the manner of a merchant bank or private equity fund), we intend to avoid
being deemed an &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 earlier to occur of either: (i) the completion of our primary business objective, which
is a business combination; or (ii) absent a business combination, 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</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>32</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 receive only approximately $10.30 per share on the liquidation of our trust account and
our public warrants will expire worthless.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>The
determination of the offering price of our units and the size of this offering is more arbitrary than the pricing of securities
and size of an offering of an operating company in a particular industry. You may have less assurance, therefore, that the offering
price of our units properly reflects the value of such units than you would have in a typical offering of an operating company.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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, and the underwriter will own a number of our securities post
initial public offering (as described elsewhere in this prospectus). 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 common stock and warrants
underlying the units, include:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the history of other similarly structured blank check companies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior offerings of those companies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our prospects for consummating an initial business combination with an operating business at attractive values;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our capital structure;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>securities exchange listing requirements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>market demand;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>expected liquidity of our securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>general conditions of the securities markets at the time of the offering; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>other factors as were deemed relevant.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>However,
although these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities
for an operating company in a particular industry since we have no historical operations or financial results to compare them
to.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>The
requirement that we complete our initial business combination within 18 or 21 months from the closing of this offering may give
potential target businesses leverage over us in negotiating our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have 18 months from the closing of this offering (or 21 months from the closing of this offering if we extend the period of time
to consummate a business combination, as described in more detail elsewhere in this prospectus) to complete our initial business
combination. Any potential target business with which we enter into negotiations concerning a business combination will be aware
of this requirement. Consequently, such target business may obtain leverage over us in negotiating a business combination, knowing
that if we do not complete a business combination with that particular target business, we may be unable to complete a business
combination with any other target business. This risk will increase as we get closer to the time limit referenced above.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
may not obtain a fairness opinion with respect to the target business that we seek to consummate our initial business combination
with and therefore you may be relying solely on the judgment of our board of directors in approving a proposed business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will only be required to obtain a fairness opinion with respect to the target business that we seek to consummate our initial
business combination with if it is an entity that is affiliated with any of our insiders, officers or directors. In all other
instances, we will have no obligation to obtain an opinion. 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 tender offer documents or proxy solicitation materials, as applicable,
related to our initial business combination.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>33</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Resources
could be wasted in researching business combinations that are not completed, which could materially adversely affect subsequent
attempts to locate and acquire or merge with another business. If we are unable to complete our initial business combination,
our public stockholders may receive only approximately $10.30 per share on the liquidation of our trust account and our public
warrants will expire worthless.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 receive only approximately $10.30 per share on the liquidation of our trust account and our public warrants will
expire worthless.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Compliance
with the Sarbanes-Oxley Act of 2002 will require substantial financial and management resources and may increase the time and
costs of completing an initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Section
404 of the Sarbanes-Oxley Act of 2002, or the Sarbanes-Oxley Act, requires that we evaluate and report on our system of internal
control and may require that we have such system of internal control audited. If we fail to maintain the adequacy of our internal
control, we could be subject to regulatory scrutiny, civil or criminal penalties and/or stockholder litigation. Any inability
to provide reliable financial reports could harm our business. Section 404 of the Sarbanes-Oxley Act also requires that our independent
registered public accounting firm report on management&rsquo;s evaluation of our system of internal control, although as an &ldquo;emerging
growth company&rdquo; as defined in the JOBS Act, we may take advantage of an exemption to this requirement. A target company
may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding adequacy of their internal control. 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 initial business combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>We
are an emerging growth company within the meaning of the Securities Act, and if we take advantage of certain exemptions from disclosure
requirements available to emerging growth companies, this could make our securities less attractive to investors and may make
it more difficult to compare our performance with other public companies.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
JOBS Act permits &ldquo;emerging growth companies&rdquo; like us to take advantage of certain exemptions from various reporting
requirements applicable to other public companies that are not emerging growth companies. As long as we qualify as an emerging
growth company, we would be permitted, and we intend to, omit the auditor&rsquo;s attestation on internal control over financial
reporting that would otherwise be required by the Sarbanes-Oxley Act, as described above. We also intend to take advantage of
the exemption provided under the JOBS Act from the requirements to submit say-on-pay, say-on-frequency and say-on-golden parachute
votes to our stockholders and we will avail ourselves of reduced executive compensation disclosure that is already available to
smaller reporting companies.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the exemption from complying
with new or revised accounting standards provided in Section 7(a)(2)(B) of the Securities Act as long as we are an emerging growth
company. An emerging growth company can therefore delay the adoption of certain accounting standards until those standards would
otherwise apply to private companies. We have elected to take advantage of these benefits until we are no longer an emerging growth
company or until we affirmatively and irrevocably opt out of this exemption. Our financial statements may therefore not be comparable
to those of companies that comply with such new or revised accounting standards.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Following
this offering, we will continue to be an emerging growth company until the earliest to occur of (i) the last day of the fiscal
year during which we had total annual gross revenues of at least $1 billion (as indexed for inflation), (ii) the last day of the
fiscal year following the fifth anniversary of the date of the first sale of units under this registration statement, (iii) the
date on which we have, during the previous three-year period, issued more than $1 billion in non-convertible debt, or (iv) the
date on which we are deemed to be a &ldquo;large accelerated filer,&rdquo; as defined under the Exchange Act.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>34</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Until
such time that we lose &ldquo;emerging growth company&rdquo; status, it is unclear if investors will find our securities less
attractive because we may rely on these exemptions. If some investors find our securities less attractive as a result, there may
be a less active trading market for our securities and our stock prices may be more volatile and could cause our stock prices
to decline.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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 negatively impact our operations.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may effect our initial business combination with a company located outside of the United States. If we did, we would be subject
to any special considerations or risks associated with companies operating in the target business&rsquo; home jurisdiction, including
any of the following:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>rules and regulations or currency conversion or corporate withholding taxes on individuals;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>tariffs and trade barriers;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>regulations related to customs and import/export matters;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>longer payment cycles;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>tax issues, such as tax law changes and variations in tax laws as compared to the United States;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>currency fluctuations and exchange controls;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>challenges in collecting accounts receivable;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>cultural and language differences;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>employment regulations;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>crime, strikes, riots, civil disturbances, terrorist attacks and wars; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>deterioration of political relations with the United States.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may not be able to adequately address these additional risks. If we are unable to do so, our operations may suffer.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>If
we effect our initial business combination with a target business located outside of the United States, the laws applicable to
such target business will likely govern all of our material agreements and we may not be able to enforce our legal rights.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we effect our initial business combination with a target business located outside of the United States, the laws of the country
in which such target business is domiciled will govern almost all of the material agreements relating to its operations. The target
business may not be able to enforce any of its material agreements in such jurisdiction and appropriate remedies to enforce its
rights under such material agreements may not be available in this new jurisdiction. The system of laws and the enforcement of
existing laws in such jurisdiction may not be as certain in implementation and interpretation as in the United States. The inability
to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities
or capital. Additionally, if we consummate our initial business combination with a company located outside of the United States,
it is likely that substantially all of our assets would be located outside of the United States and some of our officers and directors
might reside outside of the United States. As a result, it may not be possible for investors in the United States to enforce their
legal rights, to effect service of process upon our directors or officers or to enforce judgments of United States courts predicated
upon civil liabilities and criminal penalties of our directors and officers under Federal securities laws.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Provisions
in our certificate of incorporation and bylaws 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 common stock and could entrench management.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
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 shares, which may make more difficult the removal of management and
may discourage transactions that otherwise could involve payment of a premium over prevailing market prices for our securities.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>35</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 more difficult the removal of management and may discourage transactions that otherwise could involve payment
of a premium over prevailing market prices for our securities.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Because
we must furnish our stockholders with target business financial statements prepared in accordance with U.S. generally accepted
accounting principles or international financial reporting standards, we may lose the ability to complete an otherwise advantageous
initial business combination with some prospective target businesses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
federal proxy rules require that a proxy statement with respect to a vote on a business combination meeting certain financial
significance tests include historical and/or pro forma financial statement disclosure in periodic reports. These financial statements
may be required to be prepared in accordance with, or be reconciled to, accounting principles generally accepted in the United
States of America, or GAAP, or international financial reporting standards, or IFRS as issued by the International Accounting
Standards Board or the IASB, depending on the circumstances and the historical financial statements may be required to be audited
in accordance with the standards of the Public Company Accounting Oversight Board (United States), or PCAOB. We will include the
same financial statement disclosure in connection with any tender offer documents we use, whether or not they are required under
the tender offer rules. These financial statement requirements may limit the pool of potential target businesses we may consummate
our initial business combination with because some targets may be unable to provide such statements in time for us to disclose
such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed time
frame.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Changes
in laws or regulations, or a failure to comply with any laws and regulations, may adversely affect our business, investments and
results of operations.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 and results of operations.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'>Investors
may not appropriately allocate a tax basis to the components of the unit.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Because
investors in this offering will be investing in units comprised of one share of common stock and one warrant, investors will need
to allocate a tax basis to each item in proportion to their values at the time of the investment. We are not required to provide
any guidance as to the proper allocation of tax basis. Failure to properly allocate a tax basis could result in adverse tax consequences
to an investor.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>36</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>C<A NAME="a_016" TITLE="caut"></A><B>AUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
statements contained in this prospectus that are not purely historical are forward-looking statements. Our forward-looking statements
include, but are not limited to, statements regarding our or our management&rsquo;s expectations, hopes, beliefs, intentions or
strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of
future events or circumstances, including any underlying assumptions, are forward-looking statements. The words &ldquo;anticipate,&rdquo;
&ldquo;believe,&rdquo; &ldquo;continue,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo; &ldquo;intend,&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 our:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>ability to complete our initial business combination;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial
business combination;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>officers and directors allocating their time to other businesses and potentially having conflicts of interest with our
business or in approving our initial business combination, as a result of which they would then receive expense reimbursements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>potential ability to obtain additional financing to complete our initial business combination;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pool of prospective target businesses;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the ability of our officers and directors to generate a number of potential investment opportunities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>potential change in control if we acquire one or more target businesses for stock;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the potential liquidity and trading of our securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the lack of a market for our securities;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>use of proceeds not held in the trust account or available to us from interest income on the trust account balance; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>financial performance following this offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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. Future developments affecting us may not 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 CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>37</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_017" TITLE="uop"></A><B>USE
OF PROCEEDS</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
estimate that the net proceeds of this offering, in addition to the funds we will receive from the sale of the private units,
will be used as set forth in the following table:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Without<BR>
                                         Over-Allotment Option</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Over-Allotment
                                         Option Exercised</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Gross
                                         proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>From
                                         offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>57,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>From
                                         sale of private units</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>4,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>4,475,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         gross proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>54,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>61,975,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Offering
                                         expenses<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Non-contingent
                                         underwriting discount (3.0% of gross proceeds from offering)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,725,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
                                         underwriting discount (2.0% of gross proceeds from offering)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,150,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Legal
                                         fees and expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>290,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>290,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Nasdaq
                                         listing fee</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Printing
                                         and engraving expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>20,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>20,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accounting
                                         fees and expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>53,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>53,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>SEC/FINRA
                                         Expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>35,222</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>35,222</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Miscellaneous
                                         <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(includes $50,000
                                         of underwriters&rsquo; accountable expenses)</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,278</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,278</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         offering expenses</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>3,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>3,375,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>58,600,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Held
                                         in the trust account<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>59,225,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Not
                                         held in the trust account</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>525,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>525,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Use
                                         of net proceeds not held in the trust account<FONT STYLE="font-size: 6pt"><SUP>(4)(5)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Legal,
                                         accounting and other third party expenses attendant to the search for target businesses
                                         and to the due diligence investigation, structuring and negotiation of our initial business
                                         combination</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>150,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>28.6</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Due
                                         diligence of prospective target businesses by officers, directors and insiders</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1.9</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Legal
                                         and accounting fees relating to SEC reporting obligations</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>40,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7.6</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Payment
                                         of administrative fee to Magna Management LLC ($10,000 per month for up to 21 months),
                                         subject to deferral as described herein</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>210,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>40.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Working
                                         capital to cover miscellaneous expenses, D&amp;O insurance, general corporate purposes,
                                         liquidation obligations and reserves</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>115,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>21.9</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>525,000</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.6%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;</B></P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>100.0</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>A portion of the offering expenses, including the SEC registration fee, the FINRA filing fee, the non-refundable portion
of the Nasdaq listing fee and a portion of the legal and audit fees, have been paid from the funds we received as loans from our
insiders described below. These funds will be repaid out of the proceeds of this offering available to us.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>No discounts or commissions will be paid with respect to the purchase of the private units.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The funds held in the trust account may, but need not, be used to pay our expenses relating to completing our initial business
combination, including a deferred underwriting commission payable to the underwriters in an amount equal to 2% of the total gross
proceeds raised in the offering described below. We will have until 18 months from the closing of this offering to consummate
our initial business combination. However, if we anticipate that we may not be able to consummate our initial business combination
within 18 months, we may extend the period of time to consummate a business combination up to three times, each by an additional
month (for a total of up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated articles
of incorporation and the trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on
the date of this prospectus, in order to extend the time available for us to consummate our initial business combination, our
insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the
trust account $125,000, or $143,750 if the underwriters&rsquo; over-allotment option is exercised in full ($0.025 per unit in
either case), up to an aggregate of $375,000 (or $431,250 if the underwriters&rsquo; over-allotment option is exercised in full),
or $0.075 per unit, on or prior to the date of the applicable deadline, for each one month extension.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>38</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The amount of proceeds not held in the trust account will remain constant at approximately $525,000 even if the over-allotment
option is exercised.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(5)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>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 that business combination.
We do not anticipate any change in the categories of our intended use of proceeds.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders (and/or their designees) have committed that they will purchase the private units (for an aggregate purchase price of
$4,025,000) from us on a private placement basis simultaneously with the consummation of this offering. Our insiders have also
agreed that if the over-allotment option is exercised by the underwriters in full or in part, they (and/or their designees) will
purchase from us at a price of $10.00 per unit the number of private units (up to a maximum of 45,000 private units) that is necessary
to maintain in the trust account an amount equal to $10.30 per share of common stock sold to the public in this offering. All
of the proceeds we receive from these purchases will be placed in the trust account described below.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">$51,500,000,
or $59,225,000 if the over-allotment option is exercised in full, of net proceeds of this offering and the sale of the private
units will be placed in a trust account in the United States at JP Morgan Chase, maintained by American Stock Transfer &amp; Trust
Company, LLC, as trustee. The funds held in the trust account will be invested only in United States government treasury bills,
bonds or notes having a maturity of 180 days or less, or in money market funds meeting the applicable conditions under Rule 2a-7
promulgated under the Investment Company Act of 1940 and that invest solely in U.S. treasuries, so that we are not deemed to be
an investment company under the Investment Company Act. Except with respect to interest earned on the funds held in the trust
account that may be released to us to pay our income or other tax obligations, the proceeds will not be released from the trust
account until the earlier of the completion of our initial business combination or our redemption of 100% of the outstanding public
shares if we have not completed a business combination in the required time period. The proceeds held in the trust account may
be used as consideration to pay the sellers of a target business with which we complete our initial business combination to the
extent not used to pay converting stockholders. Any amounts not paid as consideration to the sellers of the target business may
be used to finance operations of the target business.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
payment to Magna Management LLC, a company owned by our insiders, of a monthly fee of $10,000 is for general and administrative
services including office space, utilities and secretarial support. However, pursuant to the terms of such agreement, we may delay
payment of such monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to
pay actual or anticipated expenses in connection with our initial business combination. Any such unpaid amount will accrue without
interest and be due and payable no later than the date of the consummation of our initial business combination. This arrangement
is being agreed to by Magna Management LLC for our benefit. We believe that the fee charged by Magna Management LLC is at least
as favorable as we could have obtained from an unaffiliated person. This arrangement will terminate upon completion of our initial
business combination or the distribution of the trust account to our public stockholders. Other than the $10,000 per month fee,
no compensation of any kind (including finder&rsquo;s fees, consulting fees or other similar compensation) will be paid to our
insiders, members of our management team or any of our or their respective affiliates, for services rendered to us prior to or
in connection with the consummation of our initial business combination (regardless of the type of transaction that it is). However,
such individuals will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities on our
behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses and business
combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses to examine
their operations. Since the role of present management after our initial business combination is uncertain, we have no ability
to determine what remuneration, if any, will be paid to those persons after our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Regardless
of whether the over-allotment option is exercised in full, the net proceeds from this offering available to us out of trust for
our working capital requirements in searching for our initial business combination will be approximately $525,000.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
allocation of the net proceeds available to us outside of the trust account represents our best estimate of the intended uses
of these funds. In the event that our assumptions prove to be inaccurate, we may reallocate some of such proceeds within the above
described categories. If our estimate of the costs of undertaking due diligence and negotiating our initial business combination
is less than the actual amount necessary to do so, we may be required to raise additional capital, the amount, availability and
cost of which is currently unascertainable. In this event, we could seek such additional capital through loans or additional investments
from our insiders, members of our management team or third parties, but our insiders, members of our management team or third
parties are not under any obligation to advance funds to, or invest in, us.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>39</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will likely use substantially all of the net proceeds of this offering, including the funds held in the trust account, in connection
with our initial business combination and to pay our expenses relating thereto, including the deferred underwriting commission
payable to the underwriters in an amount equal to 2% of the total gross proceeds raised in the offering upon consummation of our
initial business combination. To the extent that our capital stock is used in whole or in part as consideration to effect our
initial business combination, the proceeds held in the trust account which are not used to consummate a business combination will
be disbursed to the combined company and will, along with any other net proceeds not expended, be used as working capital to finance
the operations of the target business. Such working capital funds could be used in a variety of ways including continuing or expanding
the target business&rsquo; operations, for strategic acquisitions and for marketing, research and development of existing or new
products.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
the extent we are unable to consummate a business combination, we will pay the costs of liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete
such liquidation (currently anticipated to be no more than $15,000) and have agreed not to seek repayment of such expenses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
of June 30, 2016, M SPAC LLC, an entity controlled by Joshua Sason, our Chief Executive Officer, had loaned to us $131,720 to
be used to pay a portion of the expenses of this offering referenced in the line items above for the SEC registration fee, FINRA
filing fee, the non-refundable portion of the Nasdaq listing fee and a portion of the legal and accounting fees and expenses.
In addition, an unrelated party had loaned to us $55,000 to cover expenses related to this offering. The loans are payable without
interest on the earlier of (i) the consummation of the Proposed Public Offering or (ii) the date on which the Company determines
not to proceed with the Proposed Public Offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe that, upon consummation of this offering, we will have sufficient available funds (which includes amounts that may be
released to us from the trust account) to operate for up to the next 21 months, assuming that our initial business combination
is not consummated during that time. However, if necessary, in order to meet our working capital needs following the consummation
of this offering, our insiders, officers and directors (and/or their designees) may, but are not obligated to, loan us funds,
from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be evidenced
by a promissory note. The notes would either be paid upon consummation of our initial business combination, without interest,
or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon consummation of our business combination
into additional private units at a price of $10.00 per unit. Our stockholders have approved the issuance of the private units
upon conversion of such notes, to the extent the holder wishes to so convert such notes at the time of the consummation of our
initial business combination. If we do not complete a business combination, any loans and advances from our insiders, officers
and directors or their affiliates, will be repaid only from amounts remaining outside our trust account, if any.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
public stockholder will be entitled to receive funds from the trust account only in the event of (1) our redemption of 100% of
the outstanding public shares if we have not completed a business combination in the required time period, (2) if that public
stockholder elects to convert public shares in connection with a stockholder vote or (3) if that public stockholder sells shares
to us in any tender offer in connection with a proposed business combination. In no other circumstances will a public stockholder
have any right or interest of any kind to or in the trust account.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>40</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_018" TITLE="dp"></A><B>DIVIDEND
POLICY</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have not paid any cash dividends on our shares of 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 subsequent to the completion of our initial business combination
will be dependent upon our revenues and earnings, if any, capital requirements and general financial condition subsequent to completion
of our initial business combination. The payment of any dividends subsequent to our initial business combination will be within
the discretion of our board of directors at such time. It is the present intention of our board of directors to retain all earnings,
if any, for use in our business operations and, accordingly, our board of directors does not anticipate declaring any dividends
in the foreseeable future. In addition, our board of directors is not currently contemplating and does not anticipate declaring
any stock dividends in the foreseeable future, except if we increase the size of the offering, including pursuant to Rule 462(b)
under the Securities Act, in which case we will effect a stock dividend immediately prior to the consummation of the offering
in such amount as to maintain our insiders&rsquo; ownership at an aggregate of 20.0% of our issued and outstanding shares of our
common stock upon the consummation of this offering (excluding ownership of the private units). 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 CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>41</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_019" TITLE="dilu"></A><B>DILUTION</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
difference between the public offering price per share (assuming no value is attributed to the warrants included in the units
we are offering pursuant to this prospectus) and the pro forma net tangible book value per share after this offering constitutes
the dilution to investors in this offering. 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 common stock which may be converted
into cash), by the number of outstanding shares of common stock.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
June 30, 2016, our net tangible book value was $(186,447), or approximately ($0.15) per share assuming the underwriters do not
exercise any portion of the over-allotment option and the forfeiture of 187,500 insider shares. After giving effect to the sale
of 5,000,000 (or 5,750,000 if the underwriters exercise their over-allotment option in full) shares of common stock included in
the units we are offering by this prospectus, and the deduction of underwriting discounts and estimated expenses of this offering,
and the sale of the private units, our pro forma net tangible book value at June 30, 2016 would have been $5,000,004 or $2.29
(or $2.06 if the underwriters exercise their over-allotment option in full) per share, representing an immediate increase in net
tangible book value of $2.44 (or $2.21 if the underwriters exercise their over-allotment option in full) per share to our insiders
and an immediate dilution of 77.1% (or 79.4% if the underwriters exercise their over-allotment option in full) per share or $7.71
(or $7.94 if the underwriters exercise their over-allotment option in full) to new investors not exercising their conversion rights.
For purposes of presentation, our pro forma net tangible book value after this offering is $46,032,606 (or $53,607,607 if the
underwriters exercise their over-allotment option in full) less than it otherwise would have been because if we effect our initial
business combination, the conversion rights of the public stockholders (but not our insiders) may result in the conversion or
tender of up to 4,469,185 (or 5,204,622 if the underwriters exercise their over-allotment option in full) shares sold in this
offering.</P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table illustrates the dilution to our public stockholders on a per-share basis.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Without<BR>
                                         Over-Allotment</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>With<BR>
                                         Over-Allotment<BR>
                                         Option</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Public
                                         offering price</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         tangible book value before this offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(0.15</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(0.15</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Increase
                                         attributable to public stockholders and private investors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2.44</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2.21</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pro
                                         forma net tangible book value after this offering and the sale of the private units</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2.29</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2.06</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Dilution
                                         to new investors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7.71</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7.94</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Percentage
                                         of dilution to new investors</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>77.1</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="10%" VALIGN="bottom" STYLE=
"width: 10.84%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>79.4</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table sets forth information with respect to our insiders and the new investors:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="42%" COLSPAN="13" VALIGN="bottom" STYLE=
"width: 42.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Without
                                         Over-allotment</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="42%" COLSPAN="13" VALIGN="bottom" STYLE=
"width: 42.96%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">With
                                         Over-allotment</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 15.78%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Shares
                                         Purchased</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 16.8%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Total
                                         Consideration</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="15%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 15.96%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Shares
                                         Purchased</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 16.98%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Total
                                         Consideration</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Number</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Percentage</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></P>
</DIV>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.14%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Amount</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Percentage</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></P>
</DIV>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Average</FONT><BR>
                                         <FONT STYLE="font-size: 6.5pt">Price per</FONT><BR>
                                         <FONT STYLE="font-size: 6.5pt">Share</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.16%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Number</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Percentage</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></P>
</DIV>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Amount</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Percentage</FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 6.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">&nbsp;</FONT></P>
</DIV>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 6.5pt">Average</FONT><BR>
                                         <FONT STYLE="font-size: 6.5pt">Price per</FONT><BR>
                                         <FONT STYLE="font-size: 6.5pt">Share</FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">Insider
                                         shares</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">1,250,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">18.79</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">25,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">0.05</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">0.02</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">1,437,500</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">18.83</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">%</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">25,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">0.04</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">0.02</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">Private
                                         shares</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">402,500</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">6.05</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">4,025,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">7.45</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">10.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">447,500</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt"><SUP>(3)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">5.86</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">4,475,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">7.22</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">10.00</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">New
                                         investors</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">5,000,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">75.16</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">50,000,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">92.50</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">10.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">5,750,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">75.31</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">57,500,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">92.74</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">10.00</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">6,652,500</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">54,050,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">7,635,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="5%" VALIGN="bottom" STYLE=
"width: 5.98%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.32%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">$</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">62,000,000</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="7%" VALIGN="bottom" STYLE=
"width: 7.3%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">100.00</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 7.5pt; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.02%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
<TD WIDTH="6%" VALIGN="bottom" STYLE=
"width: 6.28%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 7.5pt">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes over-allotment is not exercised and the forfeiture of an aggregate of 187,500 insider shares.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Represents 402,500 private shares underlying the private units issued simultaneously with the consummation of this offering.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Represents 447,500 private shares underlying the private units issued simultaneously with the consummation of this offering.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>42</P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
pro forma net tangible book value per share after the offering and the sale of the private units is calculated as follows:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 16.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Without<BR>
                                         Over-Allotment<FONT STYLE="font-size: 6pt"><SUP>(1)(2)</SUP></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.86%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>With<BR>
                                         Over-Allotment<BR>
                                         Option<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Numerator</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         tangible book value before the offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(186,447</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(186,447</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         proceeds from this offering and private placement of private units</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51,025,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>58,600,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Plus:
                                         Offering costs accrued for and paid in advance, excluded tangible book value before this
                                         offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>193,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>193,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Plus:
                                         Proceeds from sale of unit purchase option to underwriters</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>100</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>100</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Less:
                                         Proceeds held in the trust account subject to conversion/tender</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(46,032,606</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(53,607,607</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,004</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,003</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Denominator</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Shares
                                         of common stock outstanding prior to this offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,437,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Shares
                                         of common stock to be sold in this offering</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,750,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Shares
                                         of common stock to be sold in private placement</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>402,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>447,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Less:
                                         Shares subject to conversion/tender</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(4,469,185</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(5,204,622</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,183,315</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,430,378</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="66%" VALIGN="bottom" STYLE=
"width: 66.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.04%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Reflects the forfeiture of an aggregate of 187,500 insider shares.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Does not include the units underlying the unit purchase option available to the underwriters.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>43</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_020" TITLE="capit"></A><B>CAPITALIZATION</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table sets forth our capitalization at June 30, 2016 and as adjusted to give effect to the sale of our units offered
by this prospectus and the private units and the application of the estimated net proceeds derived from the sale of such securities:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 16.26%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>December
                                         31, 2015</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" COLSPAN="7" VALIGN="bottom" STYLE=
"width: 28.78%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>June
                                         30, 2016</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="16%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 16.26%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Actual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Actual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>As
                                         Adjusted<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Notes
                                         payable to related and unrelated parties<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>169,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>186,720</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
                                         underwriting commissions payable</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; border: none; border-top: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Common
                                         stock, $.001 par value; 0 and 4,469,185 shares which are subject to conversion/tender</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>46,032,606</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Stockholders&rsquo;
                                         equity</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Preferred
                                         stock, $.001 par value, 1,000,000 shares authorized; none issued and outstanding</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Common
                                         stock, $.001 par value, 50,000,000 shares authorized actual; 30,000,000 share authorized,
                                         as adjusted; 1,437,500 shares issued and outstanding, actual; 2,183,315<FONT STYLE="font-size: 6pt"><SUP>(3)
                                         </SUP></FONT>shares issued and outstanding (excluding 4,469,185 shares subject to possible
                                         conversion/tender), as adjusted</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Additional
                                         paid-in capital</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,015,311</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accumulated
                                         deficit</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(17,490</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(17,490</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         stockholders&rsquo; equity</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>14,774</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7,510</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000,004</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="51%" VALIGN="bottom" STYLE=
"width: 51.94%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Total
                                         capitalization</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.98%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>183,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>194,230</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.36%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>52,032,610</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes the $4,025,000 in aggregate we will receive from the sale of the private units. Assumes the over-allotment option
has not been exercised.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Notes payable to a related party of $131,720 and unrelated party of $55,000 are promissory notes issued in the aggregate
amount of $186,720. The loans are payable without interest no later than the date on which our offering is consummated.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Assumes the over-allotment option has not been exercised and an aggregate of 187,500 insider shares have been forfeited
by our insiders as a result thereof.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>44</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M</B>A<A NAME="a_021" TITLE="mana"></A><B>NAGEMENT&rsquo;S
DISCUSSION AND ANALYSIS</B><BR>
<B>OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
were formed on April 23, 2015 for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization,
reorganization or other similar business combination with one or more target businesses. Our efforts to identify a prospective
target business will not be limited to any particular industry or geographic region, although we intend to focus on target businesses
operating in the technology, media and telecommunications industries. We intend to utilize cash derived from the proceeds of this
offering and the private placement of the private units, our securities, debt or a combination of cash, securities and debt, in
effecting our initial business combination. The issuance of additional shares of common stock or preferred stock in our initial
business combination:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may significantly dilute the equity interest of our investors in this offering who would not have pre-emption rights in
respect of any such issuance;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may subordinate the rights of holders of shares of common stock if we issue shares of preferred stock with rights senior
to those afforded to our shares of common stock;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>will likely cause a change in control if a substantial number of our shares of common stock are issued, which may affect,
among other things, our ability to use our net operating loss carry forwards, if any, and most likely will also result in the
resignation or removal of our present officers and directors; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>may adversely affect prevailing market prices for our securities.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Similarly,
if we issue debt securities, it could result in:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>default and foreclosure on our assets if our operating revenues after our initial business combination are insufficient
to pay our debt obligations;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>acceleration of our obligations to repay the indebtedness even if we have made all principal and interest payments when
due if the debt security contains covenants that required the maintenance of certain financial ratios or reserves and we breach
any such covenant without a waiver or renegotiation of that covenant;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our immediate payment of all principal and accrued interest, if any, if the debt security is payable on demand;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our inability to obtain additional financing, if necessary, if the debt security contains covenants restricting our ability
to obtain additional financing while such security is outstanding; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have neither engaged in any operations nor generated any revenues to date. Our entire activity since inception has been to prepare
for our proposed fundraising through an offering of our equity securities.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Results
of Operations and Known Trends or Future Events</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>45</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Liquidity
and Capital Resources</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
indicated in the accompanying financial statements, at June 30, 2016, we had $273 in cash and a working capital deficiency of
$186,447. Management&rsquo;s plans to address this uncertainty through this offering are discussed above. Our plans to raise capital
or to consummate our initial business combination may not be successful. These factors, among others, raise substantial doubt
about our ability to continue as a going concern.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
liquidity needs have been satisfied to date through receipt of $25,000 from the sale of the insider shares and loans from insiders,
a related party and an unrelated party in an aggregate amount of $186,720 that are more fully described below. Our expenses through
the date of this prospectus have been $17,490. We estimate that the net proceeds from (1) the sale of the units in this offering,
after deducting offering expenses of approximately $500,000 and underwriting discounts and commissions of $2,500,000 (or $2,875,000
if the over-allotment option is exercised in full) and (2) the sale of the private units for an aggregate purchase price of $4,025,000
(or $4,475,000 if the over-allotment option is exercised in full), will be $51,025,000 (or $58,600,000 if the over-allotment option
is exercised in full). $51,500,000 (or $59,225,000 if the over-allotment option is exercised in full), which includes $1,000,000
of deferred underwriting commissions ($1,150,000 if the underwriter&rsquo;s over-allotment option is exercised in full) will be
held in the trust account. The remaining $525,000 will not be held in the trust account.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
intend to use substantially all of the net proceeds of this offering, including the funds held in the trust account, in connection
with our initial business combination and to pay our expenses relating thereto, including a deferred underwriting commission payable
to the underwriters in an amount equal to 2.0% of the total gross proceeds raised in the offering upon consummation of our initial
business combination. To the extent that our capital stock is used in whole or in part as consideration to effect our initial
business combination, the remaining proceeds held in the trust account as well as any other net proceeds not expended will be
used as working capital to finance the operations of the target business. Such working capital funds could be used in a variety
of ways including continuing or expanding the target business&rsquo; operations, for strategic acquisitions and for marketing,
research and development of existing or new products. Such funds could also be used to repay any operating expenses or finders&rsquo;
fees which we had incurred prior to the completion of our initial business combination if the funds available to us outside of
the trust account were insufficient to cover such expenses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe that, upon consummation of this offering, the $525,000 of net proceeds not held in the trust account will be sufficient
to allow us to operate for at least the next 21 months, assuming that a business combination is not consummated during that time.
Over this time period, we will be using these funds for identifying and evaluating prospective business combination candidates,
performing business due diligence on prospective target businesses, traveling to and from the offices, plants or similar locations
of prospective target businesses, reviewing corporate documents and material agreements of prospective target businesses, selecting
the target business to consummate our initial business combination with and structuring, negotiating and consummating the business
combination. We anticipate that we will incur approximately:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$150,000 of expenses for the search for target businesses and for the legal, accounting and other third-party expenses
attendant to the due diligence investigations, structuring and negotiating of our initial business combination;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$10,000 of expenses for the due diligence and investigation of a target business by our officers, directors and insiders;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$40,000 of expenses in legal and accounting fees relating to our SEC reporting obligations;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$210,000 for the payment of the administrative fee to Magna Management LLC (of $10,000 per month for up to 21 months),
subject to deferral as described herein;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>$115,000 for general working capital that will be used for miscellaneous expenses, liquidation obligations and reserves,
including director and officer liability insurance premiums.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
our estimates of the costs of undertaking due diligence and negotiating our initial business combination are less than the actual
amount necessary to do so, we may have insufficient funds available to operate our business prior to our initial business combination.
Moreover, we may need to obtain additional financing either to consummate our initial business combination or because we become
obligated to convert a significant number of our public shares upon consummation of our initial business combination, in which
case we may issue additional securities or incur debt in connection with such business combination. Subject to compliance with
applicable securities laws, we would only consummate such financing simultaneously with the consummation of our initial business
combination. Following our initial business combination, if cash on hand is insufficient, we may need to obtain additional financing
in order to meet our obligations.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>46</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Related
Party Transactions</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">As
of June 30, 2016, M SPAC LLC, an entity controlled by Joshua Sason, our Chief Executive Officer, had loaned to us $131,720 to
cover expenses related to this offering. The loan is payable without interest on the earlier of (i) the consummation of the Proposed
Public Offering or (ii) the date on which the Company determines not to proceed with the Proposed Public Offering.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are obligated, commencing on the date of this prospectus, to pay Magna Management LLC, a company owned by our insiders, a monthly
fee of $10,000 for general and administrative services. However, pursuant to the terms of such agreement, we may delay payment
of such monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to pay actual
or anticipated expenses in connection with our initial business combination. Any such unpaid amount will accrue without interest
and be due and payable no later than the date of the consummation of our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC, entities controlled by Joshua Sason, our Chief Executive Officer,
(and/or its designees) has committed that they will purchase an aggregate of 402,500 private units at $10.00 per private unit
(for a total purchase price of $4,025,000) from us. These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC have also agreed that if
the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us at a price of $10.00
per unit the number of private units (up to a maximum of 45,000 private units) that is necessary to maintain in the trust account
an amount equal to $10.30 per share of common stock sold to the public in this offering. These additional private units will be
purchased in a private placement that will occur simultaneously with the purchase of units resulting from the exercise of the
over-allotment option.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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, in order to finance transaction costs in connection with an intended initial business combination, our
insiders, officers, directors or their affiliates may, but are not obligated to, loan us funds as may be required. In the event
that the initial business combination does not close, we may use a portion of the working capital held outside the trust account
to repay such loaned amounts, but no proceeds from our trust account would be used for such repayment. Such loans would be evidenced
by promissory notes. The notes would either be paid upon consummation of our initial business combination, without interest, or,
at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon consummation of our business combination into
additional private units at a price of $10.00 per unit. If we do not complete a business combination, any other outstanding loans
from our insiders, officers and directors or their affiliates, will be repaid only from amounts remaining outside our trust account,
if any. We believe the purchase price of these units will approximate the fair value of such units when issued. However, if it
is determined that, at the time of issuance, the fair value of such units exceeds the purchase price, we would record compensation
expense for the excess of the fair value of the units on the day of issuance over the purchase price in accordance with ASC 718
&mdash; Compensation &mdash; Stock Compensation.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Controls
and Procedures</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are not currently required to maintain an effective system of internal control as defined by Section 404 of the Sarbanes-Oxley
Act. We will be required to comply with the internal control requirements of the Sarbanes-Oxley Act for the fiscal year ending
December 31, 2017. As of the date of this prospectus, we have not completed an assessment, nor has our independent registered
public accounting firm tested our systems, of internal control. We expect to assess the internal control 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 control. A target
business may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy of internal control. Target
businesses we may consider for our initial business combination may have internal controls that need improvement in areas such
as:</P>
<P CLASS="BLm" STYLE=
'margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>staffing for financial, accounting and external reporting areas, including segregation of duties;</P>
<P CLASS="BLm" STYLE=
'margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reconciliation of accounts;</P>
<P CLASS="BLm" STYLE=
'margin-top: 8.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>proper recording of expenses and liabilities in the period to which they relate;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>evidence of internal review and approval of accounting transactions;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>documentation of processes, assumptions and conclusions underlying significant estimates; and</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>47</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>documentation of accounting policies and procedures.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Because
it will take time, management involvement and perhaps outside resources to determine what internal control improvements are necessary
for us to meet regulatory requirements and market expectations for our operation of a target business, we may incur significant
expense in meeting our public reporting responsibilities, particularly in the areas of designing, enhancing, or remediating internal
and disclosure controls. Doing so effectively may also take longer than we expect, thus increasing our exposure to financial fraud
or erroneous financing reporting.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>When
required by Section 404 and once our management&rsquo;s report on internal control is complete, we will retain our independent
registered public accounting firm to audit and render an opinion on such report. This independent registered public accounting
firm may identify additional issues concerning a target business&rsquo;s internal control while performing its audit of internal
control over financial reporting.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Quantitative
and Qualitative Disclosures about Market Risk</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
net proceeds of this offering and the sale of the private units held in the trust account will be invested in U.S. government
treasury bills with a maturity of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the
Investment Company Act which invest only in direct U.S. government treasury obligations. Due to the short-term nature of these
investments, we believe there will be no associated material exposure to interest rate risk.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Off-Balance
Sheet Arrangements; Commitments and Contractual Obligations; Quarterly Results</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
of June 30, 2016, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did
not have any commitments or contractual obligations. No unaudited quarterly operating data is included in this prospectus as we
have conducted no operations to date.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>JOBS
Act</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On
September 5, 2012, the JOBS Act was signed into law. The JOBS Act contains provisions that, among other things, relax certain
reporting requirements for qualifying public companies. We will qualify as an &ldquo;emerging growth company&rdquo; and under
the JOBS Act will be allowed to comply with new or revised accounting pronouncements based on the effective date for private (not
publicly traded) companies. We are electing to delay the adoption of new or revised accounting standards, and as a result, we
may not comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required
for non-emerging growth companies. As a result, our financial statements may not be comparable to companies that comply with new
or revised accounting pronouncements as of public company effective dates.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Additionally,
we are in the process of evaluating the benefits of relying on the other reduced reporting requirements provided by the JOBS Act.
Subject to certain conditions set forth in the JOBS Act, if, as an &ldquo;emerging growth company&rdquo;, we choose to rely on
such exemptions we may not be required to, among other things, (i) provide an auditor&rsquo;s attestation report on our system
of internal control over financial reporting pursuant to Section 404, (ii) provide all of the compensation disclosure that may
be required of non-emerging growth public companies under the Dodd-Frank Wall Street Reform and Consumer Protection Act, (iii)
comply with any requirement that may be adopted by the PCAOB regarding mandatory audit firm rotation or a supplement to the auditor&rsquo;s
report providing additional information about the audit and the financial statements (auditor discussion and analysis), and (iv)
disclose certain executive compensation related items such as the correlation between executive compensation and performance and
comparisons of the CEO&rsquo;s compensation to median employee compensation. These exemptions will apply for a period of five
years following the completion of our initial public offering or until we are no longer an &ldquo;emerging growth company,&rdquo;
whichever is earlier.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>48</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_022" TITLE="pb"></A><B>PROPOSED
BUSINESS</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Introduction</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are a blank check company formed under the laws of the State of Delaware on April 23, 2015. We were formed for the purpose of
entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business
combination, with one or more target businesses. To date, our efforts have been limited to organizational activities as well as
activities related to this offering. Our efforts to identify a prospective target business will not be limited to any particular
industry or geographic region, although we intend to focus our search on target businesses operating in the technology, media
and telecommunications industries. We have not selected any target business for our initial business combination and we have not
(nor has anyone on our behalf), directly or indirectly, engaged in any substantive discussions with a target business with respect
to a business combination transaction with us.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe our management team is well positioned to take advantage of investment opportunities in the technology, media and telecommunications
industries, and that our contacts and sources in this sector will allow us to generate attractive business combination opportunities.
In addition, our management has longstanding relationships and affiliations with key companies operating in our target industries,
including Sony Entertainment, Miramax Films, Dimension Films, Open Roads Films, Columbia Records, and London Records (acquired
by Universal Music Group). They also have extensive experience in identifying, negotiating with and conducting due diligence on
companies targeted for acquisition and consummating acquisitions in the technology, media and telecommunications industries. Prior
to the consummation of our initial business combination, we will seek to capitalize on management&rsquo;s experience in the technology,
media and telecommunications industries. Led by our Chief Executive Officer, Joshua Sason, we believe that we are in a position
to bring substantial value to any relevant potential target company. Joshua Sason, through Magna Entertainment, has produced four
feature films, including the latest feature film, &ldquo;Bleed for This&rdquo;, which was a collaboration with Open Road Films
in the United States and Sony Entertainment internationally that launched marketing in July and is scheduled for release in late
2016. &ldquo;Bleed for This&rdquo; was executive produced by Martin Scorsese, was written and directed by Ben Younger, and produced
by Bruce Cohen and Emma Tillinger Koskoff.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Subsequent
to the consummation of our initial business combination, we believe that the strengths of our management team, particularly their
extensive operations experience in the technology, media and telecommunications industries, will be valuable to any business in
the technology, media and telecommunications industries with which we consummate our initial business combination, although the
specific roles, if any, they may have following our initial business combination cannot be determined at this time.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Competitive
Strengths</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe our competitive strengths to be the following:</P>
<P CLASS="H4" STYLE=
'margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Status
as a public company</I></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe our structure will make us an attractive business combination partner to target businesses. As an existing public company,
we offer a target business an alternative to the traditional initial public offering through a merger or other business combination.
In this situation, the owners of the target business would exchange their shares of stock in the target business for shares of
our stock or for a combination of shares of our stock and cash, allowing us to tailor the consideration to the specific needs
of the sellers. We believe target businesses might find this method a more certain and cost effective method to becoming a public
company than the typical initial public offering. In a typical initial public offering, there are additional expenses incurred
in marketing, roadshow and public reporting efforts that will likely not be present to the same extent in connection with a business
combination with us. Furthermore, once the business combination is consummated, the target business will have effectively become
public, whereas an initial public offering is always subject to the underwriters&rsquo; ability to complete the offering, as well
as general market conditions that could prevent the offering from occurring. Once public, we believe the target business would
then have greater access to capital and an additional means of providing management incentives consistent with stockholders&rsquo;
interests than it would have as a privately-held company. It can offer further benefits by augmenting a company&rsquo;s profile
among potential new customers and vendors and aid in attracting talented employees.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>While
we believe that our status as a public company will make us an attractive business partner, some potential target businesses may
view the inherent limitations in our status as a blank check company, such as our lack of an operating history and our requirements
to seek stockholder approval of any proposed initial business combination and provide holders of public shares the opportunity
to convert their shares into cash from the trust account, as a deterrent and may prefer to effect a business combination with
a more established entity or with a private company.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>49</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Transaction
flexibility</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
offer a target business a variety of options such as providing the owners of a target business with shares in a public company
and a public means to sell such shares, providing cash for stock, and 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 consummate our initial
business combination using our cash, debt or equity securities, or a combination of the foregoing, we have the flexibility to
use the most efficient combination that will allow us to tailor the consideration to be paid to the target business to fit its
needs and desires. However, since we have no specific business combination under consideration, we have not taken any steps to
secure third party financing and it may not be available to us.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Competitive
Weaknesses</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
believe our competitive weaknesses to be the following:</P>
<P CLASS="H4" STYLE=
'margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Limited
Financial Resources</I></P>
<P CLASS="NLm" STYLE=
'text-indent: 0in; mso-style-name: NL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
financial reserves will be relatively limited when contrasted with those of venture capital firms, leveraged buyout firms and
operating businesses competing for acquisitions. In addition, our financial resources could be reduced because of our obligation
to convert shares held by our public stockholders as well as any tender offer we conduct.</P>
<P CLASS="H4" STYLE=
'margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Lack
of experience with blank check companies</I></P>
<P CLASS="Textflush" STYLE=
'margin-left: .5in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
management team is not experienced in pursuing business combinations on behalf of blank check companies. Other blank check companies
may be sponsored and managed by individuals with prior experience in completing business combinations between blank check companies
and target businesses. Our managements&rsquo; lack of experience may not be viewed favorably by target businesses.</P>
<P CLASS="H4" STYLE=
'margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Limited
technical and human resources</I></P>
<P CLASS="Textflush" STYLE=
'margin-left: .5in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
a blank check company, we have limited technical and human resources. Many venture capital funds, leveraged buyout firms and operating
businesses possess greater technical and human resources than we do and thus we may be at a disadvantage when competing with them
for target businesses.</P>
<P CLASS="H4" STYLE=
'margin-top: 10.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Delay
associated with stockholder approval or tender offer</I></P>
<P CLASS="Textflush" STYLE=
'margin-left: .5in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may be required to seek stockholder approval of our initial business combination. If we are not required to obtain stockholder
approval of an initial business combination, we will allow our stockholders to sell their shares to us pursuant to a tender offer.
Both seeking stockholder approval and conducting a tender offer will delay the consummation of our initial business combination.
Other companies competing with us for acquisition opportunities may not be subject to similar requirement, or may be able to satisfy
such requirements more quickly than we can. As a result, we may be at a disadvantage in competing for these opportunities.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Effecting
Our Initial Business Combination</B></P>
<P CLASS="H4" STYLE=
'margin-top: 6.0pt; mso-style-name: H4; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>General</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
are not presently engaged in, and we will not engage in, any substantive commercial business for an indefinite period of time
following this offering. We intend to utilize cash derived from the proceeds of this offering and the private placement of private
units, our capital stock, debt or a combination of these in effecting our initial business combination. Although substantially
all of the net proceeds of this offering and the private placement of private units are intended to be applied generally toward
effecting a business combination as described in this prospectus, the proceeds are not otherwise being designated for any more
specific purposes. Accordingly, investors in this offering are investing without first having an opportunity to evaluate the specific
merits or risks of any one or more business combinations. Our initial business combination may involve the acquisition of, or
merger with, a company which does not need substantial additional capital but which desires to establish a public trading market
for its shares. In the alternative, we may seek to consummate a business combination with a company that may be financially unstable
or in its early stages of development or growth. While we may seek to effect simultaneous business combinations with more than
one target business, we will probably have the ability, as a result of our limited resources, to effect only a single business
combination.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>We
Have Not Identified a Target Business</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have not selected any target business for our initial business combination and we have not (nor has anyone on our behalf), directly
or indirectly, engaged in any substantive discussions with a target business with respect to a business combination transaction
with us. As a result, we may not be able to locate a target business, and we may not be able to engage in a business combination
with a target business on favorable terms or at all.</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Sources
of Target Businesses</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>While
we have not yet identified any initial business combination candidates, we believe based on our management&rsquo;s business knowledge
and past experience that there are numerous business combination candidates. We anticipate that target business candidates will
be brought to our attention from various unaffiliated sources, including investment bankers, venture capital funds, private equity
funds, leveraged buyout funds, management buyout funds and other members of the financial community. Target businesses may be
brought to our attention by such unaffiliated sources as a result of being solicited by us through calls or mailings. These sources
may also introduce us to target businesses in which they think we may be interested on an unsolicited basis, since many of these
sources will have read this prospectus and know what types of businesses we are targeting. Our officers and directors, as well
as their affiliates, may also bring to our attention target business candidates that they become aware of through their business
contacts as a result of formal or informal inquiries or discussions they may have, as well as attending trade shows or conventions.
We may engage professional firms or other individuals that specialize in business acquisitions or mergers in the future, in which
event we may pay a finder&rsquo;s fee, consulting fee or other compensation to be determined in an arm&rsquo;s length negotiation
based on the terms of the transaction. In no event, however, will our insiders or any of the members of our management team be
paid any finder&rsquo;s fee, consulting fee or other compensation prior to, or for any services they render in order to effectuate,
the consummation of our initial business combination (regardless of the type of transaction that it is). We have no present intention
to enter into a business combination with a target business that is affiliated with any of our officers, directors, director nominees
or insiders. However, we are not restricted from entering into any such transactions and may do so if (1) such transaction is
approved by a majority of our disinterested and independent directors (if we have any at that time) and (2) we obtain an opinion
from an independent investment banking firm that the business combination is fair to our unaffiliated stockholders from a financial
point of view. As of the date of this prospectus, there are no affiliated entities that we would consider as a business combination
target.</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Selection
of a Target Business and Structuring of Our Initial Business Combination</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Subject
to our management team&rsquo;s fiduciary duties and the limitation that one or more target businesses have an aggregate fair market
value of at least 80% of the value of the trust account (excluding any deferred underwriter&rsquo;s fees and taxes payable on
the income earned on the trust account) at the time of the execution of a definitive agreement for our initial business combination,
as described below in more detail, our management will have virtually unrestricted flexibility in identifying and selecting a
prospective target business. Additionally, there is no limitation on our ability to raise funds privately or through loans in
connection with our initial business combination. We have not established any specific attributes or criteria (financial or otherwise)
for prospective target businesses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accordingly,
there is no basis for investors in this offering to evaluate the possible merits or risks of the target business with which we
may ultimately complete a business combination. To the extent we effect our initial business combination with a financially unstable
company or an entity in its early stage of development or growth, including entities without established records of sales or earnings,
we may be affected by numerous risks inherent in the business and operations of financially unstable and early stage or potential
emerging growth companies. Although our management will endeavor to evaluate the risks inherent in a particular target business,
we may not properly ascertain or assess all significant risk factors. In evaluating a prospective target business, our management
may consider a variety of factors, including one or more of the following:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>financial condition and results of operation;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>growth potential;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>brand recognition and potential;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>return on equity or invested capital;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>market capitalization or enterprise value;</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>51</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>experience and skill of management and availability of additional personnel;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>capital requirements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>competitive position;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>barriers to entry;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>stage of development of the products, processes or services;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>existing distribution and potential for expansion;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>degree of current or potential market acceptance of the products, processes or services;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>proprietary aspects of products and the extent of intellectual property or other protection for products or formulas;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>impact of regulation on the business;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>regulatory environment of the industry;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>costs associated with effecting the business combination;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>industry leadership, sustainability of market share and attractiveness of market industries in which a target business
participates; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>macro competitive dynamics in the industry within which the company competes.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>These
criteria are not intended to be exhaustive. Our management may not consider any of the above criteria in evaluating a prospective
target business. The retention of our officers and directors following the completion of any business combination will not be
a material consideration in our evaluation of a prospective target business.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Any
evaluation relating to the merits of a particular business combination will be based, to the extent relevant, on the above factors
as well as other considerations deemed relevant by our management in effecting a business combination consistent with our business
objective. In evaluating a prospective target business, we will conduct an extensive due diligence review which will encompass,
among other things, meetings with incumbent management and inspection of facilities, as well as review of financial and other
information which is made available to us. This due diligence review will be conducted either by our management or by unaffiliated
third parties we may engage, although we have no current intention to engage any such third parties.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
time and costs required to select and evaluate a target business and to structure and complete our initial business combination
remain to be determined. Any costs incurred with respect to the identification and evaluation of a prospective target business
with which a business combination is not ultimately completed will result in a loss to us and reduce the amount of capital available
to otherwise complete a business combination.</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Fair
Market Value of Target Business</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pursuant
to Nasdaq listing rules, our initial business combination must occur with one or more target businesses having an aggregate fair
market value equal to at least 80% of the value of the funds in the trust account (excluding any deferred underwriter&rsquo;s
fees and taxes payable on the income earned on the trust account), which we refer to as the 80% test, at the time of the execution
of a definitive agreement for our initial business combination, although we may structure a business combination with one or more
target businesses whose fair market value significantly exceeds 80% of the trust account balance. If we are no longer listed on
Nasdaq, we will not be required to satisfy the 80% test.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
currently anticipate structuring a business combination to acquire 100% of the equity interests or assets of the target business
or businesses. We may, however, structure a business combination where we merge directly with the target business or where we
acquire less than 100% of such interests or assets of the target business in order to meet certain objectives of the target management
team or stockholders or for other reasons, but we will only complete such business combination if the post-transaction company
owns 50% or more of the outstanding voting securities of the target or otherwise owns a controlling</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>52</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>interest
in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. Even
if the post-transaction company owns 50% or more of the voting securities of the target, our 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 valued for purposes
of the 80% test. In order to consummate such an acquisition, we may issue a significant amount of our debt or equity securities
to the sellers of such businesses and/or seek to raise additional funds through a private offering of debt or equity securities.
Since we have no specific business combination under consideration, we have not entered into any such fund raising arrangement
and have no current intention of doing so. The fair market value of the target will be determined by our board of directors based
upon one or more standards generally accepted by the financial community (such as actual and potential sales, earnings, cash flow
and/or book value). If our board is not able to independently determine that the target business has a sufficient fair market
value, we will obtain an opinion from an unaffiliated, independent investment banking firm, or another independent entity that
commonly renders valuation opinions on the type of target business we are seeking to acquire, with respect to the satisfaction
of such criteria. We will not be required to obtain an opinion from an independent investment banking firm, or another independent
entity that commonly renders valuation opinions on the type of target business we are seeking to acquire, as to the fair market
value if our board of directors independently determines that the target business complies with the 80% threshold. However, if
we seek to consummate an initial business combination with an entity that is affiliated with any of our officers, directors or
insiders and are therefore required to obtain an opinion from an independent investment banking firm that the business combination
is fair to our unaffiliated stockholders from a financial point of view, we may ask that banking firm to opine on whether the
target business met the 80% fair market value test. Nevertheless, we are not required to do so and could determine not to do so
without consent of our stockholders.</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Lack
of Business Diversification</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
expect to complete only a single business combination, although this process may entail simultaneous business combinations with
several operating businesses. Therefore, at least initially, the prospects for our success may be entirely dependent upon the
future performance of a single business operation. Unlike other entities which may have the resources to complete several business
combinations of entities operating in multiple industries or multiple areas of a single industry, it is probable that we will
not have the resources to diversify our operations or benefit from the possible spreading of risks or offsetting of losses. By
consummating our initial business combination with only a single entity, our lack of diversification may:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>subject us to negative economic, competitive and regulatory developments, any or all of which may have a substantial adverse
impact upon the particular industry in which we may operate subsequent to our initial business combination, and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>result in our dependency upon the performance of a single operating business or the development or market acceptance of
a single or limited number of products, processes or services.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we determine to simultaneously consummate our initial business combination with several businesses and such businesses are owned
by different sellers, we will need for each of such sellers to agree that our purchase of its business is contingent on the simultaneous
closings of the other combinations, which may make it more difficult for us, and delay our ability, to complete the business combination.
With a business combination with several businesses, we could also face additional risks, including additional burdens and costs
with respect to possible multiple negotiations and due diligence investigations and the additional risks associated with the subsequent
assimilation of the operations and services or products of the target companies in a single operating business.</P>
<P CLASS="H4" STYLE=
'mso-style-name: H4; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Italic"; color: black; font-style: italic;'><I>Limited
Ability to Evaluate the Target Business&rsquo; Management Team</I></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Although
we intend to scrutinize the management team of a prospective target business when evaluating the desirability of effecting our
initial business combination, our assessment of the target business&rsquo; management team may not prove to be correct. In addition,
the future management team may not have the necessary skills, qualifications or abilities to manage a public company. Furthermore,
the future role of our officers and directors, if any, in the target business following our initial business</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>53</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>combination
remains to be determined. While it is possible that some of our key personnel will remain associated in senior management or advisory
positions with us following our initial business combination, it is unlikely that they will devote their full time efforts to
our affairs subsequent to our initial business combination. Moreover, they would only be able to remain with the company after
the consummation of our initial business combination if they are able to negotiate employment or consulting agreements in connection
with the business combination. Such negotiations would take place simultaneously with the negotiation of the business combination
and could provide for them to receive compensation in the form of cash payments and/or our securities for services they would
render to the company after the consummation of the business combination. While the personal and financial interests of our key
personnel may influence their motivation in identifying and selecting a target business, their ability to remain with the company
after the consummation of our initial business combination will not be the determining factor in our decision as to whether or
not we will proceed with any potential business combination. Additionally, our officers and directors may not have significant
experience or knowledge relating to the operations of the particular target business.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Following
our initial business combination, we may seek to recruit additional managers to supplement the incumbent management of the target
business. We may not have the ability to recruit additional managers, or that any such additional managers we do recruit will
have the requisite skills, knowledge or experience necessary to enhance the incumbent management.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Stockholder
Approval of Business Combination</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
connection with any proposed business combination, we will either (1) seek stockholder approval of our initial business combination
at a meeting called for such purpose at which public stockholders (but not our insiders, officers or directors) may seek to convert
their shares of common stock, regardless of whether they vote for or against the proposed business combination, into a portion
of the aggregate amount then on deposit in the trust account, or (2) provide our stockholders with the opportunity to sell their
shares to us by means of a tender offer (and therefore avoid the need for a stockholder vote) for an amount equal to their pro
rata share of the aggregate amount then on deposit in the trust account, in each case subject to the limitations described herein.
If we determine to engage in a tender offer, such tender offer will be structured so that each stockholder may tender all of his,
her or its shares rather than some pro rata portion of his, her or its shares. The decision as to whether we will seek stockholder
approval of a proposed business combination or whether we 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. We anticipate that our business
combination could be completed by way of a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar transaction. Stockholder approval will not be required under Delaware law if the business combination is structured
as an acquisition of assets of the target company, a share exchange with target company stockholders or a purchase of stock of
the target company; however, Nasdaq rules would require us to obtain stockholder approval if we seek to issue shares representing
20% or more of our outstanding shares as consideration in a business combination. A merger of our company into a target company
would require stockholder approval under Delaware law. A merger of a target company into our company would not require stockholder
approval unless the merger results in a change to our certificate of incorporation, or if the shares issued in connection with
the merger exceed 20% of our outstanding shares prior to the merger. A merger of a target company with a subsidiary of our company
would not require stockholder approval unless the merger results in a change in our certificate of incorporation; however, Nasdaq
rules would require us to obtain stockholder approval of such a transaction if we week to issue shares representing 20% or more
of our outstanding shares as consideration.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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
provide our stockholders with an opportunity to tender their shares to us pursuant to a tender offer pursuant to Rule 13e-4 and
Regulation 14E of the Exchange Act, which regulate issuer tender offers, and we will file tender offer documents with the SEC
which will contain substantially the same financial and other information about the initial business combination as is required
under the SEC&rsquo;s proxy rules.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
the event we allow stockholders to tender their shares pursuant to the tender offer rules, our tender offer will remain open for
at least 20 business days, in accordance with Rule 14e-1(a) under the Exchange Act, and we will not be permitted to complete our
initial business combination until the expiration of the tender offer period. In addition, the tender offer will be conditioned
on public stockholders not tendering more than a specified number of public shares, which number will be based on the requirement
that we may not purchase public shares in an amount that would cause our net tangible assets to be less than $5,000,001 (so that
we are not subject to the SEC&rsquo;s &ldquo;penny stock&rdquo; rules) or any greater net tangible asset or cash requirement which
may be contained in the agreement relating to our initial business combination. If public stockholders tender more shares than
we have offered to purchase, we will withdraw the tender offer and not complete the initial business combination.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>54</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If,
however, stockholder approval of the transaction is required by law or Nasdaq requirements, or we decide to obtain stockholder
approval for business or other legal reasons, we will:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>permit stockholders to convert their shares 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</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>file proxy materials with the SEC.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
the event that we seek stockholder approval of our initial business combination, we will distribute proxy materials and, in connection
therewith, provide stockholders with the conversion rights described above upon completion of the initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will consummate our initial business combination only if public stockholders do not exercise conversion rights in an amount that
would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding shares of common stock voted
are voted in favor of the business combination. As a result, if stockholders owning approximately 89.1% (or approximately 90.3%
if the over-allotment option is exercised in full) or more of the shares of common stock sold in this offering exercise conversion
rights, the business combination will not be consummated. However, the actual percentages will only be able to be determined once
a target business is located and we can assess all of the assets and liabilities of the combined company (which would include
the fee payable to the underwriters in an amount equal to 2.0% of the total gross proceeds raised in the offering as described
elsewhere in this prospectus, any out-of-pocket expenses incurred by our insiders, officers, directors or their affiliates in
connection with certain activities on our behalf, such as identifying and investigating possible business targets and business
combinations that have not been repaid at that time, as well as any other liabilities of ours and the liabilities of the target
business) upon consummation of the proposed business combination, subject to the requirement that we must have at least $5,000,001
of net tangible assets upon closing of such business combination. As a result, the actual percentages of shares that can be converted
may be significantly lower than our estimates. We chose our net tangible asset threshold of $5,000,001 to ensure that we would
avoid being subject to Rule 419 promulgated under the Securities Act. However, if we seek to consummate an initial business combination
with a target business that imposes any type of working capital closing condition or requires us to have a minimum amount of funds
available from the trust account upon consummation of such initial business combination, our net tangible asset threshold may
limit our ability to consummate such initial business combination (as we may be required to have a lesser number of shares converted)
and may force us to seek third party financing which may not be available on terms acceptable to us or at all. Alternatively,
we may not be able to consummate a business combination unless the number of shares of common stock seeking conversion rights
is significantly less than the 89.3% (or 90.5% if the over-allotment option is exercised in full) indicated above. As a result,
we may not be able to consummate such initial business combination and we may not be able to locate another suitable target within
the applicable time period, if at all. Public stockholders may therefore have to wait 18 months from the closing of this offering
(or up to 21 months from the closing of this offering if we extend the period of time to consummate a business combination, as
described in more detail below) in order to be able to receive a portion of the trust account.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders, officers and directors have agreed (1) to vote any shares of common stock owned by them in favor of any proposed business
combination, (2) not to convert any shares of common stock into the right to receive cash from the trust account in connection
with a stockholder vote to approve a proposed initial business combination or a vote to amend the provisions of our certificate
of incorporation relating to stockholders&rsquo; rights or pre-business combination activity and (3) not sell any shares of common
stock in any tender in connection with a proposed initial business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Depending
on how a business combination was structured, any stockholder approval requirement could be satisfied by obtaining the approval
of either (i) a majority of the shares of our common stock that were voted at the meeting (assuming a quorum was present at the
meeting), or (ii) a majority of the outstanding shares of our common stock. Because our insiders, officers and directors will
collectively beneficially own approximately 24.8% of our issued and outstanding shares of common stock (assuming they do not purchase
any units in this offering and assuming the over-allotment option has not been exercised and an aggregate of 187,500 insider shares
have been forfeited as a result thereof) upon consummation of this offering and the sale of the private units, a minimum of approximately
10,626, or 0.2% (if the approval requirement was a majority of shares voted and the minimum number of shares required for a quorum
attended the meeting), and a maximum of approximately 1,673,751, or 27.9% (assuming that a majority of the outstanding shares
was required to approve the initial business combination), of the outstanding shares of our common stock not owned by our insiders,
officers or directors would need to be voted in favor a business combination in order for it to be approved.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>55</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>None
of our insiders or their affiliates has indicated any intention to purchase units or shares of common stock from persons in the
open market or in private transactions. However, if we seek stockholder approval of a business combination and if we hold a meeting
to approve a proposed business combination and a significant number of stockholders vote, or indicate an intention to vote, against
such proposed business combination, we or our insiders or their affiliates could make such purchases in the open market or in
private transactions in order to influence the vote. However, they have no current commitments, plans or intentions to engage
in such transactions and have not formulated any terms or conditions for any such transactions. No funds from the trust account
can be released from the trust account prior to the consummation of a business combination to make such purchases (although such
purchases could be made using funds available to us after the closing of a business combination). We do not currently anticipate
that such purchases, if any, would constitute a tender offer subject to the tender offer rules under the Exchange Act or a going-private
transaction subject to the going-private rules under the Exchange Act; however, if the purchasers determine at the time of any
such purchases that the purchases are subject to such rules, the purchasers will comply with such rules. Notwithstanding the foregoing,
we or our insiders or their affiliates will not make purchases of shares of common stock if the purchases would violate Sections
9(a)(2) or 10(b) of the Exchange Act or Regulation M, which are rules that prohibit manipulation of a company&rsquo;s stock, and
we and they will comply with Rule 10b-18 under the Exchange Act in connection with any open-market purchases. If purchases cannot
be made without violating applicable law, no such purchases will be made. The purpose of such purchases would be to (i) vote such
shares in favor of the business combination and thereby increase the likelihood of obtaining stockholder approval of the business
combination or (ii) 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 business combination, where it appears that such requirement would otherwise
not be met. This may result in the completion of our business combination that may not otherwise have been possible. In addition,
if such purchases are made, the public &ldquo;float&rdquo; of our common stock may be reduced and the number of beneficial holders
of our securities may be reduced, which may make it difficult to maintain or obtain the quotation, listing or trading of our securities
on a national securities exchange. Our insiders anticipate that they may identify the stockholders with whom our insiders or their
affiliates may pursue privately negotiated purchases by either the stockholders contacting us directly or by our receipt of redemption
requests submitted by stockholders following our mailing of proxy materials in connection with our initial business combination.
To the extent that our insiders or their affiliates enter into a private purchase, they would identify and contact only potential
selling stockholders who have expressed their election to redeem their shares for a pro rata share of the trust account or vote
against the business combination.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Ability
to Extend Time to Complete Business Combination</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">If
we anticipate that we may not be able to consummate our initial business combination within 18 months, we may extend the period
of time to consummate a business combination up to three times, each by an additional one month (for a total of up to 21 months
to complete a business combination). Pursuant to the terms of our amended and restated articles of incorporation and the trust
agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this prospectus, in
order to extend the time available for us to consummate our initial business combination, our insiders or their affiliates or
designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $125,000, or $143,750
if the underwriters&rsquo; over-allotment option is exercised in full ($0.025 per unit in either case), up to an aggregate of
$375,000 (or $431,250 if the underwriters&rsquo; over-allotment option is exercised in full), or $0.075 per unit, on or prior
to the date of the applicable deadline, for each one month extension. The insiders will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit that will not be repaid in the event that we are unable to close a business
combination unless there are funds available outside the trust account to do so. In the event that we receive notice from our
insiders five days prior to the applicable deadline of their intent to effect an extension, we intend to issue a press release
announcing such intention at least three days prior to the applicable deadline. In addition, we intend to issue a press release
the day after the applicable deadline announcing whether or not the funds had been timely deposited. Our insiders and their affiliates
or designees are not obligated to fund the trust account to extend the time for us to complete our initial business combination.
To the extent that some, but not all, of our insiders, decide to extend the period of time to consummate our initial business
combinations, such insiders (or their affiliates or designees) may deposit the entire $375,000 (or $431,250).</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Conversion
Rights</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">At
any meeting called to approve an initial business combination, any public stockholder, whether voting for or against such proposed
business combination, will be entitled to demand that his or her shares of common stock be converted for a full pro rata portion
of the amount then in the trust account (initially $10.30 per share), plus any pro rata interest earned on the funds held in the
trust account and not previously released to us or necessary to pay our taxes. Alternatively, we may provide our public stockholders
with the opportunity to sell their shares of our common stock to us through a tender offer (and thereby avoid the need for a stockholder
vote) for an amount equal to their pro rata share of the aggregate amount then on deposit in the trust account.</FONT></P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>56</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Notwithstanding
the foregoing, a public stockholder, together with any affiliate of his or hers, or any other person with whom he or she is acting
in concert or as a &ldquo;group&rdquo; (as defined in Section 13(d)(3) of the Exchange Act) will be restricted from seeking conversion
rights with respect to 20% or more of the shares of common stock sold in this offering. Such a public stockholder would still
be entitled to vote against a proposed business combination with respect to all shares of common stock owned by him or her, or
his or her affiliates. We believe this restriction will prevent stockholders from accumulating large blocks of shares before the
vote held to approve a proposed business combination and attempt to use the conversion right as a means to force us or our management
to purchase their shares at a significant premium to the then current market price. By not allowing a stockholder to convert more
than 20% of the shares of common stock sold in this offering, we believe we have limited the ability of a small group of stockholders
to unreasonably attempt to block a transaction which is favored by our other public stockholders.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>None
of our insiders, officers or directors will have the right to receive cash from the trust account in connection with a stockholder
vote to approve a proposed initial business combination or a vote to amend the provisions of our certificate of incorporation
relating to stockholders&rsquo; rights or pre-business combination activity with respect to any shares of common stock owned by
them, directly or indirectly, whether acquired prior to this offering or purchased by them in this offering or in the aftermarket.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">We
may also require public stockholders who wish to convert, whether they are a record holder or hold their shares in &ldquo;street
name,&rdquo; to either tender their certificates to our transfer agent at any time through the vote on the business combination
or to deliver their shares to the transfer agent electronically using Depository Trust Company&rsquo;s DWAC (Deposit/Withdrawal
At Custodian) System, at the holder&rsquo;s option. The proxy solicitation materials that we will furnish to stockholders in connection
with the vote for any proposed business combination will indicate whether we are requiring stockholders to satisfy such delivery
requirements. Accordingly, a stockholder would have from the time the stockholder received our proxy statement through the vote
on the business combination to deliver his or her shares if he or she wishes to seek to exercise his or her conversion rights.
Under Delaware law and our bylaws, we are required to provide at least 10 days advance notice of any stockholder meeting, which
would be the minimum amount of time a public stockholder would have to determine whether to exercise conversion rights.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>There
is a nominal cost associated with the above-referenced delivery process and the act of certificating the shares or delivering
them through the DWAC System. The transfer agent will typically charge the tendering broker $45.00 and it would be up to the broker
whether or not to pass this cost on to the holder. However, this fee would be incurred regardless of whether or not we require
holders to deliver their shares prior to the vote on the business combination in order to exercise conversion rights. This is
because a holder would need to deliver shares to exercise conversion rights regardless of the timing of when such delivery must
be effectuated. However, in the event we require stockholders to deliver their shares prior to the vote on the proposed business
combination and the proposed business combination is not consummated, this may result in an increased cost to stockholders.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
foregoing is different from the procedures used by many blank check companies. Traditionally, in order to perfect conversion rights
in connection with a blank check company&rsquo;s business combination, the company would distribute proxy materials for the stockholders&rsquo;
vote on an initial business combination, and a holder could simply vote against a proposed business combination and check a box
on the proxy card indicating such holder was seeking to exercise his or her conversion rights. After the business combination
was approved, the company would contact such stockholder to arrange for him or her to deliver his or her certificate to verify
ownership. As a result, the stockholder then had an &ldquo;option window&rdquo; after the consummation of the business combination
during which he or she could monitor the price of the company&rsquo;s stock in the market. If the price rose above the conversion
price, he or she could sell his or her shares in the open market before actually delivering his or her shares to the company for
cancellation. As a result, the conversion rights, to which stockholders were aware they needed to commit before the stockholder
meeting, would become a &ldquo;continuing&rdquo; right surviving past the consummation of the business combination until the holder
delivered its certificate. The requirement for physical or electronic delivery prior to the meeting ensures that a holder&rsquo;s
election to convert his or her shares is irrevocable once the business combination is approved.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Any
request to convert such shares once made, may be withdrawn at any time up to the vote on the proposed business combination. Furthermore,
if a holder of a public share delivered his or her certificate in connection with an election of their conversion and subsequently
decides prior to the vote on the proposed business combination not to elect to exercise such rights, he or she may simply request
that the transfer agent return the certificate (physically or electronically).</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
the initial business combination is not approved or completed for any reason, then our public stockholders who elected to exercise
their conversion rights would not be entitled to convert their shares for the applicable pro rata share of the trust account.
In such case, we will promptly return any shares delivered by public holders.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>57</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Liquidation
if No Business Combination</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we do not complete a business combination within 18 months from the closing of this offering, we will (i) cease all operations
except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter,
redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible following such redemption, subject to
the approval of our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and
(iii) above) to our obligations under Delaware law to provide for claims of creditors and the requirements of other applicable
law. However, if we anticipate that we may not be able to consummate our initial business combination within 18 months, we may
extend the period of time to consummate a business combination up to three times, each by an additional month (for a total of
up to 21 months to complete a business combination). Pursuant to the terms of our amended and restated articles of incorporation
and the trust agreement to be entered into between us and American Stock Transfer &amp; Trust Company, LLC on the date of this
prospectus, in order to extend the time available for us to consummate our initial business combination, our insiders or their
affiliates or designees, upon five days advance notice prior to the applicable deadline, must deposit into the trust account $125,000,
or $143,750 if the underwriters&rsquo; over-allotment option is exercised in full ($0.025 per unit in either case), up to an aggregate
of $375,000 (or $431,250 if the underwriters&rsquo; over-allotment option is exercised in full), or $0.075 per unit, on or prior
to the date of the applicable deadline, for each one month extension. The insiders will receive a non-interest bearing, unsecured
promissory note equal to the amount of any such deposit <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
will not be repaid in the event that we are unable to close a business combination unless there are funds available outside the
trust account to do so. In the event that we receive notice from our insiders five days prior to the applicable deadline of their
intent to effect an extension, we intend to issue a press release announcing such intention at least three days prior to the applicable
deadline. In addition, we intend to issue a press release the day after the applicable deadline announcing whether or not the
funds had been timely deposited. Our insiders and their affiliates or designees are not obligated to fund the trust account to
extend the time for us to complete our initial business combination. To the extent that some, but not all, of our insiders, decide
to extend the period of time to consummate our initial business combinations, such insiders (or their affiliates or designees)
may deposit the entire $375,000 (or $431,250). At such time, the warrants will expire and holders of warrants will receive nothing
upon a liquidation with respect to such warrants, and the warrants will be worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Under
the Delaware General Corporation Law, stockholders may be held liable for claims by third parties against a corporation to the
extent of distributions received by them in a dissolution. The pro rata portion of our trust account distributed to our public
stockholders upon the redemption of 100% of our outstanding public shares in the event we do not complete our initial business
combination within the required time period may be considered a liquidation distribution under Delaware law. If the corporation
complies with certain procedures set forth in Section 280 of the Delaware General Corporation Law 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 redemptions are made to stockholders, any liability of stockholders with respect to a redemption is
limited to the lesser of such stockholder&rsquo;s pro rata share of the claim or the amount distributed to the stockholder, and
any liability of the stockholder would be barred after the third anniversary of the dissolution.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Furthermore,
if the pro rata portion of our trust account distributed to our public stockholders upon the redemption of 100% of our public
shares in the event we do not complete our initial business combination within the required time period is not considered a liquidation
distribution under Delaware law and such redemption distribution is deemed to be unlawful, then pursuant to Section 174 of the
Delaware General Corporation Law, 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 liquidation distribution. It is our intention to redeem our
public shares as soon as reasonably possible following the 18<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> or 21<FONT STYLE="font-size: 6pt"><SUP>st
</SUP></FONT>month from the closing of this offering and, therefore, we do not intend to comply with the above 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 CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Because
we will not be complying with Section 280 of the Delaware General Corporation Law, Section 281(b) of the Delaware General Corporation
Law 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 seeking to complete an initial business
combination, the only likely claims to arise would be from our vendors (such as lawyers, investment bankers, etc.) or prospective
target businesses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will seek to have all third parties (including any vendors or other entities we engage after this offering) and any prospective
target businesses enter into valid and enforceable agreements with us waiving any right, title, interest or claim of any kind
they may have in or to any monies held in the trust account. The underwriters in this offering will execute such a waiver agreement.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>58</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
a result, the claims that could be made against us will be limited, thereby lessening the likelihood that any claim would result
in any liability extending to the trust. We therefore believe that any necessary provision for creditors will be reduced and should
not have a significant impact on our ability to distribute the funds in the trust account to our public stockholders. Nevertheless,
there is no guarantee that vendors, service providers and prospective target businesses will execute such agreements. In the event
that a potential contracted party was to refuse to execute such a waiver, we will execute an agreement with that entity only if
our management first determines that we would be unable to obtain, on a reasonable basis, substantially similar services or opportunities
from another entity willing to execute such a waiver. Examples of instances where we may engage a third party that refused to
execute a waiver would be the engagement of a third party consultant who cannot sign such an agreement due to regulatory restrictions,
such as our auditors who are unable to sign due to independence requirements, or whose particular expertise or skills are believed
by management to be superior to those of other consultants that would agree to execute a waiver or a situation in which management
does not believe it would be able to find a provider of required services willing to provide the waiver. There is also no guarantee
that, even if they execute such agreements with us, they will not seek recourse against the trust account. Our insiders have agreed
that they will be jointly and severally liable to us if and to the extent any claims by a vendor for services rendered or products
sold to us, or a prospective target business with which we have discussed entering into a transaction agreement, reduce the amount
of funds in the trust account to below $10.30 per public share, except as to any claims by a third party who executed a valid
and enforceable agreement with us waiving any right, title, interest or claim of any kind they may have in or to any monies held
in the trust account and except as to any claims under our indemnity of the underwriters of this offering against certain liabilities,
including liabilities under the Securities Act. Our board of directors has evaluated our insiders&rsquo; financial net worth and
believes they will be able to satisfy any indemnification obligations that may arise. However, our insiders may not be able to
satisfy their indemnification obligations, as we have not required our insiders to retain any assets to provide for their indemnification
obligations, nor have we taken any further steps to ensure that they will be able to satisfy any indemnification obligations that
arise. Moreover, our insiders will not be liable to our public stockholders and instead will only have liability to us. As a result,
if we liquidate, the per-share distribution from the trust account could be less than approximately $10.30 due to claims or potential
claims of creditors. We will distribute to all of our public stockholders, in proportion to their respective equity interests,
an aggregate sum equal to the amount then held in the trust account, inclusive of any interest not previously released to us,
(subject to our obligations under Delaware law to provide for claims of creditors as described below).</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we are unable to consummate an initial business combination and are forced to redeem 100% of our outstanding public shares for
a portion of the funds held in the trust account, we anticipate notifying the trustee of the trust account to begin liquidating
such assets promptly after such date and anticipate it will take no more than 10 business days to effectuate the redemption of
our public shares. Our insiders have waived their rights to participate in any redemption with respect to their insider shares.
We will pay the costs of any subsequent liquidation from our remaining assets outside of the trust account. If such funds are
insufficient, our insiders have agreed to pay the funds necessary to complete such liquidation (currently anticipated to be no
more than approximately $15,000) and have agreed not to seek repayment of such expenses. Each holder of public shares will receive
a full pro rata portion of the amount then in the trust account, plus any pro rata interest earned on the funds held in the trust
account and not previously released to us or necessary to pay our taxes. The proceeds deposited in the trust account could, however,
become subject to claims of our creditors that are in preference to the claims of public stockholders.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
public stockholders shall be entitled to receive funds from the trust account only in the event of our failure to complete our
initial business combination in the required time period or if the stockholders seek to have us convert their respective shares
of common stock upon a business combination which is actually completed by us. In no other circumstances shall a stockholder have
any right or interest of any kind to or in the trust account.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">If
we are forced to file a bankruptcy case or an involuntary bankruptcy case is filed against us which is not dismissed, the proceeds
held in the trust account could be subject to applicable bankruptcy law, and may be included in our bankruptcy estate and subject
to the claims of third parties with priority over the claims of our stockholders. To the extent any bankruptcy claims deplete
the trust account, the per share redemption or conversion amount received by public stockholders may be less than $10.30.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 all amounts received by our stockholders. In addition, our board of directors
may be viewed as having breached its fiduciary duty to our creditors and/or having acted in bad faith, thereby exposing itself
and us to claims of punitive damages, by paying public stockholders from the trust account prior to addressing the claims of creditors.
Claims may be brought against us for these reasons.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>59</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Certificate
of Incorporation</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
certificate of incorporation contains certain requirements and restrictions relating to this offering that will apply to us until
the consummation of our initial business combination. If we hold a stockholder vote to amend any provisions of our certificate
of incorporation relating to stockholder&rsquo;s rights or pre-business combination activity (including the substance or timing
within which we have to complete a business combination), we will provide our public stockholders with the opportunity to redeem
their shares of common stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate
amount then on deposit in the trust account, including interest earned on the funds held in the trust account and not previously
released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares, in connection with
any such vote. Our insiders have agreed to waive any conversion rights with respect to any insider shares, private shares and
any public shares they may hold in connection with any vote to amend our certificate of incorporation. Specifically, our certificate
of incorporation provides, among other things, that:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to the consummation of our initial business combination, we shall either (1) seek stockholder approval of our initial
business combination at a meeting called for such purpose at which public stockholders may seek to convert their shares of common
stock, regardless of whether they vote for or against the proposed business combination, into a portion of the aggregate amount
then on deposit in the trust account, or (2) provide our stockholders with the opportunity to sell their shares to us by means
of a tender offer (and thereby avoid the need for a stockholder vote) for an amount equal to their pro rata share of the aggregate
amount then on deposit in the trust account, in each case subject to the limitations described herein;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we will consummate our initial business combination only if public stockholders do not exercise conversion rights in an
amount that would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding shares of common
stock voted are voted in favor of the business combination;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if our initial business combination is not consummated within 18 (or 21) months of the closing of this offering, then our
existence will terminate and we will distribute all amounts in the trust account to all of our public holders of shares of common
stock;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon the consummation of this offering, $51,500,000, or $59,225,000 if the over-allotment option is exercised in full,
shall be placed into the trust account;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>we may not consummate any other business combination, merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar transaction prior to our initial business combination; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to our initial business combination, we may not issue additional shares of capital stock that would entitle the holders
thereof to (i) receive funds from the trust account or (ii) vote on any initial business combination.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Potential
Revisions to Agreements with Insiders</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Each
of our insiders has entered into letter agreements with us pursuant to which each of them has agreed to do certain things relating
to us and our activities prior to a business combination. We could seek to amend these letter agreements without the approval
of stockholders, although we have no intention to do so. In particular:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restrictions relating to liquidating the trust account if we failed to consummate a business combination in the time-frames
specified above could be amended, but only if we allowed all stockholders to redeem their shares in connection with such amendment;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Restrictions relating to our insiders being required to vote in favor of a business combination or against any amendments
to our organizational documents could be amended to allow our insiders to vote on a transaction as they wished;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The requirement of members of the management team to remain our officer or director until the closing of a business combination
could be amended to allow persons to resign from their positions with us if, for example, the current management team was having
difficulty locating a target business and another management team had a potential target business;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>60</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The restrictions on transfer of our securities could be amended to allow transfer to third parties who were not members
of our original management team;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligation of our management team to not propose amendments to our organizational documents could be amended to allow
them to propose such changes to our stockholders;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The obligation of insiders to not receive any compensation in connection with a business combination could be modified
in order to allow them to receive such compensation;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The requirement to obtain a valuation for any target business affiliated with our insiders, in the event it was too expensive
to do so.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Except
as specified above, stockholders would not be required to be given the opportunity to redeem their shares in connection with such
changes. Such changes could result in:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our having an extended period of time to consummate a business combination (although with less in trust as a certain number
of our stockholders would certainly redeem their shares in connection with any such extension);</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our insiders being able to vote against a business combination or in favor of changes to our organizational documents;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our operations being controlled by a new management team that our stockholders did not elect to invest with;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our insiders receiving compensation in connection with a business combination; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our insiders closing a transaction with one of their affiliates without receiving an independent valuation of such business.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will not agree to any such changes unless we believed that such changes were in the best interests of our stockholders (for example,
if we believed such a modification were necessary to complete a business combination). Each of our officers and directors have
fiduciary obligations to us requiring that they act in our best interests and the best interests of our stockholders.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Competition</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
identifying, evaluating and selecting a target business, we may encounter intense competition from other entities having a business
objective similar to ours. Many of these entities are well established and have extensive experience identifying and effecting
business combinations directly or through affiliates. Many of these competitors possess greater technical, human and other resources
than us and our financial resources will be relatively limited when contrasted with those of many of these competitors. While
we believe there may be numerous potential target businesses that we could complete a business combination with utilizing the
net proceeds of this offering, our ability to compete in completing a business combination with certain sizable target businesses
may be limited by our available financial resources.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following also may not be viewed favorably by certain target businesses:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our obligation to seek stockholder approval of our initial business combination or engage in a tender offer may delay the
completion of a transaction;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our obligation to convert shares of common stock held by our public stockholders may reduce the resources available to
us for our initial business combination;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our outstanding warrants and unit purchase options, and the potential future dilution they represent;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our obligation to pay the deferred underwriting commission to the underwriters upon consummation of our initial business
combination;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our obligation to either repay working capital loans that may be made to us by our insiders, officers, directors or their
affiliates;</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>61</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our obligation to register the resale of the insider shares, as well as the private units (and underlying securities) and
any shares issued to our insiders, officers, directors or their affiliates upon conversion of working capital loans; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the impact on the target business&rsquo; assets as a result of unknown liabilities under the securities laws or otherwise
depending on developments involving us prior to the consummation of a business combination.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Any
of these factors may place us at a competitive disadvantage in successfully negotiating our initial business combination. Our
management believes, however, that our status as a public entity and potential access to the United States public equity markets
may give us a competitive advantage over privately-held entities having a similar business objective as ours in connection with
an initial business combination with a target business with significant growth potential on favorable terms.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
we succeed in effecting our initial business combination, there will be, in all likelihood, intense competition from competitors
of the target business. Subsequent to our initial business combination, we may not have the resources or ability to compete effectively.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Facilities</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
currently maintain our principal executive offices at 40 Wall Street, 58<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> Floor,
New York, NY 10005. The cost for this space is included in the $10,000 per-month fee (subject to deferral as described herein)
payable to Magna Management LLC, a company controlled by our insiders, for office space, utilities and secretarial services. Our
agreement with Magna Management LLC provides that commencing on the date that our securities are first listed on the Nasdaq Capital
Market and until we consummate a business combination, such office space, as well as utilities and secretarial services, will
be made available to us as may be required from time to time. We believe that the fee charged by Magna Management LLC is at least
as favorable as we could have obtained from an unaffiliated person. We consider our current office space, combined with the other
office space otherwise available to our executive officers, adequate for our current operations.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Employees</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have two executive officers. These individuals are not obligated to devote any specific number of hours to our matters and intend
to devote only as much time as they deem necessary to our affairs. The amount of time they will devote in any time period will
vary based on whether a target business has been selected for the business combination and the stage of the business combination
process the company is in. Accordingly, once a suitable target business to consummate our initial business combination with has
been located, management will spend more time investigating such target business and negotiating and processing the business combination
(and consequently spend more time on our affairs) than had been spent prior to locating a suitable target business. We presently
expect our executive officers to devote an average of approximately 10 hours per week to our business. We do not intend to have
any full time employees prior to the consummation of our initial business combination.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Periodic
Reporting and Audited Financial Statements</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">We
have registered our units, 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 report will contain financial statements audited and reported on by our independent registered public accountants.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will provide stockholders with audited financial statements of the prospective target business as part of any proxy solicitation
materials or tender offer documents sent to stockholders to assist them in assessing the target business. These financial statements
will need to be prepared in accordance with or reconciled to United States GAAP or IFRS as issued by the IASB. A particular target
business identified by us as a potential business combination candidate may not have the necessary financial statements. To the
extent that this requirement cannot be met, we may not be able to consummate our initial business combination with the proposed
target business.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>62</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may be required by the Sarbanes-Oxley Act to have our internal control over financial reporting audited for the fiscal year ending
December 31, 2016. A target company may not be in compliance with the provisions of the Sarbanes-Oxley Act regarding the adequacy
of their internal control over financial reporting. The development of the internal control over financial reporting of any such
entity to achieve compliance with the Sarbanes-Oxley Act may increase the time and costs necessary to complete any such initial
business combination.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Legal
Proceedings</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>There
is no material litigation, arbitration, governmental proceeding or any other legal proceeding currently pending or known to be
contemplated against us or any members of our management team in their capacity as such, and we and the members of our management
team have not been subject to any such proceeding in the 10 years preceding the date of this prospectus.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Comparison
to Offerings of Blank Check Companies Subject to Rule 419</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table compares the terms of this offering to the terms of an offering by a blank check company subject to the provisions
of Rule 419. This comparison assumes that the gross proceeds, underwriting commissions and underwriting expenses of our offering
would be identical to those of an offering undertaken by a company subject to Rule 419, and that the underwriters will not exercise
their over-allotment option. None of the provisions of Rule 419 apply to our offering.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="bottom" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         of the Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="bottom" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Escrow
                                         of offering proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; margin: 0in; mso-style-name: Texttable; margin-bottom: 0pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; color: black">$51,500,000
                                         of the net offering proceeds and proceeds from the sale of the private units will be
                                         deposited into a trust account in the United States at JP Morgan Chase, maintained by
                                         American Stock Transfer &amp; Trust Company, LLC acting as trustee.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$42,345,000
                                         of the offering proceeds would be required to be deposited into either an escrow account
                                         with an insured depositary institution or in a separate bank account established by a
                                         broker-dealer in which the broker-dealer acts as trustee for persons having the beneficial
                                         interests in the account.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investment
                                         of net proceeds</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$51,500,000
                                         of net offering proceeds and proceeds from the sale of the private units held in the
                                         trust account will be invested only in U.S. government treasury bills, bonds or notes
                                         with a maturity of 180 days or less or in money market funds meeting the applicable conditions
                                         under Rule 2a-7 under the Investment Company Act which invest only in direct U.S. government
                                         treasury obligations.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Limitation
                                         on fair value or net assets of target business</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
                                         initial business combination must occur with one or more target businesses that together
                                         have an aggregate fair market value of at least 80% of the value of the trust account
                                         (excluding any deferred underwriter&rsquo;s fees and taxes payable on the income earned
                                         on the trust account) at the time of the agreement to enter into the initial business
                                         combination.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         fair value or net assets of a target business must represent at least 80% of the maximum
                                         offering proceeds.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>63</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="27%" VALIGN="bottom" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="bottom" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         of the Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="bottom" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Trading
                                         of securities issued</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         units may commence trading on or promptly after the date of this prospectus. The common
                                         stock and warrants comprising the units will begin to trade separately on the 90<FONT STYLE="font-size: 6pt"><SUP>th
                                         </SUP></FONT>day after the date of this prospectus unless Chardan Capital Markets, LLC
                                         informs us of its decision to allow earlier separate trading (based upon its assessment
                                         of the relative strengths of the securities markets and small capitalization companies
                                         in general, and the trading pattern of, and demand for, our securities in particular),
                                         provided we have filed with the SEC a Current Report on Form 8-K, which includes an audited
                                         balance sheet reflecting our receipt of the proceeds of this offering.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>No
                                         trading of the units or the underlying 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.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Exercise
                                         of the warrants</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
                                         warrants cannot be exercised until the later of 30 days after the completion of our initial
                                         business combination or 12 months from the closing of this offering.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Election
                                         to remain an investor</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt">We
                                         will either (i) give our stockholders the opportunity to vote on the business combination
                                         or (ii) provide our public stockholders with the opportunity to sell their shares of
                                         our common stock for cash equal to their pro rata share of the aggregate amount then
                                         on deposit in the trust account, less taxes. If we hold a meeting to approve a proposed
                                         business combination, we will send each stockholder a proxy statement containing information
                                         required by the SEC. Alternatively, if we do not hold a meeting and instead conduct a
                                         tender offer, we will conduct such tender offer in accordance with the tender offer rules
                                         of the SEC and file tender offer documents with the SEC which will contain substantially
                                         the same financial and other information about the initial business combination as we
                                         would have included in a proxy statement. Under Delaware law and our bylaws, we must
                                         provide at least 10 days advance notice of any meeting of stockholders. Accordingly,
                                         this is the minimum amount of time we would need to provide holders to determine whether
                                         to exercise their rights to convert their shares into cash or to remain an investor in
                                         our company.</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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<FONT STYLE="font-size: 6pt"><SUP>th
                                         </SUP></FONT>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.</P>
</TD>
</TR>
<TR>
<TD WIDTH="27%" VALIGN="top" STYLE=
"width: 27.74%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="34%" VALIGN="top" STYLE=
"width: 34.58%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>64</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" STYLE=
"margin-left: .4pt; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="192" VALIGN="bottom" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="bottom" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         of the Offering</P>
</DIV>
</TD>
<TD WIDTH="11" VALIGN="bottom" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="bottom" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Terms
                                         Under a Rule 419 Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="192" VALIGN="top" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Business
                                         combination deadline</P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Pursuant
                                         to our certificate of incorporation, if we are unable to complete our initial business
                                         combination within 18 months from the closing of this offering (or 21 months from the
                                         closing of this offering if the extension criteria described elsewhere is satisfied),
                                         we will (i) cease all operations except for the purpose of winding up, (ii) as promptly
                                         as reasonably possible but not more than ten business days thereafter, redeem 100% of
                                         the outstanding public shares which redemption will completely extinguish public stockholders&rsquo;
                                         rights as stockholders (including the right to receive further liquidation distributions,
                                         if any), subject to applicable law, and (iii) as promptly as reasonably possible following
                                         such redemption, subject to the approval of our remaining stockholders and our board
                                         of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to
                                         our obligations under Delaware law to provide for claims of creditors and the requirements
                                         of other applicable law.</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
</TD>
</TR>
<TR>
<TD WIDTH="192" VALIGN="top" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="192" VALIGN="top" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Interest
                                         earned on the funds in the trust account</P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>There
                                         can be released to us, from time to time, any interest earned on the funds in the trust
                                         account that we may need to pay our tax obligations.</P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt">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></P>
</TD>
</TR>
<TR>
<TD WIDTH="192" VALIGN="top" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="192" VALIGN="top" STYLE=
"width: 2.0in; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Release
                                         of funds</P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Except
                                         for interest earned on the funds in the trust account (which we estimate to be approximately
                                         $87,500 over a 21 month period assuming an interest rate of 0.1% per annum) that may
                                         be released to us to pay our tax obligations (which we estimate will be nominal), the
                                         proceeds held in the trust account will not be released until the earlier of the completion
                                         of our initial business combination and our liquidation upon failure to effect our initial
                                         business combination within the allotted time.</P>
</TD>
<TD WIDTH="11" VALIGN="top" STYLE=
"width: 8.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="239" VALIGN="top" STYLE=
"width: 179.5pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>65</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M</B>A<A NAME="a_023" TITLE="management"></A><B>NAGEMENT</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Directors
and Executive Officers</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
current directors, director nominees and executive officers are as follows:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Name</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Age</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Position</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>28</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Chief
                                         Executive Officer and Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Marc
                                         Manuel</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>48</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Chief
                                         Financial Officer and Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Russell
                                         Rieger</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>57</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Vice
                                         President of Strategy</P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Donald
                                         S. Ienner</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>64</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>David
                                         Schulhof</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>44</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="39%" VALIGN="bottom" STYLE=
"width: 39.46%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Samuel
                                         S. Holdsworth</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="center" STYLE=
'text-align: center; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>63</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="43%" VALIGN="bottom" STYLE=
"width: 43.62%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Director</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt"><I>Joshua
Sason</I></FONT> <FONT STYLE="letter-spacing: -0.15pt">has served as our Chief Executive Officer and a Director since our inception.
Mr. Sason is the founder &amp; Chief Executive Officer of Magna Management LLC, a global investment firm which makes direct investments
across the worldwide public and private equity markets and the entertainment industry. In the six years since launching the firm,
Mr. Sason has grown Magna Management LLC into a leading investor in its market segment, investing over $200M across three divisions
with holdings on six continents and nine distinct lines of business. Mr. Sason has served as Chairman of the New York construction
company Sason Builders, LLC since June 2014 and Chairman of the boutique customer experience firm, Mainz, since November 2013.
In addition, Mr. Sason has been the Chief Executive Officer of Magna Entertainment, LLC since 2013. Magna Entertainment has produced
four feature films, including its latest feature film, &ldquo;Bleed for This&rdquo;, which is scheduled for release in late 2016.
We believe that Mr. Sason&rsquo;s experience as CEO and founder of Magna Management LLC, as Chairman of Mainz and as Chairman
of Sason Builders make him well qualified to serve as our chief executive officer and a member of our Board of Directors.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt"><I>Marc
Manuel</I></FONT> <FONT STYLE="letter-spacing: 0.1pt">has served as our Chief Financial Officer and Director since July 12, 2016.
Marc has served as a Managing Director for Magna Management, LLC since 2012. Since joining Magna as Managing Director, Mr. Manuel
has been responsible for helping to build out the Magna&rsquo;s Equities division, structuring the Equities division&rsquo;s investments
both as lead investor in syndicated transactions and as a sole investor. Prior to joining Magna, from September 2009 until July
2012, Mr. Manuel worked as an Investment Banker at Scarsdale Equities LLC. Prior to working at Scarsdale Equities LLC, Mr. Manuel
owned his own business and consulted for a wide array of companies ranging from early stage startups to members of the Fortune
10. He holds a B.A. from George Washington University, Cum Laude and an MBA from Fordham University.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt"><I>Russell
Rieger</I></FONT> <FONT STYLE="letter-spacing: 0.1pt">has been our Vice President of Strategy since July 25, 2016. Mr. Rieger
has been Vice President of Magna Entertainment, LLC since April 2014. From 1997 to 2002, he served as General Manager and Executive
Vice President of Creative for Maverick Records (of which Madonna was one of the founders), building the label into a freestanding
record company with over 100 employees and working with successful artists including the Prodigy, Alanis Morissette, Muse, and
the Deftones, as well as was executive producing movie soundtracks, including The Matrix. In 2003 he became principal founder
and partner at Pipeline LLC, an entertainment branding and marketing company based in Los Angeles where he worked until 2009.
Mr. Rieger moved to NYC in 2010 and founded his own consulting firm, working with startup companies, private equity and hedge
funds focusing on the entertainment and media industries, where he worked until April 2014. Prior to working at Maverick and Pipeline,
Mr. Rieger was the General Manager of London Records, from 1992 to 1997, where he helped to launch the record label in the United
States and worked with several gold and platinum artists such as Portishead, Salt n&rsquo; Pepa, Meat Puppets and Paul Weller.
He began his career, in 1982 as a co-manager for Modern English and shortly after, co-founded a management company that represented
the Replacements, the Del Fuegos and Cyndi Lauper among others. Mr. Rieger is a graduate of the State University of New York at
Albany where he received a BA in both Political Science and Philosophy.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><I>Donald
S. Ienner</I> has been our director since February 1, 2016. Mr. Ienner has been the managing member of DSI-1008, LLC, a consulting
firm for the music industry, since October 2011. From 2007 to October 2011, he served as a consultant to the music industry. From
1989 to 2006, he served in various capacities with Columbia Records/Sony Music, most recently as Chairman and CEO of Sony Music
Label Group U.S. Mr. Ienner has worked in the music industry since 1969 and held various positions with Cam-USA, Millennium Records
and Arista Records prior to joining Columbia Records/Sony Music in 1989. Mr. Ienner has previously been a nominating committee
member for the Rock and Roll Hall of Fame, a board member of the Recording Industry Association of America, and a board member
of Gibson Guitars.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>66</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt"><I>David
Schulhof</I>&nbsp; has been our director since December 16, 2015. Mr. Schulhof has served as the President of IM Global Music
since December 2014. Previously, from March 2012 to November 2014, he was a Managing Director at G2 Investment Group, an offshoot
of New York private equity firm Guggenheim Partners, focusing on the firm&rsquo;s media investments. Prior to G2, he was Co-Founder
and CEO of Evergreen Copyrights from January 2005 through December 2010, which pursued a global acquisition strategy. Schulhof
and his partners built Evergreen into one of the leading independent music publishing companies worldwide and in 2010 sold Evergreen
to KKR/BMG Rights Management. Before launching Evergreen, from 1997 to 2004, he was Vice President of Motion Picture Music at
Miramax and Dimension films, overseeing music, music publishing, music supervision and soundtracks for the Studio. Prior to joining
Miramax, he was a lawyer at the law offices of Pryor Cashman Sherman and Flynn, representing film, music and TV clients. He began
his career at Interscope Records and graduated from the NYU School of Law and Georgetown University.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><I>Samuel
S. Holdsworth</I> has been our director since December 16, 2015. Mr. Holdsworth is a Managing Director of Sword, Rowe &amp; Co.,
a firm providing investment and advisory services for media and entertainment businesses. Prior thereto, from January 2012 until
December 2013, Mr. Holdsworth provided consulting services to financial and content related businesses. From January 2008 until
January 2012 he was the Executive Chairman of Solvi Brands, LLC, an early stage consumables company. Mr. Holdsworth was a founding
partner at JPMorgan Entertainment Partners, a private equity fund, from Jan. 1999 until June 2006. He was also Chairman and CEO
of Ryko Corp., a diversified music company from early 2001 until it was sold to Warner Music Group in June 2006. From 1991 through
1999 he ran an investment banking practice doing M&amp;A, turn-around and fundraising for businesses in the media, entertainment
and lodging space. He began his entrepreneurial career in publishing, founding Musician Magazine in 1976 and selling it to Billboard
Publications in 1981. He was previously a principal and president of BPI Communications Entertainment division, publisher of Billboard
Magazine and managed the Hollywood Reporter, Adweek and other media business properties. He also founded and was Executive Producer
of the Billboard Awards Show on the Fox Network from 1990 through 1997.</P>
<P CLASS="H2" STYLE=
'margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Number
and Terms of Office of Officers and Directors</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Upon
consummation of this offering, our board of directors will have five members, three of whom will be deemed &ldquo;independent&rdquo;
under SEC and Nasdaq rules. Our board of directors will be divided into three classes with only one class of directors being elected
in each year and each class serving a three-year term. The term of office of the first class of directors, consisting of Joshua
Sason, will expire at our first annual meeting of stockholders. The term of office of the second class of directors, consisting
of Samuel S. Holdsworth, will expire at the second annual meeting. The term of office of the third class of directors, consisting
of David Schulhof and Donald S. Ienner, will expire at our third annual meeting of stockholders. We may not hold an annual meeting
of stockholders until after we consummate our initial business combination.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
officers are appointed by the board of directors and serve at the discretion of the board of directors, rather than for specific
terms of office. Our board of directors is authorized to appoint persons to the offices set forth in our bylaws as it deems appropriate.
Our bylaws provide that our officers may consist of a chairman of the board, vice chairman of the board, chief executive officer,
president, chief financial officer, vice president(s), secretary, treasurer and such other officers as may be determined by the
board of directors.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Executive
Compensation</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>No
executive officer has received any cash compensation for services rendered to us. Commencing on the date of this prospectus through
the completion of our initial business combination with a target business, we will pay to Magna Management LLC, a company owned
by our insiders, a fee of $10,000 per month for providing us with office space and certain office and secretarial services. However,
pursuant to the terms of such agreement, we may delay payment of such monthly fee upon a determination by our audit committee
that we lack sufficient funds held outside the trust to pay actual or anticipated expenses in connection with our initial business
combination. Any such unpaid amount will accrue without interest and be due and payable no later than the date of the consummation
of our initial business combination. Other than the $10,000 per month administrative fee, no compensation or fees of any kind,
including finder&rsquo;s fees, consulting fees and other similar fees, will be paid to our insiders or any of the members of our
management team, for services rendered prior to or in connection with the consummation of our initial business combination (regardless
of the type of transaction that it is). However, such individuals will receive reimbursement for any out-of-pocket expenses incurred
by them in connection with activities on our behalf, such as identifying potential target businesses, performing business due
diligence on suitable target businesses and business combinations as well as traveling to and from the offices, plants or similar
locations of prospective target businesses to examine their operations. There is no limit on the amount of out-of-pocket expenses
reimbursable by us; provided, however, that to the extent such expenses exceed the available proceeds not deposited in the trust
account, such expenses would not be reimbursed by us unless we consummate an initial business combination.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>67</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">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 stockholders, to the extent then known, in the
proxy solicitation materials furnished to our stockholders. It is unlikely the amount of such compensation will be known at the
time of a stockholder meeting held to consider our initial business combination, as it will be up to the directors of the post-combination
business to determine executive and director compensation. In this event, such compensation will be publicly disclosed at the
time of its determination in a Current Report on Form 8-K, as required by the SEC.</FONT></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Director
Independence</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Nasdaq
listing standards require that within one year of the listing of our securities on the Nasdaq Capital Market we have at least
three independent directors and that a majority of our board of directors be independent. An &ldquo;independent director&rdquo;
is defined generally as a person other than an officer or employee of the company or its subsidiaries or any other individual
having a relationship which in the opinion of the company&rsquo;s board of directors, would interfere with the director&rsquo;s
exercise of independent judgment in carrying out the responsibilities of a director. Three &ldquo;independent director&rdquo;
as defined in the Nasdaq listing standards and applicable SEC rules will be elected prior to this Offering. Our independent directors
will have regularly scheduled meetings at which only independent directors are present.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will only enter into a business combination if it is approved by a majority of our independent directors. Additionally, we will
only enter into transactions with our officers and directors and their respective affiliates that are on terms no less favorable
to us than could be obtained from independent parties. Any related-party transactions must be approved by our audit committee
and a majority of disinterested directors.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Audit
Committee</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Effective
as of the date of this prospectus, we will establish an audit committee of the board of directors, which will consist of three
directors elected prior to this Offering, each of whom will be an independent director. One of those directors will serve as chairman
of the audit committee. Nasdaq&rsquo;s listing standards will require us to have a third independent member of our audit committee
within one year of the listing of our securities on the Nasdaq Capital Market. The audit committee&rsquo;s duties, which are specified
in our Audit Committee Charter, include, but are not limited to:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing and discussing with management and the independent auditor the annual audited financial statements, and recommending
to the board whether the audited financial statements should be included in our Form 10-K;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>discussing with management and the independent auditor significant financial reporting issues and judgments made in connection
with the preparation of our financial statements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>discussing with management major risk assessment and risk management policies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>monitoring the independence of the independent auditor;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>verifying the rotation of the lead (or coordinating) audit partner having primary responsibility for the audit and the
audit partner responsible for reviewing the audit as required by law;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing and approving all related-party transactions;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>inquiring and discussing with management our compliance with applicable laws and regulations;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>pre-approving all audit services and permitted non-audit services to be performed by our independent auditor, including
the fees and terms of the services to be performed;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>appointing or replacing the independent auditor;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>determining the compensation and oversight of the work of the independent auditor (including resolution of disagreements
between management and the independent auditor regarding financial reporting) for the purpose of preparing or issuing an audit
report or related work;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>68</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>establishing procedures for the receipt, retention and treatment of complaints received by us regarding accounting, internal
accounting controls or reports which raise material issues regarding our financial statements or accounting policies; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>approving reimbursement of expenses incurred by our management team in identifying potential target businesses.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Financial
Experts on Audit Committee</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
audit committee will at all times be composed exclusively of &ldquo;independent directors&rdquo; who are &ldquo;financially literate&rdquo;
as defined under the Nasdaq listing standards. The Nasdaq listing standards define &ldquo;financially literate&rdquo; as being
able to read and understand fundamental financial statements, including a company&rsquo;s balance sheet, income statement and
cash flow statement.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">In
addition, we must certify to Nasdaq that the committee has, and will continue to have, at least one member who has past employment
experience in finance or accounting, requisite professional certification in accounting, or other comparable experience or background
that results in the individual&rsquo;s financial sophistication. The board of directors will determine whether any of the independent
directors qualifies as an &ldquo;audit committee financial expert,&rdquo; as defined under rules and regulations of the SEC.</FONT></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Compensation
Committee</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Upon
the effectiveness of the registration statement of which this prospectus forms a part, we will establish a compensation committee
of the board of directors. The members of our Compensation Committee will consist of three directors elected prior to this Offering,
each of whom will be an independent director. One of those directors will serve as chairman of the compensation committee. We
will adopt a compensation committee charter, which will detail the principal functions of the compensation committee, including:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing and approving on an annual basis the corporate goals and objectives relevant to our President and Chief Executive
Officer&rsquo;s compensation, evaluating our President and Chief Executive Officer&rsquo;s performance in light of such goals
and objectives and determining and approving the remuneration (if any) of our President and Chief Executive Officer based on such
evaluation;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing and approving the compensation of all of our other executive officers;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing our executive compensation policies and plans;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>implementing and administering our incentive compensation equity-based remuneration plans;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>assisting management in complying with our proxy statement and annual report disclosure requirements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>approving all special perquisites, special cash payments and other special compensation and benefit arrangements for our
executive officers and employees;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>producing a report on executive compensation to be included in our annual proxy statement; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>reviewing, evaluating and recommending changes, if appropriate, to the remuneration for directors.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
charter will also provide that the compensation committee may, in its sole discretion, retain or obtain the advice of a compensation
consultant, legal counsel or other adviser and will be directly responsible for the appointment, compensation and oversight of
the work of any such adviser. However, before engaging or receiving advice from a compensation consultant, external legal counsel
or any other adviser, the compensation committee will consider the independence of each such adviser, including the factors required
by NASDAQ and the SEC.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Director
Nominations</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
do not have a standing nominating committee, though we intend to form a corporate governance and nominating committee as and when
required to do so by law or NASDAQ rules. In accordance with Rule 5605(e)(2) of the NASDAQ rules, a majority of the independent
directors may recommend a director nominee for selection by the board of directors. The board of directors believes that the independent
directors can satisfactorily carry out the responsibility of properly selecting or approving director nominees without the formation
of a standing nominating committee. The directors who shall participate in the consideration</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>69</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>and
recommendation of director nominees will be elected prior to this Offering. In accordance with Rule 5605(e)(1)(A) of the NASDAQ
rules, all such directors are independent. As there is no standing nominating committee, we do not have a nominating committee
charter in place.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
board of directors will also consider director candidates recommended for nomination by our stockholders during such times as
they are seeking proposed nominees to stand for election at the next annual meeting of stockholders (or, if applicable, a special
meeting of stockholders). Our stockholders that wish to nominate a director for election to the Board should follow the procedures
set forth in our bylaws.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have not formally established any specific, minimum qualifications that must be met or skills that are necessary for directors
to possess. In general, in identifying and evaluating nominees for director, the board of directors considers educational background,
diversity of professional experience, knowledge of our business, integrity, professional reputation, independence, wisdom, and
the ability to represent the best interests of our stockholders.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Compensation
Committee Interlocks and Insider Participation</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
may not have a compensation committee in place prior to the completion of our initial business combination. Any executive compensation
matters that arise prior to the time we have a compensation committee in place will be determined by our independent directors.
None of our directors who currently serve as members of our compensation committee is, or has at any time in the past been, one
of our officers or employees. None of our executive officers currently serves, or in the past year has served, as a member of
the compensation committee of any other entity that has one or more executive officers serving on our board of directors. None
of our executive officers currently serves, or in the past year has served, as a member of the board of directors of any other
entity that has one or more executive officers serving on our compensation committee.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Code
of Ethics</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Effective
upon consummation of this offering, we will adopt a code of ethics that applies to all of our executive officers, directors and
employees. The code of ethics codifies the business and ethical principles that govern all aspects of our business.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Conflicts
of Interest</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investors
should be aware of the following potential conflicts of interest:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>None of our officers and directors is required to commit their full time to our affairs and, accordingly, they may have
conflicts of interest in allocating their time among various business activities.</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In the course of their other business activities, our officers and directors may become aware of investment and business
opportunities which may be appropriate for presentation to our company as well as the other entities with which they are affiliated.
Our officers and directors may have conflicts of interest in determining to which entity a particular business opportunity should
be presented.</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Our officers and directors may in the future become affiliated with entities, including other blank check companies, engaged
in business activities similar to those intended to be conducted by our company.</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless we consummate our initial business combination, our officers, directors and insiders will not receive reimbursement
for any out-of-pocket expenses incurred by them to the extent that such expenses exceed the amount of available proceeds not deposited
in the trust account.</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The insider shares beneficially owned by our officers and directors will be released from escrow only if our initial business
combination is successfully completed. Additionally, if we are unable to complete an initial business combination within the required
time frame, our officers and directors will not be entitled to receive any amounts held in the trust account with respect to any
of their insider shares or private units. Furthermore, our insiders (and/or their designees) have agreed that the private units
will not be sold or transferred by them until after we have completed our initial business combination. For the foregoing reasons,
our board may have a conflict of interest in determining whether a particular target business is an appropriate business with
which to effect our initial business combination.</FONT></P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>70</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the corporation could financially undertake the opportunity;</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the opportunity is within the corporation&rsquo;s line of business; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>it would not be fair to the corporation and its stockholders for the opportunity not to be brought to the attention of
the corporation.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accordingly,
as a result of multiple business affiliations, our officers and directors may have similar legal obligations relating to presenting
business opportunities meeting the above-listed criteria to multiple entities. Furthermore, our certificate of incorporation provides
that the doctrine of corporate opportunity will not apply with respect to any of our officers or directors in circumstances where
the application of the doctrine would conflict with any fiduciary duties or contractual obligations they may have. In order to
minimize potential conflicts of interest which may arise from multiple affiliations, our officers and directors (other than our
independent directors) have agreed to present to us for our consideration, prior to presentation to any other person or entity,
any suitable opportunity to acquire a target business, until the earlier of: (1) our consummation of an initial business combination
and (2) 21 months from the date of this prospectus. This agreement is, however, subject to any pre-existing fiduciary and contractual
obligations such officer or director may from time to time have to another entity. Accordingly, if any of them becomes aware of
a business combination opportunity which is suitable for an entity to which he or she has pre-existing fiduciary or contractual
obligations, he or she will honor his or her fiduciary or contractual obligations to present such business combination opportunity
to such entity, and only present it to us if such entity rejects the opportunity. We do not believe, however, that the pre-existing
fiduciary duties or contractual obligations of our officers and directors will materially undermine our ability to complete our
business combination because in most cases the affiliated companies are closely held entities controlled by the officer or director
or the nature of the affiliated company&rsquo;s business is such that it is unlikely that a conflict will arise.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table summarizes the current pre-existing fiduciary or contractual obligations of our officers, directors and director
nominees:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="18%" VALIGN="bottom" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Name
                                         of Individual</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="bottom" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Name
                                         of Affiliated Company</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="bottom" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Entity&rsquo;s
                                         Business</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="bottom" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Affiliation</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Magna
                                         Management LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investments</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Founder
                                         &amp; Chief Executive Officer</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Sason
                                         Builders</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Construction</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Chairman</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Mainz</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Customer
                                         experience</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Chairman</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Magna
                                         Entertainment, LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Film
                                         production</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Chief
                                         Executive Officer</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investment
                                         Holding Company</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC Holdings I LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investment
                                         Holding Company</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC Holdings II LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investment
                                         Holding Company</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Marc
                                         Manuel</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Magna
                                         Management LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investments</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Director</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Russell
                                         Rieger</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Magna
                                         Entertainment, LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Film
                                         production</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Vice
                                         President</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Donald
                                         S. Ienner</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>DSI-1008,
                                         LLC</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Consulting</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Member</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>David
                                         Schulhof</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>IM
                                         Global Music</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Film
                                         distribution</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>President</P>
</TD>
</TR>
<TR>
<TD WIDTH="18%" VALIGN="top" STYLE=
"width: 18.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Samuel
                                         S. Holdsworth</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="24%" VALIGN="top" STYLE=
"width: 24.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Sword,
                                         Rowe &amp; Co.</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="25%" VALIGN="top" STYLE=
"width: 25.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" ALIGN="left" STYLE=
'text-align: left; line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Investment
                                         and advisory services</P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" VALIGN="top" STYLE=
"width: 28.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Texttable" STYLE=
'line-height: normal; mso-style-name: Texttable; margin: 0in; margin-bottom: .0001pt; text-align: justify; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Managing
                                         Director</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
insiders, officers and directors, have agreed to vote any shares of common stock held by them in favor of our initial business
combination. In addition, they have agreed to waive their respective rights to receive any amounts held in the trust account with
respect to their insider shares and private shares if we are unable to complete our initial business combination within the required
time frame. If they purchase shares of common stock in this offering or in the open market, however, they would be entitled to
receive their pro rata share of the amounts held in the trust account if we are unable to complete our initial business combination
within the required time frame, but have agreed not to convert such shares in connection with the consummation of our initial
business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms
believed by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions will require
prior approval by our audit committee and a majority of our uninterested &ldquo;independent&rdquo; directors, or the members of
our board who do not have an interest in the transaction, in either case who had access, at our expense, to our attorneys or independent
legal</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>71</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>counsel.
We will not enter into any such transaction unless our audit committee and a majority of our disinterested &ldquo;independent&rdquo;
directors determine that the terms of such transaction are no less favorable to us than those that would be available to us with
respect to such a transaction from unaffiliated third parties.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
further minimize conflicts of interest, we have agreed not to consummate our initial business combination with an entity that
is affiliated with any of our officers, directors or insiders, unless we have obtained (i) an opinion from an independent investment
banking firm that the business combination is fair to our unaffiliated stockholders from a financial point of view and (ii) the
approval of a majority of our disinterested and independent directors (if we have any at that time). Furthermore, in no event
will our insiders or any of the members of our management team be paid any finder&rsquo;s fee, consulting fee or other similar
compensation prior to, or for any services they render in order to effectuate, the consummation of our initial business combination
(regardless of the type of transaction that it is).</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Limitation
on Liability and Indemnification of Directors and Officers</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
certificate of incorporation provides that our directors and officers 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 certificate of incorporation provides that
our directors will not be personally liable for monetary damages to us 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. Notwithstanding the foregoing, as set forth in our certificate of incorporation, such indemnification
will not extend to any claims our insiders may make to us to cover any loss that they may sustain as a result of their agreement
to pay debts and obligations to target businesses or vendors or other entities that are owed money by us for services rendered
or contracted for or products sold to us as described elsewhere in this prospectus.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 indemnification. We will purchase a policy of directors&rsquo;
and officers&rsquo; liability insurance that insures our directors and officers against the cost of defense, settlement or payment
of a judgment in some circumstances and insures us against our obligations to indemnify the directors and officers.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 directors and officers, 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 directors and officers pursuant
to these provisions. We believe that these provisions, the insurance and the indemnity agreements are necessary to attract and
retain talented and experienced directors and officers.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>72</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_024" TITLE="principl"></A><B>PRINCIPAL
STOCKHOLDERS</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table sets forth information regarding the beneficial ownership of our shares of common stock as of the date of this
prospectus and upon completion of the sale of our shares of common stock included in the units offered by this prospectus (assuming
none of the individuals listed purchase units in this offering), by:</P>
<P CLASS="BLm" STYLE=
'margin-top: 6.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock;</P>
<P CLASS="BLm" STYLE=
'margin-top: 6.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>each of our officers, directors and director nominees; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 6.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>all of our officers, directors and director nominees as a group.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Amounts
shown in the &ldquo;After Offering&rdquo; column are calculated assuming no exercise of the over-allotment option and, therefore,
the forfeiture of an aggregate of 187,500 shares of common stock held by our insiders. Unless otherwise indicated, we believe
that all persons named in the table have sole voting and investment power with respect to all shares of common stock beneficially
owned by them.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 28.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Prior
                                         to Offering</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="28%" COLSPAN="5" VALIGN="bottom" STYLE=
"width: 28.36%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>After
                                         Offering</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCHleft" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH_left; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Name
                                         and Address of Beneficial Owner<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Amount
                                         and Nature of Beneficial Ownership of Common Stock</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Approximate
                                         Percentage of Outstanding Shares of Common Stock</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Amount
                                         and Nature of Beneficial Ownership of Common Stock<FONT STYLE="font-size: 6pt"><SUP>(2)</SUP></FONT></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Approximate
                                         Percentage of Outstanding Shares of Common Stock</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC LLC<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>943,020</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>65.6</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,079,478</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(4)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>16.2</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC Holdings I LLC<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>192,736</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>13.4</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>227,596</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(4)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>3.4</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
                                         SPAC Holdings II LLC<FONT STYLE="font-size: 6pt"><SUP>(3)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>301,744</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>21.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>345,426</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5.2</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Joshua
                                         Sason<FONT STYLE="font-size: 6pt"><SUP>(5)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,437,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>100.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,652,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-size: 6pt"><SUP>(4)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>24.8</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Marc
                                         Manuel</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Russell
                                         Rieger</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Donald
                                         S. Ienner</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>David
                                         Schulhof</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Samuel
                                         S. Holdsworth</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="40%" VALIGN="bottom" STYLE=
"width: 40.3%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>All
                                         directors, director nominees and executive officers as a group (3 individuals)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.44%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,437,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>100.0</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.88%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,652,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.64%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>24.8</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.8%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>%</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>*<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Less than 1%.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Unless otherwise indicated, the business address of each of the individuals is c/o Magna Management LLC, 40 Wall Street,
58<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> Floor, New York, NY 10005.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Does not include beneficial ownership of any shares of common stock underlying outstanding warrants as such shares are
not issuable within 60 days of the date of this prospectus.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(3)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Joshua Sason is the sole managing member of M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC and thus may be
deemed to have voting and investment power with respect to the shares owned by such entities.</P>
<P STYLE="mso-style-name: Tablefootnote_m; margin: 0in 0in 0pt 0.25in; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">(4)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Includes the 259,334 shares of common stock underlying the private units to be purchased by M SPAC LLC simultaneously with
the consummation of this offering, the 60,000 shares of common stock underlying the private units to be purchased by M SPAC Holdings
I LLC simultaneously with the consummation of this offering, and the 83,166 shares of common stock underlying the private units
to be purchased by M SPAC Holdings II LLC simultaneously with the consummation of this offering.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(5)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Securities beneficially owned consist of securities owned by M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC,
of which the individual is a managing member.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Immediately
after this offering, our insiders will beneficially own approximately 24.8% of the then issued and outstanding shares of common
stock (assuming they do not purchase any units offered by this prospectus). None of our insiders, officers, directors and director
nominees has committed to purchase our units in the offering. Because of the ownership block held by our insiders, such individuals
may be able to effectively exercise influence over all matters requiring approval by our stockholders, including the election
of directors and approval of significant corporate transactions other than approval of our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
the underwriters do not exercise all or a portion of the over-allotment option, an aggregate of up to 187,500 insider shares will
be forfeited in amounts as determined amongst the holders of such insider shares and not proportional to their ownership percentages
in our shares of common stock. Only a number of shares necessary to maintain our insiders&rsquo; collective 20.0% ownership interest
(excluding the private units) in our shares of common stock after giving effect to the offering and the exercise, if any, of the
underwriters&rsquo; over-allotment option will be forfeited.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>73</P>
<P CLASS="Textflush" STYLE=
'margin-top: 8.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>All
of the insider shares outstanding prior to the date of this prospectus will be placed in escrow with American Stock Transfer &amp;
Trust Company, LLC, as escrow agent. Subject to certain limited exceptions, 50% of these shares will not be transferred, assigned,
sold or released from escrow until the earlier of six months after the date of the consummation of our initial business combination
and the date the closing price of our common stock equals or exceeds $12.50 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 the remaining 50% of the insider shares will not be transferred, assigned, sold or released from escrow until
six months after the date of the consummation of our initial business combination or earlier in either case if, subsequent to
our initial business combination, we complete a liquidation, merger, stock exchange or other similar transaction which results
in all of our stockholders having the right to exchange their shares of common stock for cash, securities or other property. Up
to 187,500 of the insider shares may also be released from escrow earlier than this date for cancellation if the over-allotment
option is not exercised in full as described above.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">During
the escrow period, the holders of these shares will not be able to sell or transfer their securities except (1) transfers among
the insiders, to our officers, directors, advisors and employees, (2) transfers to an insider&rsquo;s affiliates or its members
upon its liquidation, (3) transfers to relatives and trusts for estate planning purposes, (4) transfers by virtue of the laws
of descent and distribution upon death, (5) transfers pursuant to a qualified domestic relations order, (6) private sales made
at prices no greater than the price at which the securities were originally purchased or (7) transfers to us for cancellation
in connection with the consummation of an initial business combination, in each case (except for clause 7) where the transferee
agrees to the terms of the escrow agreement and forfeiture, as the case may be, as well as the other applicable restrictions and
agreements of the holders of the insider shares. If dividends are declared and payable in shares of common stock, such dividends
will also be placed in escrow. If we are unable to effect a business combination and liquidate, there will be no liquidation distribution
with respect to the insider shares.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">Our
insiders (and/or their designees) have committed that they will purchase the private units (for an aggregate purchase price of
$4,025,000) from us in amounts as determined amongst the parties and not proportional to their ownership percentages in our shares
of common stock. These purchases will take place on a private placement basis simultaneously with the consummation of this offering.
Our insiders have also agreed that if the over-allotment option is exercised by the underwriters in full or in part, they will
purchase from us at a price of $10.00 per unit the number of private units (up to a maximum of 45,000 private units) that is necessary
to maintain in the trust account an amount equal to $10.30 per share sold to the public in this offering. These additional private
units will be purchased in a private placement that will occur simultaneously with the purchase of units resulting from the exercise
of the over-allotment option. The private units are identical to the units sold in this offering. However, the holders have agreed
(A) to vote their insider shares, private shares and any public shares acquired in or after this offering in favor of any proposed
business combination, (B) not to propose, or vote in favor of, an amendment to our certificate of incorporation that would affect
the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business combination
within 18 months from the closing of this offering (or 21 months, as applicable), unless we provide our public stockholders with
the opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares,
(C) not to convert any shares (including the insider shares) into the right to receive cash from the trust account in connection
with a stockholder vote to approve our proposed initial business combination (or sell any shares they hold to us in a tender offer
in connection with a proposed initial business combination) or a vote to amend the provisions of our certificate of incorporation
relating to the substance or timing of our obligation to redeem 100% of our public shares if we do not complete our initial business
combination within 18 months from the closing of this offering (or 21 months, as applicable) and (D) that the insider shares shall
not be entitled to be redeemed for a pro rata portion of the funds held in the trust account if a business combination is not
consummated. Additionally, our insiders (and/or their designees) have agreed not to transfer, assign or sell any of the private
units or underlying securities (except to the same permitted transferees as the insider shares and provided the transferees agree
to the same terms and restrictions as the permitted transferees of the insider shares must agree to, each as described above)
until the completion of our initial business combination.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt">In
order to meet our working capital needs following the consummation of this offering, our insiders, officers and directors may,
but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private units at a price of $10.00 per unit. Our stockholders have approved
the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the
time of the consummation of our initial business combination. If we do not complete a business combination, any outstanding loans
from our insiders, officers and directors or their affiliates, will be repaid only from amounts remaining outside our trust account,
if any.</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 7.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
executive officers and directors are deemed to be our &ldquo;promoters,&rdquo; as that term is defined under the federal securities
laws.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>74</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_025"></A><B>CERTAIN
TRANSACTIONS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
April 2015, we sold an aggregate of 1,437,500 shares of our common stock for $25,000, or approximately $.02 per share, to M SPAC
LLC, which is controlled by Joshua Sason. On July 20, 2016, M SPAC LLC sold back 494,480 shares to us at a price equal to the
amount paid for such shares. We subsequently sold an aggregate of 494,480 shares of our common stock for $8,599.65, or approximately
$.02 per share, to M SPAC Holdings I LLC and M SPAC Holdings II LLC, each of which is controlled by Joshua Sason.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
the underwriters do not exercise all or a portion of their over-allotment option, our insiders will forfeit up to an aggregate
of 187,500 insider shares in proportion to the portion of the over-allotment option that was not exercised. If such shares are
forfeited, we will record the forfeited shares as treasury stock and simultaneously retire the shares. Upon receipt, such forfeited
shares would then be immediately cancelled which would result in the retirement of the treasury shares and a corresponding charge
to additional paid-in capital.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
the underwriters determine the size of the offering should be increased (including pursuant to Rule 462(b) under the Securities
Act) or decreased, a share dividend or a contribution back to capital, as applicable, would be effectuated in order to maintain
our insiders&rsquo; ownership at a percentage of the number of shares of common stock to be sold in this offering. Our insiders
may purchase from us at a price of $10.00 per unit the number of private units that is necessary to maintain in the trust account
an amount equal to $10.30 per share sold to the public in this offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC, entities controlled by Joshua Sason, our Chief Executive Officer,
have committed that it (and/or its designees) will purchase, pursuant to written purchase agreements with us, 402,500 private
units for a total purchase price of $4,025,000, from us. These purchases will take place on a private placement basis simultaneously
with the consummation of this offering. M SPAC LLC, M SPAC Holdings I LLC and M SPAC Holdings II LLC have also agreed that if
the over-allotment option is exercised by the underwriters in full or in part, they will purchase from us at a price of $10.00
per unit the number of private units (up to a maximum of 45,000 private units) that is necessary to maintain in the trust account
an amount equal to $10.30 per share sold to the public in this offering. These additional private units will be purchased in a
private placement that will occur simultaneously with the purchase of units resulting from the exercise of the over-allotment
option. The purchase price for the private units, including those that may be purchased if the over-allotment option is exercised,
will be delivered to American Stock Transfer &amp; Trust Company, LLC, who will also be acting as escrow agent in connection with
the private sale of private units, at least 24 hours prior to the date of this prospectus to hold in a non-interest bearing account
until we consummate this offering. American Stock Transfer &amp; Trust Company, LLC, will deposit the purchase price into the
trust account simultaneously with the consummation of the offering or the over-allotment option, as the case may be. The private
units are identical to the units sold in this offering. However, the holders have agreed (A) to vote their private shares and
any public shares acquired in or after this offering in favor of any proposed business combination, (B) not to propose, or vote
in favor of, an amendment to our certificate of incorporation that would affect the substance or timing of our obligation to redeem
100% of our public shares if we do not complete our initial business combination within 18 months from the closing of this offering
(or 21 months, as applicable), unless we provide our public stockholders with the opportunity to redeem their shares of common
stock upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit
in the trust account, including interest earned on the funds held in the trust account and not previously released to us to pay
our franchise and income taxes, divided by the number of then outstanding public shares, (C) not to convert any shares (including
the private shares) into the right to receive cash from the trust account in connection with a stockholder vote to approve our
proposed initial business combination (or sell any shares they hold to us in a tender offer in connection with a proposed initial
business combination) or a vote to amend the provisions of our certificate of incorporation relating to the substance or timing
of our obligation to redeem 100% of our public shares if we do not complete our initial business combination within 18 months
from the closing of this offering (or 21 months, as applicable) and (D) that the private shares shall not be entitled to be redeemed
for a pro rata portion of the funds held in the trust account if a business combination is not consummated. Additionally, our
insiders (and/or their designees) have agreed not to transfer, assign or sell any of the private units or underlying securities
(except to the same permitted transferees as the insider shares and provided the transferees agree to the same terms and restrictions
as the permitted transferees of the insider shares must agree to, each as described above) until the completion of our initial
business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
order to meet our working capital needs following the consummation of this offering, our insiders, officers and directors may,
but are not obligated to, loan us funds, from time to time or at any time, in whatever amount they deem reasonable in their sole
discretion. Each loan would be evidenced by a promissory note. The notes would either be paid upon consummation of our initial
business combination, without interest, or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon
consummation of our business combination into additional private units at a price of $10.00 per unit. Our stockholders have</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>75</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>approved
the issuance of the private units upon conversion of such notes, to the extent the holder wishes to so convert such notes at the
time of the consummation of our initial business combination. If we do not complete a business combination, any outstanding loans
from our insiders, officers and directors or their affiliates, will be repaid only from amounts remaining outside our trust account,
if any.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units
(and underlying securities) and any shares our insiders, officers, directors or their affiliates may be issued in payment of working
capital loans made to us, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective
date of this offering. The holders of a majority of these securities are entitled to make up to two demands that we register such
securities. The holders of the majority of the insider shares can elect to exercise these registration rights at any time commencing
three months prior to the date on which these shares of common stock are to be released from escrow. The holders of a majority
of the private units or shares issued in payment of working capital loans made to us can elect to exercise these registration
rights at any time after we consummate a business combination. In addition, the holders have certain &ldquo;piggy-back&rdquo;
registration rights with respect to registration statements filed subsequent to our consummation of our initial business combination.
We will bear the expenses incurred in connection with the filing of any such registration statements.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">As
of June 30, 2016, M SPAC LLC, an entity controlled by Joshua Sason, our Chief Executive Officer, had loaned to us $131,720 to
cover expenses related to this offering. The loan is payable without interest on the earlier of (i) the consummation of the Proposed
Public Offering or (ii) the date on which the Company determines not to proceed with the Proposed Public Offering.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Magna
Management LLC, a company owned by our insiders, has agreed that, commencing on the date of this prospectus through the earlier
of our consummation of our initial business combination or our liquidation, it will make available to us certain general and administrative
services, including office space, utilities and administrative support, as we may require from time to time. We have agreed to
pay Magna Management LLC $10,000 per month for these services. However, pursuant to the terms of such agreement, we may delay
payment of such monthly fee upon a determination by our audit committee that we lack sufficient funds held outside the trust to
pay actual or anticipated expenses in connection with our initial business combination. Any such unpaid amount will accrue without
interest and be due and payable no later than the date of the consummation of our initial business combination. We believe that
the fee charged by Magna Management LLC is at least as favorable as we could have obtained from an unaffiliated person.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Other
than the fees described above, no compensation or fees of any kind, including finder&rsquo;s fees, consulting fees or other similar
compensation, will be paid to our insiders or any of the members of our management team, for services rendered to us prior to,
or in connection with the consummation of our initial business combination (regardless of the type of transaction that it is).
However, such individuals will receive reimbursement for any out-of-pocket expenses incurred by them in connection with activities
on our behalf, such as identifying potential target businesses, performing business due diligence on suitable target businesses
and business combinations as well as traveling to and from the offices, plants or similar locations of prospective target businesses
to examine their operations. There is no limit on the amount of out-of-pocket expenses reimbursable by us; provided, however,
that to the extent such expenses exceed the available proceeds not deposited in the trust account and the interest income earned
on the amounts held in the trust account, such expenses would not be reimbursed by us unless we consummate an initial business
combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">After
our initial business combination, members of our management team who remain with us may be paid consulting, board, management
or other fees from the combined company with any and all amounts being fully disclosed to stockholders, to the extent then known,
in the proxy solicitation materials furnished to our stockholders. It is unlikely the amount of such compensation will be known
at the time of a stockholder meeting held to consider our initial business combination, as it will be up to the directors of the
post-combination business to determine executive and director compensation. In this event, such compensation will be publicly
disclosed at the time of its determination in a Current Report on Form 8-K, as required by the SEC.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>All
ongoing and future transactions between us and any of our officers and directors or their respective affiliates will be on terms
believed by us to be no less favorable to us than are available from unaffiliated third parties. Such transactions will require
prior approval by our audit committee and a majority of our uninterested independent directors, in either case who had access,
at our expense, to our attorneys or independent legal counsel. We will not enter into any such transaction unless our audit committee
and a majority of our disinterested independent directors determine that the terms of such transaction are no less favorable to
us than those that would be available to us with respect to such a transaction from unaffiliated third parties.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>76</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Related
Party Policy</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
Code of Ethics requires us to avoid, wherever possible, all related party transactions that could result in actual or potential
conflicts of interests, except under guidelines approved by the board of directors (or the audit committee). Related-party transactions
are defined as transactions in which (1) the aggregate amount involved will or may be expected to exceed $100,000 in any calendar
year, (2) we or any of our subsidiaries is a participant, and (3) any (a) executive officer, director or nominee for election
as a director, (b) greater than 5% beneficial owner of our shares of common stock, or (c) immediate family member, of the persons
referred to in clauses (a) and (b), has or will have a direct or indirect material interest (other than solely as a result of
being a director or a less than 10% beneficial owner of another entity). A conflict of interest situation can arise when a person
takes actions or has interests that may make it difficult to perform his or her work objectively and effectively. Conflicts of
interest may also arise if a person, or a member of his or her family, receives improper personal benefits as a result of his
or her position.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
also require each of our directors and executive officers to annually complete a directors&rsquo; and officers&rsquo; questionnaire
that elicits information about related party transactions.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>These
procedures are intended to determine whether any such related party transaction impairs the independence of a director or presents
a conflict of interest on the part of a director, employee or officer.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
further minimize conflicts of interest, we have agreed not to consummate our initial business combination with an entity that
is affiliated with any of our insiders, officers or directors unless we have obtained an opinion from an independent investment
banking firm and the approval of a majority of our disinterested and independent directors (if we have any at that time) that
the business combination is fair to our unaffiliated stockholders from a financial point of view. Furthermore, in no event will
our insiders, or any of the members of our management team be paid any finder&rsquo;s fee, consulting fee or other similar compensation
prior to, or for any services they render in order to effectuate, the consummation of our initial business combination (regardless
of the type of transaction that it is).</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>77</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_026" TITLE="dos"></A><B>DESCRIPTION
OF SECURITIES</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>General</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
certificate of incorporation currently authorizes the issuance of 30,000,000 shares of common stock, par value $0.001, and 1,000,000
shares of preferred stock, par value $0.001. As of the date of this prospectus, 1,437,500 shares of common stock are outstanding,
held by one stockholder of record. No shares of preferred stock are currently outstanding. The following description summarizes
all of the material terms of our securities. Because it is only a summary, it may not contain all the information that is important
to you. For a complete description you should refer to our certificate of incorporation and bylaws, which are filed as exhibits
to the registration statement of which this prospectus is a part.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Units</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Each
unit has an offering price of $10.00 and consists of one share of common stock and one warrant. Each warrant entitles the holder
thereof to purchase one share of our common stock at a price of $11.50 per share, subject to adjustment as described in this prospectus.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
common stock and warrants comprising the units will begin separate trading on the 90<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT>
day after the date of this prospectus unless Chardan Capital Markets, LLC determines that an earlier date is acceptable (based
upon, among other things, its assessment of the relative strengths of the securities markets and small capitalization companies
in general, and the trading pattern of, and demand for, our securities in particular), subject to our having filed the Current
Report on Form 8-K described below and having issued a press release announcing when such separate trading will begin. Once the
shares of common stock and warrants commence separate trading, holders will have the option to continue to hold units or separate
their units into the component pieces. Holders will need to have their brokers contact our transfer agent in order to separate
the units into shares of common stock and warrants.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
no event will the common stock and warrants be traded separately until we have filed with the SEC a Current Report on Form 8-K
which includes an audited balance sheet reflecting our receipt of the gross proceeds of this offering. We will file a Current
Report on Form 8-K which includes this audited balance sheet upon the completion of this offering, which is anticipated to take
place three business days after the date of this prospectus. If the underwriters&rsquo; over-allotment option is exercised following
the initial filing of such Current Report on Form 8-K, a second or amended Current Report on Form 8-K will be filed to provide
updated financial information to reflect the exercise of the underwriters&rsquo; over-allotment option.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Common
Stock</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
holders of record of our common stock are entitled to one vote for each share held on all matters to be voted on by stockholders.
In connection with any vote held to approve our initial business combination, our insiders, officers and directors, have agreed
to vote their respective shares of common stock owned by them immediately prior to this offering, including both the insider shares
and the private shares, and any shares acquired in this offering or following this offering in the open market, in favor of the
proposed business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will consummate our initial business combination only if public stockholders do not exercise conversion rights in an amount that
would cause our net tangible assets to be less than $5,000,001 and a majority of the outstanding shares of common stock voted
are voted in favor of the business combination.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 eligible to vote for the election of directors can elect all of the directors.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pursuant
to our certificate of incorporation, if we do not consummate our initial business combination within 18 months from the closing
of this offering (or 21 months from the closing of this offering if the extension criteria described elsewhere in this prospectus
is met), we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem 100% of the outstanding public shares, which redemption will completely extinguish
public stockholders&rsquo; rights as stockholders (including the right to receive further liquidation distributions, if any),
subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of
our remaining stockholders and our board of directors, dissolve and liquidate, subject (in the case of (ii) and (iii) above) to
our</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>78</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>obligations
under Delaware law to provide for claims of creditors and the requirements of other applicable law. Our insiders have agreed to
waive their rights to share in any distribution with respect to their insider shares and private shares.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
stockholders have no conversion, preemptive or other subscription rights and there are no sinking fund or redemption provisions
applicable to the shares of common stock, except that public stockholders have the right to sell their shares to us in any tender
offer or have their shares of common stock converted to cash equal to their pro rata share of the trust account if they vote on
the proposed business combination and the business combination is completed. If we hold a stockholder vote to amend any provisions
of our certificate of incorporation relating to stockholder&rsquo;s rights or pre-business combination activity (including the
substance or timing within which we have to complete a business combination), we will provide our public stockholders with the
opportunity to redeem their shares of common stock upon approval of any such amendment at a per-share price, payable in cash,
equal to the aggregate amount then on deposit in the trust account, including interest earned on the funds held in the trust account
and not previously released to us to pay our franchise and income taxes, divided by the number of then outstanding public shares,
in connection with any such vote. In either of such events, converting stockholders would be paid their pro rata portion of the
trust account promptly following consummation of the business combination or the approval of the amendment to the certificate
of incorporation. If the business combination is not consummated or the amendment is not approved, stockholders will not be paid
such amounts.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Preferred
Stock</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>There
are no shares of preferred stock outstanding. Our certificate of incorporation filed with the State of Delaware authorizes the
issuance of 1,000,000 shares of preferred stock with such designation, rights and preferences as may be determined from time to
time by our board of directors. No shares of preferred stock are being issued or registered in this offering. Accordingly, our
board of directors is empowered, without stockholder approval, to issue preferred stock with dividend, liquidation, conversion,
voting or other rights which could adversely affect the voting power or other rights of the holders of common stock. However,
the underwriting agreement prohibits us, prior to a business combination, from issuing preferred stock which participates in any
manner in the proceeds of the trust account, or which votes as a class with the common stock on our initial business combination.
We may issue some or all of the preferred stock to effect our initial business combination. In addition, the preferred stock could
be utilized as a method of discouraging, delaying or preventing a change in control of us. Although we do not currently intend
to issue any shares of preferred stock, we reserve the right to do so in the future.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Warrants
included as part of units</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Each
public and private warrant entitles the registered holder to purchase one share of our common stock at a price of $11.50 per share,
subject to adjustment as discussed below, at any time commencing on the later of 12 months from the closing of this offering or
30 days after the completion of our initial business combination. The public and private warrants will expire five years after
the date on which they first became exercisable, at 5:00 p.m., New York time, or earlier upon redemption or liquidation.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Once
the warrants become exercisable, we may redeem the outstanding warrants (except as described herein with respect to the private
warrants):</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>in whole and not in part;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at a price of $0.01 per warrant;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>upon a minimum of 30 days&rsquo; prior written notice of redemption; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if, and only if, the last sale price of our common stock equals or exceeds $16.00 per share 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.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will not redeem the warrants unless an effective registration statement under the Securities Act covering the shares of common
stock issuable upon exercise of the warrants is effective and a current prospectus relating to those shares of 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 CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>79</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 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 common stock equal to the quotient obtained by dividing (x) the product of the number of shares of
common stock underlying the warrants, multiplied by the difference between the exercise price of the warrants and the &ldquo;fair
market value&rdquo; (defined below) by (y) the fair market value. The &ldquo;fair market value&rdquo; shall mean the average reported
closing price of the 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.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>None
of the private warrants will be redeemable by us so long as they are held by the initial purchasers of the private warrants or
any of their permitted transferees.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will not be obligated to deliver any shares of common stock pursuant to the exercise of a warrant and will have no obligation
to settle such warrant exercise unless a registration statement under the Securities Act with respect to the shares of common
stock underlying the warrants is then effective and a prospectus relating thereto is current, subject to our satisfying our obligations
described below with respect to registration. No warrant will be exercisable and we will not be obligated to issue shares of common
stock upon exercise of a warrant unless 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 common
stock underlying such unit.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have agreed that as soon as practicable, but in no event later than thirty (30) 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 shares of 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. In addition, we have agreed to
use our best efforts to register the shares of common stock that are issuable upon exercise of the public and private warrants
under state blue sky laws, to the extent an exemption is not available. Notwithstanding the foregoing, if a registration statement
covering the shares of common stock issuable upon exercise of the public and private warrants has not been declared effective
by the 90<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> business day following the closing of our initial business combination
and during any period when we shall have failed to maintain an effective registration statement, public and private warrant holders
may, until such time as there is an effective registration statement, exercise the public and private warrants on a cashless basis
pursuant to the exemption provided by Section 3(a)(9) of the Securities Act.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
warrants will be issued in registered form under a warrant agreement between American Stock Transfer &amp; Trust Company, LLC,
as warrant agent, and us. You should review a copy of the warrant agreement, which will be filed as an exhibit to the registration
statement of which this prospectus is a part, for a complete description of the terms and conditions applicable to the warrants.
The warrant agreement provides that the terms of the warrants may be amended without the consent of any holder to cure any ambiguity
or correct any defective provision, but requires the approval by the holders of at least 50% of the then outstanding public warrants
to make any change that adversely affects the interests of the registered holders of public warrants.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>80</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>common
stock and any voting rights until they exercise their warrants and receive shares of common stock. After the issuance of shares
of 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 CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 to be issued to the warrant holder.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Purchase
Option</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have agreed to sell to Chardan Capital Markets, LLC an option to purchase up to a total of 300,000 units at $12.00 per unit. The
option is not exercisable until the later of the consummation of a business combination or six months from the date of this prospectus.
The units issuable upon exercise of this option are identical to those offered by this prospectus. Accordingly, after the business
combination shares of the purchase option will be to purchase 300,000 shares of common stock and 300,000 warrants to purchase
300,000 shares for the same aggregate purchase price. In no event will we be required to net cash settle the exercise of the purchase
option.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Dividends</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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. In addition,
our board of directors is not currently contemplating and does not anticipate declaring any stock dividends in the foreseeable
future, except if we increase the size of the offering pursuant to Rule 462(b) under the Securities Act, in which case we will
effect a stock dividend immediately prior to the consummation of the offering in such amount as to maintain the number of insider
shares at 20.0% of our issued and outstanding shares of our common stock upon the consummation of this offering (not including
the private units and assuming our insiders do not purchase units in this offering). Further, if we incur any indebtedness, our
ability to declare dividends may be limited by restrictive covenants we may agree to in connection therewith.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Our
Transfer Agent</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.15pt">The
transfer agent for our securities is American Stock Transfer &amp; Trust Company, LLC, 6201 15<SUP>th</SUP> Avenue Brooklyn, NY
11219.</FONT></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Certain
Anti-Takeover Provisions of Delaware Law and our Certificate of Incorporation and By-Laws</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
will be subject to the provisions of Section 203 of the DGCL regulating corporate takeovers upon completion of this offering.
This statute prevents certain Delaware corporations, under certain circumstances, from engaging in a &ldquo;business combination&rdquo;
with:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>a stockholder who owns 10% or more of our outstanding voting stock (otherwise known as an &ldquo;interested stockholder&rdquo;);</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an affiliate of an interested stockholder; or</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>an associate of an interested stockholder, for three years following the date that the stockholder became an interested
stockholder.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
&ldquo;business combination&rdquo; includes a merger or sale of more than 10% of our assets. However, the above provisions of
Section 203 do not apply if:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our board of directors approves the transaction that made the stockholder an &ldquo;interested stockholder,&rdquo; prior
to the date of the transaction;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>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</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>81</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>on or subsequent to the date of the transaction, the 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.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Staggered
board of directors</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
certificate of incorporation provides 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 CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Special
meeting of stockholders</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Advance
notice requirements for stockholder proposals and director nominations</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 delivered to our principal executive offices not later than the close of business
on the 90<FONT STYLE="font-size: 6pt"><SUP>th</SUP></FONT> day nor earlier than the opening of business on the 120<FONT STYLE="font-size: 6pt"><SUP>th
</SUP></FONT>day prior to the scheduled date of the annual meeting of stockholders. 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 CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Authorized
but unissued shares</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>82</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_027" TITLE="shares"></A><B>SHARES
ELIGIBLE FOR FUTURE SALE</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 12.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Immediately
after this offering, we will have 6,652,500 shares of common stock outstanding, or 7,635,000 shares of common stock if the over-allotment
option is exercised in full. Of these shares, the 5,000,000 shares of common stock sold in this offering, or 5,750,000 shares
of common stock if the over-allotment option is exercised in full, will be freely tradable without restriction or further registration
under the Securities Act, except for any shares purchased by one of our affiliates within the meaning of Rule 144 under the Securities
Act. All of the remaining shares are restricted securities under Rule 144, in that they were issued in private transactions not
involving a public offering.</P>
<P CLASS="H2" STYLE=
'margin-top: 16.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Rule
144</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
person who has beneficially owned restricted shares of common stock for at least six months would be entitled to sell their shares
provided that (1) 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 (2) we are subject to the Exchange Act periodic reporting requirements for at least three months
before the sale. Persons who have beneficially owned restricted shares of common stock for at least six months but who are our
affiliates at the time of, or any time during the three months preceding, a sale, would be subject to additional restrictions,
by which such person would be entitled to sell within any three-month period a number of shares that does not exceed the greater
of either of the following:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>1% of the number of shares then outstanding, which will equal 66,525 shares of common stock immediately after this offering
(or 76,350 shares of common stock if the over-allotment option is exercised in full); and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the average weekly trading volume of the shares of common stock during the four calendar weeks preceding the filing of
a notice on Form 144 with respect to the sale.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Sales
under Rule 144 are also limited by manner of sale provisions and notice requirements and to the availability of current public
information about us.</P>
<P CLASS="H2" STYLE=
'margin-top: 16.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Restrictions
on the Use of Rule 144 by Shell Companies or Former Shell Companies</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Rule
144 is not available for the resale of securities initially issued by shell companies (other than business combination related
shell companies) or issuers that have been at any time previously a shell company. However, Rule 144 also includes an important
exception to this prohibition if the following conditions are met:</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the issuer of the securities that was formerly a shell company has ceased to be a shell company;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during
the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form
8-K reports; and</P>
<P CLASS="BLm" STYLE=
'margin-top: 11.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting
its status as an entity that is not a shell company.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>As
a result, it is likely that pursuant to Rule 144, our insiders will be able to sell their insider shares and private units freely
without registration one year after we have completed our initial business combination assuming they are not an affiliate of ours
at that time.</P>
<P CLASS="H2" STYLE=
'margin-top: 16.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Registration
Rights</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
holders of our insider shares issued and outstanding on the date of this prospectus, as well as the holders of the private units
and any shares our insiders, officers, directors or their affiliates may be issued in payment of working capital loans made to
us, will be entitled to registration rights pursuant to an agreement to be signed prior to or on the effective date of this offering.
The holders of a majority of these securities are entitled to make up to two demands that we register such securities. The holders
of</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>83</P>
<P CLASS="Textflush" STYLE=
'margin-top: 11.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>the
majority of the insider shares can elect to exercise these registration rights at any time commencing three months prior to the
date on which these shares of common stock are to be released from escrow. The holders of a majority of the private units or units
issued in payment of working capital loans made to us can elect to exercise these registration rights at any time commencing on
the date that we consummate our initial business combination. In addition, the holders have certain &ldquo;piggy-back&rdquo; registration
rights with respect to registration statements filed subsequent to our consummation of our initial business combination. We will
bear the expenses incurred in connection with the filing of any such registration statements.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>84</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_028" TITLE="underwriting"></A><B>UNDERWRITING</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
intend to offer our securities described in this prospectus through the underwriters named below. Subject to the terms and conditions
of the underwriting agreement, the underwriters, through their representative Chardan Capital Markets, LLC, have severally agreed
to purchase from us on a firm commitment basis the following respective number of units at a public offering price less the underwriting
discounts and commissions set forth on the cover page of this prospectus:</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; width: 100%; border-collapse: collapse; border: #000 0px solid; border-width: 0px; margin: 0 auto; font-size: 10pt">
<TR STYLE="font-size: 10pt">
<TD STYLE="width: 83%; vertical-align: bottom; width: 83.08%; background-color: white; padding: 0in; font-size: 10pt"><DIV STYLE="border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; border-left-style: none; padding: 0in; border-bottom-style: solid; font-size: 10pt"><P CLASS="TCHleft" STYLE="margin: 0in 0in 0pt; font: bold 10pt/normal TimesNewRomanPSStd-Bold; border-style: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH_left; text-autospace: none; color: black">Underwriter</P>
</DIV>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 15%; vertical-align: bottom; width: 15.36%; background-color: white; padding: 0in; font-size: 10pt"><DIV STYLE="border-top-style: none; border-right-style: none; border-bottom: windowtext 1pt none; border-left-style: none; padding: 0in; border-bottom-style: solid; font-size: 10pt"><P CLASS="TCH" STYLE="margin: 0in; padding: 0in; margin-bottom: 0pt; font: bold 10pt/normal TimesNewRomanPSStd-Bold; border-style: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3pt; margin-left: 3pt; text-align: center; text-autospace: none; color: black">Number
                                         of Units</P>
</DIV>
</TD>
</TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="width: 83%; vertical-align: bottom; width: 83.08%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="Tbody" STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody; margin: 0in 0in 0pt 10pt; text-indent: -10pt; text-autospace: none; color: black">Chardan
                                         Capital Markets, LLC</P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 15%; vertical-align: bottom; width: 15.36%; background-color: white; padding: 0in; text-align: right; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black">1,000,000</P>
</TD>
</TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="width: 83%; vertical-align: bottom; width: 83.08%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="Tbody" STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody; margin: 0in 0in 0pt 10pt; text-indent: -10pt; text-autospace: none; color: black">Maxim
                                         Group LLC</P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 15%; vertical-align: bottom; width: 15.36%; background-color: white; padding: 0in; text-align: right; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black">2,500,000</P>
</TD>
</TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="padding: 0in; vertical-align: bottom; width: 83.08%; background-color: white; font-size: 10pt">I-Bankers Securities,
Inc.</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 1.56%; background-color: white; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; width: 15.36%; background-color: white; text-align: right; font-size: 10pt"><P STYLE="margin: 0pt 0; font-size: 10pt">250,000</P>


</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white; font-size: 10pt">EarlyBirdCapital, Inc.</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white; font-size: 10pt">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: bottom; background-color: white; text-align: right; font-size: 10pt">1,250,000</TD></TR>
<TR STYLE="font-size: 10pt">
<TD STYLE="width: 83%; vertical-align: bottom; width: 83.08%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="Tbody" STYLE="font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody; margin: 0in 0in 0pt 10pt; text-indent: -10pt; text-autospace: none; color: black">Total</P>
</TD>
<TD STYLE="width: 1%; vertical-align: bottom; width: 1.56%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="NoParagraphStyle" STYLE="font: 10pt/normal MinionPro-Regular; mso-style-name: \[No Paragraph Style\]; margin: 0in; margin-bottom: 0pt; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD STYLE="width: 15%; vertical-align: bottom; width: 15.36%; background-color: white; padding: 0in; font-size: 10pt"><P CLASS="Tbodyrightalign" STYLE="margin: 0in 0in 0pt; font: 10pt/normal TimesNewRomanPSStd-Regular; padding-bottom: 3px; mso-style-name: Tbody_rightalign; text-align: right; text-autospace: none; color: black">5,000,000</P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
copy of the underwriting agreement has been filed as an exhibit to the registration statement of which this prospectus forms a
part.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Listing
of our Securities</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Our
units, common stock and warrants will be quoted on Nasdaq under the symbols &ldquo;MACQU,&rdquo; &ldquo;MACQ&rdquo; and &ldquo;MACQW,&rdquo;
respectively. Our units will be listed on Nasdaq on or promptly after the effective date of the registration statement. Following
the date the shares of our common stock and warrants are eligible to trade separately, we anticipate that the shares of our common
stock and warrants will be listed separately and as a unit on Nasdaq.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Pricing
of this Offering</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have been advised by the representative that the underwriters propose to offer the units to the public at the offering price set
forth on the cover page of this prospectus. They may allow some dealers concessions not in excess of $0.13 per unit.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Prior
to this offering there has been no public market for our securities. The public offering price of the units was negotiated between
us and the representative of the underwriters, and the underwriters will own a number of our securities post initial public offering
(as described below). Factors considered in determining the prices and terms of the units include:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the history of other similarly structured blank check companies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior offerings of those companies;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our prospects for consummating our initial business combination with an operating business at attractive values;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>our capital structure;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>securities exchange listing requirements;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>market demand;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>expected liquidity of our securities; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>general conditions of the securities markets at the time of the offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>However,
although these factors were considered, the determination of our offering price is more arbitrary than the pricing of securities
for an operating company in a particular industry since the underwriters are unable to compare our financial results and prospects
with those of public companies operating in the same industry.</P>

<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>85</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Over-allotment
Option</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have granted the underwriters an option to buy up to 750,000 additional units. The underwriters may exercise this option solely
for the purpose of covering over-allotments, if any, made in connection with this offering. The underwriters have 45 days from
the date of this prospectus to exercise this option. If the underwriters exercise this option, they will each purchase additional
units approximately in proportion to the amounts specified in the table above.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Commissions
and Discounts</B></P>
<P CLASS="Textflush" STYLE=
'margin-bottom: 10.0pt; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
following table shows the public offering price, underwriting discount to be paid by us to the underwriters and the proceeds,
before expenses, to us. This information assumes either no exercise or full exercise by the representative of the underwriters
of its over-allotment option.</P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Per
                                         Unit</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>Without<BR>
                                         Over-allotment</P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.64%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>With<BR>
                                         Over-allotment</P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Public
                                         offering price</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>50,000,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>57,500,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Discount<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,875,000</P>
</TD>
</TR>
<TR>
<TD WIDTH="54%" VALIGN="bottom" STYLE=
"width: 54.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Proceeds
                                         before expenses<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>9.50</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>47,500,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.52%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.5%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>54,625,000</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>Such amount includes $1,000,000, or $0.20 per unit, (or $1,150,000 if the underwriters&rsquo; over-allotment option is
exercised in full) payable to the underwriters for deferred underwriting commissions upon completion of a business combination.</P>
<P CLASS="Tablefootnotem" STYLE=
'mso-style-name: Tablefootnote_m; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(2)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>The offering expenses are estimated at $500,000.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
addition to the underwriting discount, we have agreed to pay for the FINRA-related fees and expenses of the underwriters&rsquo;
legal counsel and certain diligence and other fees, including reimbursement for background checks on our directors, director nominees
and executive officers, which such fees and expenses are capped at an aggregate of $50,000.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>No
discounts or commissions will be paid on the sale of the private units.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Chardan
Capital Markets, LLC purchased an interest in M SPAC Holdings I LLC which entitles it to the economic interest in 48,184
insider shares. Chardan Capital Markets, LLC paid an aggregate of $837.99 for such interest. In conjunction with acquiring
such beneficial interest, Chardan Capital Markets has agreed that it will contribute $150,000 to M SPAC Holdings I LLC to
fund a portion of that entity&rsquo;s private placement purchase, for which it will be entitled to a beneficial interest in
15,000 of the private placement securities acquired by M SPAC Holdings I LLC. The economic interest described above is
subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA&rsquo;s NASD Conduct Rules. Pursuant to FINRA Rule
5110(g)(1), this economic interest 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 CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Purchase
Option</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">We
have agreed to sell to Chardan Capital Markets, LLC (and/or its designees), for $100, an option to purchase up to a total of 300,000
units exercisable at $12.00 per unit (or an aggregate exercise price of $3,600,000) commencing on the later of the consummation
of a business combination and six months from the effective date of the registration statement of which this prospectus forms
a part . The purchase option may be exercised for cash or on a cashless basis, at the holder&rsquo;s option, and expires five
years from the effective date of the registration statement of which this prospectus forms a part. The option and the 300,000
units, as well as the 300,000 shares of common stock and 300,000 warrants that may be issued upon exercise of the option, have
been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA&rsquo;s
NASD Conduct Rules. Pursuant to FINRA Rule 5110(g)(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. The option grants to holders demand and &ldquo;piggy back&rdquo; rights for
periods of five and seven years, respectively, from the effective date of the registration statement of which this prospectus
forms a part with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon
exercise of the option. We will bear all fees and expenses attendant to registering the securities, other than underwriting commissions
which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option
may be adjusted in certain circumstances including in the event of a stock dividend, or our recapitalization, reorganization,
merger or consolidation. However, the option will not be adjusted for issuances of common stock at a price below its exercise
price.<B>&nbsp;</B></P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>86</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Right
of First Refusal</B></P>

<P STYLE="margin: 9pt 0in 0pt; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">We
have granted Chardan Capital Markets, LLC a right of first refusal, for a period of thirty-six months from the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">earlier
of (i) commencement of sales in the Offering, and (ii) termination of the underwriting agreement, to act as lead
investment banker, lead book-runner, and/or lead placement agent with at least 33% of the economics, or 25% if three
investment banks are involved in the transaction for any public or
private equity and debt offerings during such period.</FONT></P>

<P STYLE="margin: 9pt 0in 0pt; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Warrant
Solicitation Fee</B></P>

<P STYLE="margin: 9pt 0in 0pt; mso-style-name: Text_flush; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">We
have agreed to pay Chardan Capital Markets, LLC a warrant solicitation fee of five percent (5%) of the exercise price of each
public warrant exercised during the period commencing on the later of 12 months from the closing of this offering or 30 days after
the completion of our initial business combination including warrants acquired by securityholders in the open market<B>.</B>&nbsp;The
warrant solicitation fee will be payable in cash. There is no limitation on the maximum warrant solicitation fee payable to Chardan
Capital Markets, LLC except to the extent it is limited by the number of warrants outstanding.</P>



<P CLASS="H2" STYLE="mso-style-name: H2; margin: 12pt 0in 0pt; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black"><B>Regulatory
Restrictions on Purchase of Securities</B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Rules
of the SEC may limit the ability of the underwriters to bid for or purchase our units before the distribution of the units is
completed. However, the underwriters may engage in the following activities in accordance with the rules:</P>
<P STYLE="margin: 9pt 0in 0pt 0.5in; mso-style-name: BL_m; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Stabilizing transactions permit bids to purchase the underlying security so long as the stabilizing bids do not exceed
a specified maximum.</P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Over-Allotments and Syndicate Coverage Transactions. The underwriters may create a short position in our units by selling
more of our units than are set forth on the cover page of this prospectus up to the amount of the over-allotment option. This
is known as a covered short position. The underwriters may also create a short position in our units by selling more of our units
than are set forth on the cover page of this prospectus and the units allowed by the over-allotment option. This is known as a
naked short position. If the underwriters create a short position during the offering, the representative may engage in syndicate
covering transactions by purchasing our units in the open market. The representative may also elect to reduce any short position
by exercising all or part of the over-allotment option. Determining what method to use in reducing the short position depends
on how the units trade in the aftermarket following the offering. If the unit price drops following the offering, the short position
is usually covered with shares purchased by the underwriters in the aftermarket. However, the underwriters may cover a short position
by exercising the over-allotment option even if the unit price drops following the offering. If the unit price rises after the
offering, then the over-allotment option is used to cover the short position. If the short position is more than the over-allotment
option, the naked short must be covered by purchases in the aftermarket, which could be at prices above the offering price.</FONT></P>
<P CLASS="BLm" STYLE=
'margin-top: 9.0pt; mso-style-name: BL_m; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Penalty Bids. The representative may reclaim a selling concession from a syndicate member when the units originally sold
by the syndicate member are purchased in a stabilizing or syndicate covering transaction to cover syndicate short positions.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Stabilization
and syndicate covering transactions may cause the price of our securities to be higher than they would be in the absence of these
transactions. The imposition of a penalty bid might also have an effect on the prices of our securities if it discourages resales
of our securities.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Neither
we nor the underwriters make any representation or prediction as to the effect that the transactions described above may have
on the price of our securities. These transactions may occur on Nasdaq, in the over-the-counter market or on any trading market.
If any of these transactions are commenced, they may be discontinued without notice at any time.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Other
Terms</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Except
as set forth above, we are not under any contractual obligation to engage any of the underwriters to provide any services for
us after this offering, and have no present intent to do so. However, any of the underwriters may, among other things, introduce
us to potential target businesses or assist us in raising additional capital, as needs may arise in the future. If any underwriter
provides services to us after this offering, we may pay the underwriter fair and reasonable fees that would be determined at that
time in an arm&rsquo;s length negotiation; provided that no agreement will be entered into with the underwriter and no fees for
such services will be paid to the underwriter prior to the date which is 90 days after the date of this prospectus, unless FINRA
determines that such payment would not be deemed underwriter&rsquo;s compensation in connection with this offering.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Indemnification</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have agreed to indemnify the underwriters against some liabilities, including civil liabilities under the Securities Act, or to
contribute to payments the underwriters may be required to make in this respect.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Resale
Restrictions</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
intend to distribute our securities in the Province of Ontario, Canada (the &ldquo;Canadian Offering Jurisdiction&rdquo;) by way
of a private placement and exempt from the requirement that we prepare and file a prospectus with the securities regulatory authorities
in such Canadian Offering Jurisdiction. Any resale of our securities in Canada must be made under applicable securities laws that
will vary depending on the relevant jurisdiction, and which may require resales to be made under available statutory exemptions
or under a discretionary exemption granted by the applicable Canadian securities regulatory authority. Canadian resale restrictions
in some circumstances may apply to resales of interests made outside of Canada. Canadian purchasers are</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>87</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>advised
to seek legal advice prior to any resale of our securities. We may never be a &ldquo;reporting issuer&rdquo;, as such term is
defined under applicable Canadian securities legislation, in any province or territory of Canada in which our securities will
be offered and there currently is no public market for any of the securities in Canada, and one may never develop. Canadian investors
are advised that we have no intention to file a prospectus or similar document with any securities regulatory authority in Canada
qualifying the resale of the securities to the public in any province or territory in Canada.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Representations
of Purchasers</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>A
Canadian purchaser will be required to represent to us and the dealer from whom the purchase confirmation is received that:</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchaser is entitled under applicable provincial securities laws to purchase our securities without the benefit of
a prospectus qualified under those securities laws;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>where required by law, that the purchaser is purchasing as principal and not as agent;</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchaser has reviewed the text above under Resale Restrictions; and</P>
<P CLASS="BLm" STYLE=
'mso-style-name: BL_m; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: .5in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&bull;<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the purchaser acknowledges and consents to the provision of specified information concerning its purchase of our securities
to the regulatory authority that by law is entitled to collect the information.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Rights
of Action &mdash; Ontario Purchasers Only</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Under
Ontario securities legislation, certain purchasers who purchase a security offered by this prospectus during the period of distribution
will have a statutory right of action for damages, or while still the owner of our securities, for rescission against us in the
event that this prospectus contains a misrepresentation without regard to whether the purchaser relied on the misrepresentation.
The right of action for damages is exercisable not later than the earlier of 180 days from the date the purchaser first had knowledge
of the facts giving rise to the cause of action and three years from the date on which payment is made for our securities. The
right of action for rescission is exercisable not later than 180 days from the date on which payment is made for our securities.
If a purchaser elects to exercise the right of action for rescission, the purchaser will have no right of action for damages against
us. In no case will the amount recoverable in any action exceed the price at which our securities were offered to the purchaser
and if the purchaser is shown to have purchased the securities with knowledge of the misrepresentation, we will have no liability.
In the case of an action for damages, we will not be liable for all or any portion of the damages that are proven to not represent
the depreciation in value of our securities as a result of the misrepresentation relied upon. These rights are in addition to,
and without derogation from, any other rights or remedies available at law to an Ontario purchaser. The foregoing is a summary
of the rights available to an Ontario purchaser. Ontario purchasers should refer to the complete text of the relevant statutory
provisions.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Enforcement
of Legal Rights</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>All
of our directors and officers as well as the experts named herein are located outside of Canada and, as a result, it may not be
possible for Canadian purchasers to effect service of process within Canada upon us or those persons. All of our assets and the
assets of those persons are located outside of Canada and, as a result, it may not be possible to satisfy a judgment against us
or those persons in Canada or to enforce a judgment obtained in Canadian courts against us or those persons outside of Canada.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Collection
of Personal Information</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>If
a Canadian purchaser is resident in or otherwise subject to the securities laws of the Province of Ontario, the Purchaser authorizes
the indirect collection of personal information pertaining to the Canadian purchaser by the Ontario Securities Commission (the
&ldquo;OSC&rdquo;) and each Canadian purchaser will be required to acknowledge and agree that the Canadian purchaser has been
notified by us (i) of the delivery to the OSC of personal information pertaining to the Canadian purchaser, including, without
limitation, the full name, residential address and telephone number of the Canadian purchaser, the number and type of securities
purchased and the total purchase price paid in respect of the securities, (ii) that this information is being collected indirectly
by the OSC under the authority granted to it in securities legislation, (iii) that this information is being collected for the
purposes of the administration and enforcement of the securities legislation of Ontario, and (iv) that the title, business address
and business telephone number of the public official in Ontario who can answer questions about the OSC&rsquo;s indirect collection
of the information is the Administrative Assistant to the Director of Corporate Finance, the Ontario Securities Commission, Suite
1903, Box 5520, Queen Street West, Toronto, Ontario, M5H 3S8, Telephone: (416) 593-8086, Facsimile: (416) 593-8252.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>88</P>
<P CLASS="H1" STYLE="mso-style-name: H1; margin: 12pt 0in 0pt; text-align: left; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black"><B>Notice
to Prospective Investors in Australia</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">No
placement document, prospectus, product disclosure statement or other disclosure document has been lodged with the Australian
Securities and Investments Commission (&ldquo;ASIC&rdquo;), in relation to the offering. This prospectus does not constitute a
prospectus, product disclosure statement or other disclosure document under the Corporations Act 2001 (the &ldquo;Corporations
Act&rdquo;), and does not purport to include the information required for a prospectus, product disclosure statement or other
disclosure document under the Corporations Act.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Any
offer in Australia of the shares may only be made to persons (the &ldquo;Exempt Investors&rdquo;) who are &ldquo;sophisticated
investors&rdquo; (within the meaning of section 708(8) of the Corporations Act), &ldquo;professional investors&rdquo; (within
the meaning of section 708(11) of the Corporations Act) or otherwise pursuant to one or more exemptions contained in section 708
of the Corporations Act so that it is lawful to offer the shares without disclosure to investors under Chapter 6D of the Corporations
Act.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
shares applied for by Exempt Investors in Australia must not be offered for sale in Australia in the period of 12 months after
the date of allotment under the offering, except in circumstances where disclosure to investors under Chapter 6D of the Corporations
Act would not be required pursuant to an exemption under section 708 of the Corporations Act or otherwise or where the offer is
pursuant to a disclosure document which complies with Chapter 6D of the Corporations Act. Any person acquiring shares must observe
such Australian on-sale restrictions.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">This
prospectus contains general information only and does not take account of the investment objectives, financial situation or particular
needs of any particular person. It does not contain any securities recommendations or financial product advice. Before making
an investment decision, investors need to consider whether the information in this prospectus is appropriate to their needs, objectives
and circumstances, and, if necessary, seek expert advice on those matters.<B>&nbsp;</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Notice
to Prospective Investors in the Dubai International Financial Centre</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">This
prospectus relates to an Exempt Offer in accordance with the Offered Securities Rules of the Dubai Financial Services Authority
(&ldquo;DFSA&rdquo;). This prospectus is intended for distribution only to persons of a type specified in the Offered Securities
Rules of the DFSA. It must not be delivered to, or relied on by, any other person. The DFSA has no responsibility for reviewing
or verifying any documents in connection with Exempt Offers. The DFSA has not approved this prospectus nor taken steps to verify
the information set forth herein and has no responsibility for the prospectus. The shares to which this prospectus relates may
be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares offered should conduct their
own due diligence on the shares. If you do not understand the contents of this prospectus you should consult an authorized financial
advisor.<B>&nbsp;</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Notice
to Prospective Investors in the European Economic Area&nbsp;</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">In
relation to each member state of the European Economic Area that has implemented the Prospectus Directive (each, a &ldquo;relevant
member state&rdquo;), with effect from and including the date on which the Prospectus Directive is implemented in that relevant
member state (the &ldquo;relevant implementation date&rdquo;), an offer of units described in this prospectus may not be made
to the public in that relevant member state prior to the publication of a prospectus in relation to the units that has been approved
by the competent authority in that relevant member state or, where appropriate, approved in another relevant member state and
notified to the competent authority in that relevant member state, all in accordance with the Prospectus Directive, except that,
with effect from and including the relevant implementation date, an offer of our units may be made to the public in that relevant
member state at any time:&nbsp;</P>

<P STYLE="mso-style-name: BL_m; margin: 10pt 0in 0pt 0.5in; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
any legal entity which is a qualified investor as defined in the Prospectus Directive;</P>

<P STYLE="mso-style-name: BL_m; margin: 10pt 0in 0pt 0.5in; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
fewer than 100, or, if the relevant member state has implemented the relevant provisions of the 2010 PD Amending Directive, 150,
natural or legal persons (other than qualified investors as defined in the Prospectus Directive), as permitted under the Prospectus
Directive, subject to obtaining the prior consent of the relevant Dealer or Dealers nominated by the issuer for any such offer;
or natural or legal persons (other than qualified investors as defined below) subject to obtaining the prior consent of the underwriter
for any such offer; or&nbsp;</P>

<P STYLE="mso-style-name: BL_m; margin: 10pt 0in 0pt 0.5in; text-align: justify; text-justify: inter-ideograph; text-indent: -0.25in; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
any other circumstances that do not require the publication by us of a prospectus pursuant to Article 3 of the Prospectus Directive.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Each
purchaser of units described in this prospectus located within a relevant member state will be deemed to have represented, acknowledged
and agreed that it is a &ldquo;qualified investor&rdquo; within the meaning of Article 2(1)(e) of the Prospectus Directive.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">For
the purpose of this provision, the expression an &ldquo;offer to the public&rdquo; in any relevant member state means the communication
in any form and by any means of sufficient information on the terms of the offer and the units to be offered so as to enable an
investor to decide to purchase or subscribe for the units, as the expression may be varied in that member state by any measure
implementing the Prospectus Directive in that member state, and the expression &ldquo;Prospectus Directive&rdquo; means Directive
2003/71/EC (and amendments thereto, including the PD 2010 Amending Directive to the extent implemented by the relevant member
state) and includes any relevant implementing measure in each relevant member state, and the expression 2010 PD Amending Directive
means Directive 2010/73/EU.&nbsp;</P>

<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>89</P>
<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">We
have not authorized and do not authorize the making of any offer of units through any financial intermediary on their behalf,
other than offers made by the underwriters with a view to the final placement of the units as contemplated in this prospectus.
Accordingly, no purchaser of the units, other than the underwriters, is authorized to make any further offer of the units on behalf
of us or the underwriters.<B>&nbsp;</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>Notice to Prospective Investors in
Switzerland</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
shares may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (&ldquo;SIX&rdquo;) or on any
other stock exchange or regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure
standards for issuance prospectuses under art. 652a or art. 1156 of the Swiss Code of Obligations or the disclosure standards
for listing prospectuses under art. 27 ff. of the SIX Listing Rules or the listing rules of any other stock exchange or regulated
trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the shares or
the offering may be publicly distributed or otherwise made publicly available in Switzerland.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Neither
this document nor any other offering or marketing material relating to the offering, the Company, the shares have been or will
be filed with or approved by any Swiss regulatory authority. In particular, this document will not be filed with, and the offer
of shares will not be supervised by, the Swiss Financial Market Supervisory Authority FINMA (FINMA), and the offer of shares has
not been and will not be authorized under the Swiss Federal Act on Collective Investment Schemes (&ldquo;CISA&rdquo;). The investor
protection afforded to acquirers of interests in collective investment schemes under the CISA does not extend to acquirers of
shares.<B>&nbsp;</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Notice
to Prospective Investors in the United Kingdom</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">This
prospectus is only being distributed to, and is only directed at, persons in the United Kingdom that are qualified investors within
the meaning of Article 2(1)(e) of the Prospectus Directive that are also (i) investment professionals falling within Article 19(5)
of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the &ldquo;Order&rdquo;) or (ii) high net worth
entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all
such persons together being referred to as a &ldquo;relevant person&rdquo;). The units are only available to, and any invitation,
offer or agreement to purchase or otherwise acquire such units will be engaged in only with, relevant persons. This prospectus
and its contents are confidential and should not be distributed, published or reproduced (in whole or in part) or disclosed by
recipients to any other persons in the United Kingdom. Any person in the United Kingdom that is not a relevant person should not
act or rely on this document or any of its contents.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Notice to Prospective Investors in
France</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Neither
this prospectus nor any other offering material relating to the units described in this prospectus has been submitted to the clearance
procedures of the Autorit&eacute; des March&eacute;s Financiers or by the competent authority of another member state of the European
Economic Area and notified to the Autorit&eacute; des March&eacute;s Financiers. The units have not been offered or sold and will
not be offered or sold, directly or indirectly, to the public in France. Neither this prospectus nor any other offering material
relating to the units has been or will be:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;released,
issued, distributed or caused to be released, issued or distributed to the public in France; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;used
in connection with any offer for subscription or sale of the units to the public in France.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Such
offers, sales and distributions will be made in France only:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
qualified investors (investisseurs qualifi&eacute;s) and/or to a restricted circle of investors (cercle restreint d&rsquo;investisseurs),
in each case investing for their own account, all as defined in, and in accordance with, Article L.411-2, D.411-1, D.411-2, D.734-1,
D.744-1, D.754-1 and D.764-1 of the French Code mon&eacute;taire et financier;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
investment services providers authorized to engage in portfolio management on behalf of third parties; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
a transaction that, in accordance with article L.411-2-II-1|Mbb[-or-2|Mbb[-or 3|Mbb[ of the French Code mon&eacute;taire et financier
and article 211-2 of the General Regulations (R&egrave;glement G&eacute;n&eacute;ral) of the Autorit&eacute; des March&eacute;s
Financiers, does not constitute a public offer (appel public &agrave; l&rsquo;&eacute;pargne).&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
units may be resold directly or indirectly, only in compliance with Articles L.411-1, L.411-2, L.412-1 and L.621-8 through L.621-8-3
of the French Code mon&eacute;taire et financier.<B>&nbsp;</B></P>

<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>90</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Notice
to Prospective Investors in Hong Kong</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
units may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute
an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to &ldquo;professional
investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder,
or (iii) in other circumstances which do not result in the document being a &ldquo;prospectus&rdquo; within the meaning of the
Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the units may be issued
or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is
directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do
so under the laws of Hong Kong) other than with respect to units which are or are intended to be disposed of only to persons outside
Hong Kong or only to &ldquo;professional investors&rdquo; within the meaning of the Securities and Futures Ordinance (Cap. 571,
Laws of Hong Kong) and any rules made thereunder.<B>&nbsp;</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>Notice to Prospective Investors in
Japan</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
units have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948,
as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese
Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance
with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities
in effect at the relevant time. For the purposes of this paragraph, &ldquo;Japanese Person&rdquo; shall mean any person resident
in Japan, including any corporation or other entity organized under the laws of Japan.<B>&nbsp;</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black"><B>Notice
to Prospective Investors in Singapore</B>&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">This
prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus and
any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the units
may not be circulated or distributed, nor may the units be offered or sold, or be made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section
274 of the Securities and Futures Act, Chapter 289 of Singapore (the &ldquo;SFA&rdquo;), (ii) to a relevant person pursuant to
Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the
SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each
case subject to compliance with conditions set forth in the SFA.&nbsp;</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Where
the units are subscribed or purchased under Section 275 of the SFA by a relevant person which is:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shares,
debentures and units of shares and debentures of that corporation or the beneficiaries&rsquo; rights and interest (howsoever described)
in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant
to an offer made under Section 275 of the SFA except:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to
an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person defined in Section 275(2) of
the SFA, or to any person pursuant to an offer that is made on terms that such shares, debentures and units of shares and debentures
of that corporation or such rights and interest in that trust are acquired at a consideration of not less than 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, and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
no consideration is or will be given for the transfer; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 48pt; text-align: justify; text-indent: -24pt">&bull;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;where
the transfer is by operation of law.&nbsp;</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>91</P>

<P CLASS="H1" STYLE="mso-style-name: H1; margin: 12pt 0in 0pt; text-align: center; font: bold 10pt/12pt TimesNewRomanPSStd-Bold; page-break-after: avoid; text-autospace: none; color: black"><A NAME="a_029" TITLE="lm"></A><B>LEGAL
MATTERS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Loeb
&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. In connection with this offering,
McDermott Will &amp; Emery is acting as counsel to the underwriters.</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_030" TITLE="exp"></A><B>EXPERTS</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
financial statements of M I Acquisitions, Inc. as of December 31, 2015 and for the period from April 23, 2015 (inception) through
December 31, 2015 appearing in this prospectus have been audited by Marcum LLP, independent registered public accounting firm,
as set forth in their report, thereon (which contains an explanatory paragraph relating to substantial doubt about the ability
of M I Acquisitions, Inc. to continue as a going concern, as described in Note 1 to the financial statements), appearing elsewhere
in this prospectus, and are included in reliance upon such report given on the authority of such firm as experts in accounting
and auditing.</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_031" TITLE="where"></A><B>WHERE
YOU CAN FIND ADDITIONAL INFORMATION</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the units 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 shares, 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="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Upon
completion of this offering, we will be subject to the information requirements of the Exchange Act and will file annual, quarterly
and current event reports, proxy statements and other information with the SEC. You can read our SEC filings, including the registration
statement, over the Internet at the SEC&rsquo;s website at <FONT STYLE="font-size: 10pt; color: blue"><I><U>www.sec.gov</U></I></FONT>.
You may also read and copy any document we file with the SEC at its public reference facility at 100 F Street, N.E., Washington,
D.C. 20549.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>You
may also obtain copies of the documents at prescribed rates by writing to the Public Reference Section of the SEC at 100 F Street,
N.E., Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 for further information on the operation of the public reference
facilities.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>92</P>
</DIV>
<DIV CLASS="WordSection1" STYLE=
"width: 600px; margin: 0 auto; page: WordSection1;"><P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_032" TITLE="index"></A><B>INDEX
                                         TO FINANCIAL STATEMENTS</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Audited
                                         Financial Statements</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_001">Report
                                         of Independent Registered Public Accounting Firm</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-2</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_002">Balance
                                         Sheet as of December 31, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-3</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_003">Statement
                                         of Operations for the Period from April 23, 2015 (Inception) through December 31, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-4</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_004">Statement
                                         of Changes in Stockholder&rsquo;s Equity for the Period from April 23, 2015 (Inception)
                                         through December 31, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-5</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_005">Statement
                                         of Cash Flows for the Period from April 23, 2015 (Inception) through December 31, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-6</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_006">Notes
                                         to Financial Statements</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-7</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Unaudited
                                         Financial Statements</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_007">Balance
                                         Sheet as of June 30, 2016</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-14</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_008">Statement
                                         of Operations for the Six Months Ended June 30, 2016 and the Period from April 23, 2015
                                         (Inception) through June 30, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-15</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_009">Statement
                                         of Cash Flows for the Six Months Ended June 30, 2016 and the Period from April 23, 2015
                                         (Inception) through June 30, 2015</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-16</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><A HREF="#a_010">Notes
                                         to Financial Statements</A></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="14%" VALIGN="bottom" STYLE=
"width: 14.06%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="center" STYLE=
'margin-right: 0in; text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-17</P>
</TD>
</TR>
</TABLE>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-1</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_001" TITLE="report"></A><B>Report
of Independent Registered Public Accounting Firm</B></P>
<P CLASS="Textflush" ALIGN="left" STYLE=
'text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
the Board of Directors and Shareholder of<BR>
M I Acquisitions, Inc.</P>
<P CLASS="Textflush" ALIGN="left" STYLE=
'text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
have audited the accompanying balance sheet of M I Acquisitions, Inc. (the &ldquo;Company&rdquo;) as of December 31, 2015, and
the related statements of operations, changes in stockholder&rsquo;s equity and cash flows for the period from April 23, 2015
(inception) through December 31, 2015.&nbsp; These financial statements are the responsibility of the Company&rsquo;s management.
Our responsibility is to express an opinion on these financial statements based on our audit.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>We
conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States).&nbsp; Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement.&nbsp; The Company is not required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly, we express no such opinion.&nbsp;
An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation.&nbsp; We believe that our audit provides a reasonable basis for our opinion.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>In
our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of M
I Acquisitions, Inc., as of December 31, 2015, and the results of its operations and its cash flows for the period from April
23, 2015 (inception) through December 31, 2015 in conformity with accounting principles generally accepted in the United States
of America.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying financial statements have been prepared assuming the Company will continue as a going concern.&nbsp; As discussed
in Note 1 to the financial statements, the Company has no present revenue, its business plan is dependent on the completion of
a financing and the Company&rsquo;s cash and working capital as of December 31, 2015 are not sufficient to complete its planned
activities for the upcoming year.&nbsp; These conditions raise substantial doubt about the Company&rsquo;s ability to continue
as a going concern.&nbsp; Management&rsquo;s places regarding these matters are also described in Notes 1 and 3.&nbsp; These financial
statements do not include any adjustments that might result from the outcome of this uncertainty.</P>
<P CLASS="Textflush" ALIGN="left" STYLE=
'text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>/s/Marcum
LLP</P>
<P CLASS="Textflush" ALIGN="left" STYLE=
'text-align: left; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Marcum
LLP<BR><FONT STYLE="font-variant: normal">New York</FONT><FONT STYLE="font-variant: small-caps">, NY</FONT><BR>
September 14, 2016</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-2</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_002" TITLE="bal"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Balance Sheet</B><BR>
<B>December 31, 2015</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B><U>Assets</U></B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Current
                                         asset: cash and cash equivalents</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
                                         offering costs</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>178,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Assets</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>183,957</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B><U>Liabilities
                                         and Stockholder&rsquo;s Equity</U></B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Current
                                         Liabilities:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Note
                                         payable</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>55,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Note
                                         payable &ndash; related party</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>114,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Current Liabilities</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>169,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Commitments</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Stockholder&rsquo;s
                                         Equity:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Common
                                         stock, $0.001 par value; 50,000,000 shares authorized; 1,437,500 shares issued<BR>
                                         and outstanding<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Additional
                                         paid in capital</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accumulated
                                         deficit</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         stockholder&rsquo;s Equity</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>14,774</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Liabilities and Stockholder&rsquo;s Equity</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>183,957</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number includes an aggregate of up to 187,500 shares of common stock that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these financial statements.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-3</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_003" TITLE="sop"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Statement of Operations</B><BR>
<B>For The Period from April 23, 2015 (Inception) through December 31, 2015</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Formation
                                         and operating costs</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         loss</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Weighted
                                         average shares of common stock outstanding &ndash; basic and diluted<SUP>(1)</SUP></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         loss per shares of common stock &ndash; basic and diluted</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(0.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number excludes an aggregate of up to 187,500 shares of common stock that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these financial statements.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-4</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_004" TITLE="stq"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Statement of Changes in Stockholder&rsquo;s Equity</B><BR>
<B>For The Period from April 23, 2015 (Inception) through December 31, 2015</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="27%" COLSPAN="4" VALIGN="bottom" STYLE=
"width: 27.94%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Common
                                         Stock<SUP>(1)</SUP></B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Additional
                                         Paid-In</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Accumulated</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Stockholder&rsquo;s</B></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Shares</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Amount</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="2" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Capital</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Deficit</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Equity</B></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Balance,
                                         April 23, 2015 (Inception)</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Issuance
                                         of common stock to Initial Stockholder</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,437,500</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>25,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         loss</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="26%" VALIGN="bottom" STYLE=
"width: 26.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Balance,
                                         December 31, 2015</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" VALIGN="bottom" STYLE=
"width: 13.24%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>1,437,500</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>1,438</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="12%" VALIGN="bottom" STYLE=
"width: 12.14%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>23,562</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>(10,226</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>)</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.48%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.02%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>14,774</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.1%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number includes an aggregate of up to 187,500 shares of common stock that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these financial statements.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-5</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_005" TITLE="cf"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Statement of Cash Flows</B><BR>
<B>For The Period from April 23, 2015 (Inception) through December 31, 2015</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Cash
                                         Flows From Operating Activities:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         loss</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Adjustments
                                         to reconcile net loss to net cash used in operating activities:</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Formation
                                         and organization costs paid by related parties</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         Cash Used In Operating Activities</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Cash
                                         Flows From Financing Activities:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Offering
                                         costs paid</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(20,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Proceeds
                                         from issuance of common stock</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>25,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         Cash Provided By Financing Activities</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         change in cash and cash equivalents</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Cash
                                         and cash equivalents at beginning of period</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Cash
                                         and cash equivalents at end of period</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>$</B></FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>5,000</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>Supplemental
                                         disclosure of non-cash financing activities:</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="84%" VALIGN="bottom" STYLE=
"width: 84.38%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Payment
                                         of offering costs by issuance of note and related party note</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.72%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>158,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.18%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these financial statements.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-6</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_006" TITLE="Note"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
1 &mdash; Organization, Plan of Business Operations and Going Concern Consideration</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
I Acquisitions, Inc. (the &ldquo;Company&rdquo;) was incorporated in Delaware on April 23, 2015 as a blank check company whose
objective is to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination, one or more businesses or entities (a &ldquo;Business Combination&rdquo;). The Company&rsquo;s
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although
the Company initially intends to focus on target businesses operating in the consumer, retail or retail service industries.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
December 31, 2015, the Company had not yet commenced any operations. All activity through December 31, 2015 relates to the Company&rsquo;s
formation and the proposed public offering described below.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public
offering of 5,000,000 units (or 5,750,000 units if the underwriters&rsquo; over-allotment option is exercised in full) (&ldquo;Units&rdquo;),
at $10.00 per Unit which is discussed in Note 3 (the &ldquo;Proposed Public Offering&rdquo;), and the sale (the &ldquo;Private
Placement&rdquo;) of an aggregate of 402,500 units (the &ldquo;Private Units&rdquo;) (or 447,500 Private Units if the underwriters&rsquo;
over-allotment option is exercised in full) at $10.00 per Unit to the Company&rsquo;s initial stockholder (the &ldquo;Initial
Stockholder&rdquo;). The Company&rsquo;s management has broad discretion with respect to the specific application of the net proceeds
of the Proposed Public Offering and the Private Placement, although substantially all of the net proceeds are intended to be applied
generally toward consummating a Business Combination. There is no assurance that the Company will be able to effect a Business
Combination successfully. Upon the closing of the Proposed Public Offering and Private Placement, management has agreed that at
least $10.30 per Unit sold in the Proposed Public Offering will be held in a trust account (&ldquo;Trust Account&rdquo;) and invested
in United States government treasury bills, notes or bonds having a maturity of 180 days or less or in money market funds meeting
the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, until the earlier
of the consummation of its first Business Combination and the Company&rsquo;s failure to consummate a Business Combination within
the prescribed time. Placing funds in the Trust Account may not protect those funds from third party claims against the Company.
Although the Company will seek to have all vendors, service providers, prospective target businesses or other entities it engages,
execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there is no guarantee
that such persons will execute such agreements. The Company&rsquo;s insiders will agree to be liable under certain circumstances
to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or other entities
that are owed money by the Company for service rendered, contracted for or products sold to the Company. However, they may not
be able to satisfy those obligations should they arise. The remaining net proceeds (not held in the Trust Account) may be used
to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative
expenses. The amount of proceeds not held in trust will remain constant at approximately $525,000 even if the over-allotment is
exercised. In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income
or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a Business Combination
only from the net proceeds of the Proposed Public Offering not held in the Trust Account (estimated to initially be $525,000);
provided, however, that in order to meet its working capital needs following the consummation of the Proposed Public Offering,
the Company&rsquo;s Initial Stockholder, officers and directors or their affiliates may, but are not obligated to, loan the Company
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be
evidenced by a promissory note. The notes would either be paid upon consummation of the Company&rsquo;s initial Business Combination,
without interest, or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon consummation of the
Company&rsquo;s Business Combination into additional Private Units at a price of $10.00 per Unit. If the Company does not complete
a Business Combination, the loans would not be repaid.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company will either seek stockholder approval of any Business Combination at a meeting called for such purpose at which stockholders
may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less
any taxes then due but not yet paid, or provide stockholders with the opportunity to sell their shares to the Company by means
of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less
any taxes then due but not yet paid. The Company will proceed with a Business Combination only if it will have net tangible assets
of at least $5,000,001 upon consummation of the Business Combination and, solely if stockholder approval is sought, a majority
of the outstanding common shares of the Company voted are voted in favor of the Business Combination. Notwithstanding the foregoing,
a public stockholder, together with any affiliate of his or any other person with</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-7</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
1 &mdash; Organization, Plan of Business Operations and Going Concern Consideration</B> <FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal">
(cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>whom
he is acting in concert or as a &ldquo;group&rdquo; (as defined in Section 13(d)(3) of the Exchange Act) will be restricted from
seeking conversion rights with respect to 20% or more of the common shares sold in the Proposed Public Offering. Accordingly,
all shares purchased by a holder in excess of 20% of the shares sold in the Proposed Public Offering will not be converted to
cash. In connection with any stockholder vote required to approve any Business Combination, the Initial Stockholder will agree
(i) to vote any of its respective shares, including the common shares sold to the Initial Stockholder in connection with the organization
of the Company (the &ldquo;Initial Shares&rdquo;), common shares included in the Private Units to be sold in the Private Placement,
and any common shares which were initially issued in connection with the Proposed Public Offering, whether acquired in or after
the effective date of the Proposed Public Offering, in favor of the initial Business Combination and (ii) not to convert such
respective shares into a pro rata portion of the Trust Account or seek to sell their shares in connection with any tender offer
the Company engages in.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">Pursuant
to the Company&rsquo;s Certificate of Incorporation to be in effect upon consummation of the Proposed Public Offering, if the
Company is unable to complete its initial Business Combination within 18 months from the date of the Proposed Public Offering,
the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the remaining holders of common stock and the Company&rsquo;s board of directors,
dissolve and liquidate. However, if the Company anticipates that it may not be able to consummate its initial Business Combination
within 18 months, the Company may extend the period of time to consummate a Business Combination up to three times, each by an
additional month (for a total of up to 21 months to complete a Business Combination). Pursuant to the terms of the Company&rsquo;s
amended and restated articles of incorporation and the trust agreement to be entered into between the Company and American Stock
Transfer &amp; Trust Company, LLC, in order to extend the time available for the Company to consummate its initial Business Combination,
the Company&rsquo;s insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline,
must deposit into the trust account $125,000, or $143,750 if the underwriters&rsquo; over-allotment option is exercised in full
($0.025 per unit in either case), up to an aggregate of $375,000 (or $431,250 if the underwriters&rsquo; over-allotment option
is exercised in full), or $0.075 per unit, on or prior to the date of the applicable deadline, for each one month extension. The
insiders will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit that will not
be repaid in the event that we are unable to close a business combination unless there are funds available outside the trust account
to do so. In the event that the Company receives notice from its insiders five days prior to the applicable deadline of their
intent to effect an extension, the Company intends to issue a press release announcing such intention at least three days prior
to the applicable deadline. In addition, the Company intends to issue a press release the day after the applicable deadline announcing
whether or not the funds had been timely deposited. The Company&rsquo;s insiders and their affiliates or designees are not obligated
to fund the trust account to extend the time for the Company to complete its initial Business Combination. To the extent that
some, but not all, of the Company&rsquo;s insiders, decide to extend the period of time to consummate the initial Business Combination,
such insiders (or their affiliates or designees) may deposit the entire $375,000 (or $431,250). If the Company is unable to consummate
an initial Business Combination and is forced to redeem 100% of the outstanding public shares for a pro rata portion of the funds
held in the Trust Account, each holder will receive a pro rata portion of the amount then in the Trust Account. Holders of warrants
will receive no proceeds in connection with the liquidation. The Initial Stockholder and the holders of Private Units will not
participate in any redemption distribution with respect to their initial shares and Private Units, including the common stock
included in the Private Units.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
the extent we are unable to consummate a business combination, we will pay the costs of liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete
such liquidation (currently anticipated to be no more than $15,000) and have agreed not to seek repayment of such expenses.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Going
Concern Consideration</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
December 31, 2015, the Company had $5,000 in cash and a working capital deficit of $164,183. Further, the Company has incurred,
and expects to continue to incur, significant costs in pursuit of its financing and acquisition plans. These conditions raise
substantial doubt about the Company&rsquo;s ability to continue as a going concern. Management plans to address this uncertainty
through the Proposed Public Offering as discussed in Note 3. There is no assurance that the Company&rsquo;s plans to raise capital
or to consummate a Business Combination will be successful or successful within the required time period. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-8</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
2 &mdash; Significant Accounting Policies</B></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Basis
of presentation</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States
of America (&ldquo;GAAP&rdquo;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&ldquo;SEC&rdquo;).</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B><I>Cash
and Cash Equivalents</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Fair
value of financial instruments</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
fair value of the Company&rsquo;s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) Accounting Standards Codification (&ldquo;ASC&rdquo;) 820, &ldquo;Fair Value Measurements and Disclosures,&rdquo;
approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Use
of Estimates</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 expenses during the reporting period. Actual results could differ from those estimates.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Concentration
of credit risk</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these
accounts and management believes the Company is not exposed to significant risks on such accounts.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Loss
per share</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">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. Weighted average shares was reduced for the effect of an aggregate of
187,500 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
December 31, 2015, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised
or converted into common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same
as basic loss per share for the period presented.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Income
Taxes</I></B></P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company accounts for income taxes under ASC 740 Income Taxes (&ldquo;ASC 740&rdquo;). ASC 740 requires the recognition of deferred
tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets
and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally
requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets
will not be realized.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise&rsquo;s financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest
and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in
the United States (federal) and in various state and local jurisdictions. Based on the Company&rsquo;s evaluation, it has been
concluded</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-9</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
2 &mdash; Significant Accounting Policies</B> <FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal"> (cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>that
there are no significant uncertain tax positions requiring recognition in the Company&rsquo;s financial statements. Since the
Company was incorporated on April 23, 2015, the evaluation was performed for the upcoming 2015 tax year, which will be the only
period subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and
does not anticipate any adjustments that would result in a material change to its financial position.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s policy for recording interest and penalties associated with audits is to record such expense as a component of
income tax expense. There were no amounts accrued for penalties or interest as of or during the period from April 23, 2015 (inception)
through December 31, 2015. Management is currently unaware of any issues under review that could result in significant payments,
accruals or material deviations from its position.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
income tax provision was deemed to be immaterial for the period ended December 31, 2015.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Subsequent
Events</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s management reviewed all material events that have occurred after the balance sheet date through September 14, 2016,
the date which these financial statements were available to be issued.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Recent
Accounting Pronouncements</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material
effect on the accompanying financial statements.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
3 &mdash; Proposed Public Offering</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.05pt">The
Proposed Public Offering calls for the Company to offer for public sale 5,000,000 Units at a proposed offering price of $10.00
per Unit (plus up to an additional 750,000 Units solely to cover over-allotments, if any, pursuant to a 45 day over-allotment
option granted to the underwriter). Each Unit consists of one share of common stock in the Company, and one Warrant (&ldquo;Warrant&rdquo;).
Each Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share commencing on the later
of 30 days after the Company&rsquo;s completion of its initial Business Combination or 12 months from the effective date of the
registration statement relating to the Proposed Public Offering, and expiring five years from the completion of the Company&rsquo;s
initial Business Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days&rsquo; notice,
only in the event that the last sale price of the common shares is at least $16.00 per share for any 20 trading days within a
30-trading day period (&ldquo;30-Day Trading Period&rdquo;) ending on the third day prior to the date on which notice of redemption
is given, provided there is a current registration statement in effect with respect to the common shares underlying such Warrants
during the 30 day redemption period. If the Company redeems the Warrants as described above, management will have the option to
require all holders that wish to exercise Warrants to do so on a &ldquo;cashless basis.&rdquo; In accordance with the warrant
agreement relating to the Warrants to be sold and issued in the Proposed Public Offering the Company is only required to use its
best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is
not effective within 90 days following the consummation of a Business Combination, Warrant holders may, until such time as there
is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration
statement, exercise Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act
of 1933, as amended. In the event that a registration statement is not effective at the time of exercise or no exemption is available
for a cashless exercise, the holder of such Warrant shall not be entitled to exercise such Warrant for cash and in no event (whether
in the case of a registration statement being effective or otherwise) will the Company be required to net cash settle the Warrant
exercise. If an initial Business Combination is not consummated, the Warrants will expire and will be worthless.</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
4 &mdash; Deferred Offering Costs</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
offering costs consist principally of legal, underwriting fees and other costs incurred through the balance sheet date that are
directly related to the Proposed Public Offering and that will be charged to stockholder&rsquo;s equity upon the receipt of the
capital raised. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs as well as additional expenses
to be incurred will be charged to operations.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-10</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
5 &mdash; Notes Payable</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
Payable Related Party</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company issued an $114,183 principal amount unsecured promissory note to an affiliate of the Company&rsquo;s executive officers.
The note is non-interest bearing and payable on the earlier of (i) the consummation of the Proposed Public Offering or (ii) the
date on which the Company determines not to proceed with the Proposed Public Offering. Due to the short-term nature of the note,
the fair value of the note approximates the carrying amount.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
Payable</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On
July 1, 2015, the Company issued a $55,000 principal amount unsecured promissory note. The note is non-interest bearing and payable
on the earlier of (i) the consummation of the Proposed Public Offering or (ii) the date on which the Company determines not to
proceed with the Proposed Public Offering. Due to the short-term nature of the note, the fair value of the note approximates the
carrying amount.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 12.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
6 &mdash; Commitments</B></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Underwriting
Agreement</I></B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
Company will enter into an agreement with the underwriters of the Proposed Public Offering (&ldquo;Underwriting Agreement&rdquo;).
The terms of the Proposed Public Offering are set forth in a non-binding letter of intent that is merely a statement of intent
and is subject to change and further negotiation between the parties and may be adjusted prior to the execution of the Underwriting
Agreement. The Underwriting Agreement will require the Company to pay an underwriting discount of 3.0% of the gross proceeds of
the Proposed Public Offering as an underwriting discount and a deferred underwriting discount of up to 2.0% for an aggregate underwriting
discount of 5.0% of the gross proceeds of the Proposed Public Offering, in each case as to be set forth in the Underwriting Agreement.
The Company will pay the deferred underwriting fee at the closing of the Business Combination. The underwriters also purchased
an interest in M SPAC Holdings I LLC, an entity controlled by the Company&rsquo;s insiders, which entitles it to the beneficial
interest in 75,000 insider shares.</P>
<P CLASS="Textflush" STYLE=
'margin-top: 9.0pt; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company paid $50,000 as an advance against out of pocket expenses.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Private
Units</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Initial Stockholder have committed to purchase an aggregate of 402,500 Private Units at $10.00 per Private Unit. The Initial Stockholder
have also agreed that if the over-allotment option is exercised by the underwriters, they will purchase from the Company at a
price of $10.00 per Private Unit up to an additional 45,000 Private Units pro rata with the amount of the over-allotment option
exercised so that at least $10.30 per share sold to the public in the Proposed Public Offering is held in the Trust Account regardless
of whether the over-allotment option is exercised in full or part.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Private Units are identical to the Units sold in the Proposed Public Offering except the Warrants included in the Private Units
will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial
purchasers or their permitted transferees. Additionally, the holders of the Private Units have agreed (A) to vote the shares underlying
their Private Units in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, 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 such a Business Combination unless the Company provides dissenting Public Stockholders
with the opportunity to convert their public shares in connection with any such vote, (C) not to convert any shares underlying
the Private Units into the right to receive cash from the Trust Account in connection with a stockholder vote to approve an initial
Business Combination or a vote to amend the provisions of the Company&rsquo;s amended and restated certificate of incorporation
relating to shareholders&rsquo; rights or pre-Business Combination activity or sell their shares to the Company in connection
with a tender offer the Company engages in and (D) that the shares underlying the Private Units shall not participate in any liquidating
distribution upon winding up if a Business Combination is not consummated. The purchasers have also agreed not to transfer, assign
or sell any of the Private Units or underlying securities (except to the same permitted transferees</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-11</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
6 &mdash; Commitments</B> <FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal"> (cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>as
the insider shares and provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider
shares must agree to, each as described above) until the completion of an initial Business Combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Purchase
Option</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company has agreed to sell to the underwriters, for $100, a unit purchase option to purchase up to a total of 500,000 units exercisable
at $12.00 per unit (or an aggregate exercise price of $6,000,000) commencing on the later of the consummation of a Business Combination
and six months from the effective date of the registration statement relating to the Proposed Public Offering. The unit purchase
option expires five years from the effective date of the registration statement relating to the Proposed Public Offering. The
units issuable upon exercise of this option are identical to the Units being offered in the Proposed Public Offering. The Company
has agreed to grant to the holders of the unit purchase option, demand and &ldquo;piggy back&rdquo; registration rights for periods
of five and seven years, respectively, from the effective date of this Proposed Public Offering, including securities directly
and indirectly issuable upon exercise of the unit purchase option.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.05pt">The
Company intends to account for the fair value of the unit purchase option, inclusive of the receipt of a $100 cash payment, as
an expense of the Proposed Public Offering resulting in a charge directly to stockholders&rsquo; equity. The Company estimates
that the fair value of this unit purchase option is approximately $4,530,000 (or $9.06 per unit) using a Black-Scholes option-pricing
model. The fair value of the unit purchase option to be granted to the placement agent is estimated as of the date of grant using
the following assumptions: (1) expected volatility of 152%, (2) risk-free interest rate of 1.54% and (3) expected life of five
years. The unit purchase option may be exercised for cash or on a &ldquo;cashless&rdquo; basis, at the holder&rsquo;s option (except
in the case of a forced cashless exercise upon the Company&rsquo;s redemption of the Warrants, as described in Note 3), such that
the holder may use the appreciated value of the unit purchase option (the difference between the exercise prices of the unit purchase
option and the underlying Warrants and the market price of the Units and underlying common stock) to exercise the unit purchase
option without the payment of any cash. The Company will have no obligation to net cash settle the exercise of the unit purchase
option or the Warrants underlying the unit purchase option. The holder of the unit purchase option will not be entitled to exercise
the unit purchase option or the Warrants underlying the unit purchase option unless a registration statement covering the securities
underlying the unit purchase option is effective or an exemption from registration is available. If the holder is unable to exercise
the unit purchase option or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Administrative
Service Fee</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: 0.1pt">The
Company, commencing on the effective date of the registration statement relating to the Proposed Public Offering, has agreed to
pay an affiliate of the Company&rsquo;s executive officers a monthly fee of $10,000 for general and administrative services.</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Registration
Rights</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Initial Stockholder will be entitled to registration rights with respect to their initial shares and the purchasers of the Private
Units will be entitled to registration rights with respect to the Private Units (and underlying securities), pursuant to an agreement
to be signed prior to or on the effective date of the Proposed Public Offering. The holders of the majority of the initial shares
are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary
of the consummation of a Business Combination. The holders of the Private Units (or underlying securities) are entitled to demand
that the Company register these securities at any time after the Company consummates a Business Combination. In addition, the
holders have certain &ldquo;piggy-back&rdquo; registration rights on registration statements filed after the Company&rsquo;s consummation
of a Business Combination.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-12</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Financial Statements</B><BR>
<B>December 31, 2015</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Note
7 &mdash; Stockholder&rsquo;s Equity</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Common
Stock</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company is authorized to issue 50,000,000 shares of common stock with a par value of $0.001 per share.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On
April 23, 2015, 1,437,500 shares of the Company&rsquo;s common stock were sold to the Initial Stockholder at a price of approximately
$0.02 per share for an aggregate of $25,000. This number includes an aggregate of up to 187,500 shares that are subject to forfeiture
if the over-allotment option is not exercised by the underwriters. All of these shares will be placed in escrow until (1) with
respect to 50% of the shares, the earlier of six months after the date of the consummation of an initial Business Combination
and the date on which the closing price of the Company&rsquo;s common stock equals or exceeds $12.50 per share (as adjusted for
share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after the Company&rsquo;s initial business combination and (2) with respect to the remaining 50% of the insider shares,
six months after the date of the consummation of an initial Business Combination, or earlier, in either case, if, subsequent to
an initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which
results in all of the Company&rsquo;s stockholders having the right to exchange their shares for cash, securities or other property.</P>
<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0in; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
Company&rsquo;s insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after
the Offering in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company&rsquo;s
certificate of incorporation that would affect the substance or timing of its obligation to redeem 100% of its public shares if
it does not complete its initial business combination within 18 months from the closing of the Offering (or up to 21 months from
the closing of this offering if the Company extends the period of time to consummate a business combination, as described in Note
1), unless the Company provides its public stockholders with the opportunity to redeem their shares of common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise
and income taxes, divided by the number of then outstanding public shares, (C) not to convert any shares (including the insider
shares and private shares) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve
the Company&rsquo;s proposed initial Business Combination (or sell any shares they hold to the Company in a tender offer in connection
with a proposed initial Business Combination) or a vote to amend the provisions of the Company&rsquo;s certificate of incorporation
relating to the substance or timing of its obligation to redeem 100% of the Company&rsquo;s public shares if it does not complete
its initial business combination within 18 months from the closing of the Offering (or 21 months, as applicable) and (D) that
the insider shares and private shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the Trust
Account if a Business Combination is not consummated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note 8 - Subsequent Events</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0in; text-align: justify">Subsequent to December 31, 2015, on
September 13, 2016, the Company and underwriter agreed to reduce the maximum number of units available for the underwriter to
purchase under the previously disclosed unit purchase option from 500,000 to 300,000. The Company estimates that this adjustment
shall reduce the fair value of the unit purchase option from $4,540,000 to $2,718,000 (or $9.06 per unit) using a Black-Scholes
option-pricing model.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-13</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_007" TITLE="2balance"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Condensed Balance Sheets</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B><U>Assets</U></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.86%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.82%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.86%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>June
                                         30,</B><BR>
                                         <B>2016</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.82%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>December
                                         31,</B><BR>
                                         <B>2015</B></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="unaudited" STYLE=
'margin-right: 0in; line-height: normal; mso-style-name: unaudited; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>&nbsp;</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="unaudited" STYLE=
'margin-right: 0in; line-height: normal; mso-style-name: unaudited; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>(unaudited</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="unaudited" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; mso-style-name: unaudited; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>)</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Current
                                         asset: cash and cash equivalents</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;273</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;5,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
                                         offering costs</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>193,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>178,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Assets</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;194,230</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;183,957</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" ALIGN="center" STYLE=
'text-align: center; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B><U>Liabilities
                                         and Stockholders&rsquo; Equity</U></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Current
                                         Liabilities:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Note
                                         payable</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;55,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;55,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Note
                                         payable &ndash; related parties</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>131,720</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>114,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Current Liabilities</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>186,720</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>169,183</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Commitments</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Stockholders&rsquo;
                                         Equity:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Common
                                         stock, $0.001 par value; 50,000,000 shares authorized; 1,437,500 shares issued and outstanding<FONT STYLE="font-size: 6pt"><SUP>(1)</SUP></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,438</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Additional
                                         paid in capital</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>23,562</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Accumulated
                                         deficit</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(17,490</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(10,226</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Stockholders&rsquo; Equity</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>7,510</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>14,774</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Total
                                         Liabilities and Stockholders&rsquo; Equity</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;194,230</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;183,957</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.12%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number includes an aggregate of up to 187,500 shares of common stock that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these condensed financial statements.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-14</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_008" TITLE="2sop"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Condensed Statements of Operations</B><BR>
<B>(unaudited)</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>For
                                         the</B><BR>
                                         <B>Six Months Ended</B><BR>
                                         <B>June 30, 2016</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>For
                                         the</B><BR>
                                         <B>Period from</B><BR>
                                         <B>April 23, 2015 (Inception) to June 30, 2015</B></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Formation
                                         and operating costs</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;7,264</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;1,043</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         loss</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(7,264</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(1,043</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Weighted
                                         average shares of common stock outstanding &ndash; basic and diluted<SUP>(1)</SUP></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,250,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         loss per shares of common stock &ndash; basic and diluted</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(0.01</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" STYLE=
'line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(0.00</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; margin-bottom: .0001pt; padding-bottom: 3px; mso-style-name: "Tbody_rule2\(brack\)"; margin: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
</TABLE>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>____________</P>
<P CLASS="Tablefootnotef" STYLE=
'margin-top: 0in; line-height: normal; border: none; mso-style-name: Tablefootnote_f; margin-right: 0in; margin-bottom: .0001pt; margin-left: .25in; text-align: justify; text-justify: inter-ideograph; text-indent: -.25in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(1)<FONT STYLE="font-size: 8.5pt">&nbsp;&nbsp;
</FONT>This number includes an aggregate of up to 187,500 shares of common stock that are subject to forfeiture if the over-allotment
option is not exercised by the underwriters.</P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these condensed financial statements.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-15</P>
<P CLASS="H1" STYLE=
'margin-bottom: 10.0pt; mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_009" TITLE="2cf"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Condensed Statements of Cash Flows</B><BR>
<B>(unaudited)</B></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>For
                                         the Six Months</B><BR>
                                         <B>Ended</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; padding: 0in; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>For
                                         the Period from</B><BR>
                                         <B>April 23, 2015 (Inception) to</B></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>June
                                         30, 2016</B></P>
</DIV>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="13%" COLSPAN="3" VALIGN="bottom" STYLE=
"width: 13.84%; background: white; padding: 0in 0in 0in 0in;"><DIV STYLE=
"border: none; border-bottom: solid windowtext 1.0pt; padding: 0in 0in 0in 0in;"><P CLASS="TCH" STYLE=
'margin: 0in; margin-bottom: .0001pt; line-height: normal; border: none; padding: 0in; padding-bottom: 0pt; mso-style-name: TCH; margin-top: 0in; margin-right: 3.0pt; margin-left: 3.0pt; text-align: center; text-autospace: none; font-size: 9.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>June
                                         30, 2015</B></P>
</DIV>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Cash
                                         Flows From Operating Activities:</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Net
                                         loss</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(7,264</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;(1,043</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Adjustments
                                         to reconcile net loss to net cash used in operating activities:</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind2" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_2"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 30.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Formation
                                         and organization costs paid by related parties</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>2,537</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>1,043</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         Cash Used In Operating Activities</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" STYLE=
'line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(4,727</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1brack" ALIGN="left" STYLE=
'text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: "Tbody_rule1\(brack\)"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Net
                                         change in cash and cash equivalents</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>(4,727</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodybracket" ALIGN="left" STYLE=
'text-align: left; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_bracket; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>)</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Cash
                                         and cash equivalents at beginning of period</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>5,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrightalign" STYLE=
'margin-right: 0in; line-height: normal; padding-bottom: 3px; mso-style-name: Tbody_rightalign; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: solid windowtext 1.0pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule1" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule1; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Cash
                                         and cash equivalents at end of period</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;273</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>$</B></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;&mdash;</B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbody" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: Tbody; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 10.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B><U>Supplemental
                                         disclosure of non-cash financing activities:</U></B></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Payment
                                         of deferred offering costs by issuance of notes and related party notes</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;15,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>&nbsp;83,957</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="69%" VALIGN="bottom" STYLE=
"width: 69.24%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyind1" STYLE=
'line-height: normal; padding-bottom: 3px; mso-style-name: "Tbody ind_1"; margin-top: 0in; margin-right: 0in; margin-bottom: .0001pt; margin-left: 20.0pt; text-indent: -10.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Payment
                                         of deferred offering costs by issuance of common stock</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;</B>&mdash;</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.54%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" ALIGN="left" STYLE=
'margin-right: 0in; text-align: left; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>$</P>
</TD>
<TD WIDTH="11%" VALIGN="bottom" STYLE=
"width: 11.54%; border: none; border-bottom: double windowtext 2.25pt; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Tbodyrule2" STYLE=
'margin-right: 0in; line-height: normal; border: none; padding-bottom: 3px; mso-style-name: Tbody_rule2; margin-top: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: right; text-autospace: none; padding: 0in; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>&nbsp;</B>25,000</P>
</TD>
<TD WIDTH="1%" VALIGN="bottom" STYLE=
"width: 1.16%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>
<P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
accompanying notes are an integral part of these condensed financial statements.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-16</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><A NAME="a_010" TITLE="2note"></A><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
1 &mdash; Organization, Plan of Business Operations and Going Concern Consideration</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>M
I Acquisitions, Inc. (the &ldquo;Company&rdquo;) was incorporated in Delaware on April 23, 2015 as a blank check company whose
objective is to acquire, through a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization
or other similar business combination, one or more businesses or entities (a &ldquo;Business Combination&rdquo;). The Company&rsquo;s
efforts to identify a prospective target business will not be limited to any particular industry or geographic region, although
the Company initially intends to focus on target businesses operating in the consumer, retail or retail service industries.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
June 30, 2016, the Company had not yet commenced any operations. All activity for the six months ended June 30, 2016 relates to
the Company&rsquo;s formation, proposed public offering (as described below) and general and administrative expenses.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s ability to commence operations is contingent upon obtaining adequate financial resources through a proposed public
offering of 5,000,000 units (or 5,750,000 units if the underwriters&rsquo; over-allotment option is exercised in full) (&ldquo;Units&rdquo;),
at $10.00 per Unit which is discussed in Note 3 (the &ldquo;Proposed Public Offering&rdquo;), and the sale (the &ldquo;Private
Placement&rdquo;) of an aggregate of 402,500 units (the &ldquo;Private Units&rdquo;) (or 447,500 Private Units if the underwriters&rsquo;
over-allotment option is exercised in full) at $10.00 per Unit to the Company&rsquo;s initial stockholders (the &ldquo;Initial
Stockholders&rdquo;). The Company&rsquo;s management has broad discretion with respect to the specific application of the net
proceeds of the Proposed Public Offering and the Private Placement, although substantially all of the net proceeds are intended
to be applied generally toward consummating a Business Combination. There is no assurance that the Company will be able to effect
a Business Combination successfully. Upon the closing of the Proposed Public Offering and Private Placement, management has agreed
that at least $10.30 per Unit sold in the Proposed Public Offering will be held in a trust account (&ldquo;Trust Account&rdquo;)
and invested in United States government treasury bills, notes or bonds having a maturity of 180 days or less or in money market
funds meeting the applicable conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940, as amended, until
the earlier of the consummation of its first Business Combination and the Company&rsquo;s failure to consummate a Business Combination
within the prescribed time. Placing funds in the Trust Account may not protect those funds from third party claims against the
Company. Although the Company will seek to have all vendors, service providers, prospective target businesses or other entities
it engages, execute agreements with the Company waiving any claim of any kind in or to any monies held in the Trust Account, there
is no guarantee that such persons will execute such agreements. The Company&rsquo;s insiders will agree to be liable under certain
circumstances to ensure that the proceeds in the Trust Account are not reduced by the claims of target businesses or vendors or
other entities that are owed money by the Company for service rendered, contracted for or products sold to the Company. However,
they may not be able to satisfy those obligations should they arise. The remaining net proceeds (not held in the Trust Account)
may be used to pay for business, legal and accounting due diligence on prospective acquisitions and continuing general and administrative
expenses. The amount of proceeds not held in trust will remain constant at approximately $525,000 even if the over-allotment is
exercised. In addition, interest income earned on the funds in the Trust Account may be released to the Company to pay its income
or other tax obligations. With these exceptions, expenses incurred by the Company may be paid prior to a Business Combination
only from the net proceeds of the Proposed Public Offering not held in the Trust Account (estimated to initially be $525,000);
provided, however, that in order to meet its working capital needs following the consummation of the Proposed Public Offering,
the Company&rsquo;s Initial Stockholders, officers and directors or their affiliates may, but are not obligated to, loan the Company
funds, from time to time or at any time, in whatever amount they deem reasonable in their sole discretion. Each loan would be
evidenced by a promissory note. The notes would either be paid upon consummation of the Company&rsquo;s initial Business Combination,
without interest, or, at the lender&rsquo;s discretion, up to $200,000 of the notes may be converted upon consummation of the
Company&rsquo;s Business Combination into additional Private Units at a price of $10.00 per Unit. If the Company does not complete
a Business Combination, the loans would not be repaid.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company will either seek stockholder approval of any Business Combination at a meeting called for such purpose at which stockholders
may seek to convert their shares into their pro rata share of the aggregate amount then on deposit in the Trust Account, less
any taxes then due but not yet paid, or provide stockholders with the opportunity to sell their shares to the Company by means
of a tender offer for an amount equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, less
any taxes then due but not yet paid. The Company will proceed with a Business Combination only if it will have net tangible assets
of at least $5,000,001 upon consummation of the Business Combination and, solely if stockholder approval is sought, a majority
of the outstanding common shares of the Company voted are voted in favor of the Business Combination. Notwithstanding the foregoing,
a public stockholder, together with any affiliate of his or any other person with whom he is acting in concert or as a &ldquo;group&rdquo;
(as defined in Section 13(d)(3) of the Exchange Act) will be restricted from</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-17</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
1 &mdash; Organization, Plan of Business Operations and Going Concern Consideration</B> <FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal">
(cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>seeking
conversion rights with respect to 20% or more of the common shares sold in the Proposed Public Offering. Accordingly, all shares
purchased by a holder in excess of 20% of the shares sold in the Proposed Public Offering will not be converted to cash. In connection
with any stockholder vote required to approve any Business Combination, the Initial Stockholders will agree (i) to vote any of
its respective shares, including the common shares sold to the Initial Stockholders in connection with the organization of the
Company (the &ldquo;Initial Shares&rdquo;), common shares included in the Private Units to be sold in the Private Placement, and
any common shares which were initially issued in connection with the Proposed Public Offering, whether acquired in or after the
effective date of the Proposed Public Offering, in favor of the initial Business Combination and (ii) not to convert such respective
shares into a pro rata portion of the Trust Account or seek to sell their shares in connection with any tender offer the Company
engages in.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Pursuant
to the Company&rsquo;s Certificate of Incorporation to be in effect upon consummation of the Proposed Public Offering, if the
Company is unable to complete its initial Business Combination within 18 months from the date of the Proposed Public Offering,
the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not
more than ten business days thereafter, redeem 100% of the outstanding public shares and (iii) as promptly as reasonably possible
following such redemption, subject to the approval of the remaining holders of common stock and the Company&rsquo;s board of directors,
dissolve and liquidate. However, if the Company anticipates that it may not be able to consummate its initial Business Combination
within 18 months, the Company may extend the period of time to consummate a Business Combination up to three times, each by an
additional month (for a total of up to 21 months to complete a Business Combination). Pursuant to the terms of the Company&rsquo;s
amended and restated articles of incorporation and the trust agreement to be entered into between the Company and American Stock
Transfer &amp; Trust Company, LLC, in order to extend the time available for the Company to consummate its initial Business Combination,
the Company&rsquo;s insiders or their affiliates or designees, upon five days advance notice prior to the applicable deadline,
must deposit into the trust account $125,000, or $143,750 if the underwriters&rsquo; over-allotment option is exercised in full
($0.025 per unit in either case), up to an aggregate of $375,000 (or $431,250 if the underwriters&rsquo; over-allotment option
is exercised in full), or $0.075 per unit, on or prior to the date of the applicable deadline, for each one month extension. The
insiders will receive a non-interest bearing, unsecured promissory note equal to the amount of any such deposit. In the event
that the Company receives notice from its insiders five days prior to the applicable deadline of their intent to effect an extension,
the Company intends to issue a press release announcing such intention at least three days prior to the applicable deadline. In
addition, the Company intends to issue a press release the day after the applicable deadline announcing whether or not the funds
had been timely deposited. The Company&rsquo;s insiders and their affiliates or designees are not obligated to fund the trust
account to extend the time for the Company to complete its initial Business Combination. To the extent that some, but not all,
of the Company&rsquo;s insiders, decide to extend the period of time to consummate the initial Business Combination, such insiders
(or their affiliates or designees) may deposit the entire $375,000 (or $431,250). If the Company is unable to consummate an initial
Business Combination and is forced to redeem 100% of the outstanding public shares for a pro rata portion of the funds held in
the Trust Account, each holder will receive a pro rata portion of the amount then in the Trust Account. Holders of warrants will
receive no proceeds in connection with the liquidation. The Initial Stockholders and the holders of Private Units will not participate
in any redemption distribution with respect to their initial shares and Private Units, including the common stock included in
the Private Units.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>To
the extent we are unable to consummate a business combination, we will pay the costs of liquidation from our remaining assets
outside of the trust account. If such funds are insufficient, our insiders have agreed to pay the funds necessary to complete
such liquidation (currently anticipated to be no more than $15,000) and have agreed not to seek repayment of such expenses.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Going
Concern Consideration</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
June 30, 2016, the Company had $273 in cash and a working capital deficit of $186,447. Further, the Company has incurred, and
expects to continue to incur, significant costs in pursuit of its financing and acquisition plans. These conditions raise substantial
doubt about the Company&rsquo;s ability to continue as a going concern. Management plans to address this uncertainty through the
Proposed Public Offering as discussed in Note 3. There is no assurance that the Company&rsquo;s plans to raise capital or to consummate
a Business Combination will be successful or successful within the required time period. The financial statements do not include
any adjustments that might result from the outcome of this uncertainty.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-18</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
2 &mdash; Significant Accounting Policies</B></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Basis
of presentation</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="letter-spacing: -0.1pt">The
accompanying unaudited condensed financial statements are presented in U.S. dollars in conformity with accounting principles generally
accepted in the United States of America (&ldquo;U.S. GAAP&rdquo;) and pursuant to the rules and regulations of the Securities
and Exchange Commission (&ldquo;SEC&rdquo;) for interim financial information. Accordingly, they do not include all of the information
and footnotes required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal accruals) considered
for a fair presentation have been included. The Company has evaluated subsequent events through the issuance of these interim
financial statements. Operating results for the six months ended June 30, 2016 are not necessarily indicative of the results that
may be expected for the year ending December 31, 2016 or any other period. The accompanying condensed financial statements should
be read in conjunction with the Company&rsquo;s audited financial statements and notes thereto for the year ended December 31,
2015 and the period then ended.</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Cash
and Cash Equivalents</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Fair
value of financial instruments</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
fair value of the Company&rsquo;s assets and liabilities, which qualify as financial instruments under Financial Accounting Standards
Board (&ldquo;FASB&rdquo;) Accounting Standards Codification (&ldquo;ASC&rdquo;) 820, &ldquo;Fair Value Measurements and Disclosures,&rdquo;
approximates the carrying amounts represented in the balance sheet, primarily due to their short-term nature.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Use
of Estimates</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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 expenses during the reporting period. Actual results could differ from those estimates.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Concentration
of credit risk</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Financial
instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution
which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these
accounts and management believes the Company is not exposed to significant risks on such accounts.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Loss
per share</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>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. Weighted average shares was reduced for the effect of an aggregate of
187,500 shares of common stock that are subject to forfeiture if the over-allotment option is not exercised by the underwriters.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>At
June 30, 2016, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted
into common stock and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss
per share for the period presented.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Income
Taxes</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company accounts for income taxes under ASC 740 Income Taxes (&ldquo;ASC 740&rdquo;). ASC 740 requires the recognition of deferred
tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets
and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-19</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
2 &mdash; Significant Accounting Policies</B><FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal">(cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>additionally
requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets
will not be realized.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>ASC
740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise&rsquo;s financial statements and
prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position
taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not
to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest
and penalties, accounting in interim periods, disclosure and transition. The Company is required to file income tax returns in
the United States (federal) and in various state and local jurisdictions. Based on the Company&rsquo;s evaluation, it has been
concluded that there are no significant uncertain tax positions requiring recognition in the Company&rsquo;s financial statements.
Since the Company was incorporated on April 23, 2015, the evaluation was performed for the 2015 tax year, which will be the only
period subject to examination. The Company believes that its income tax positions and deductions would be sustained on audit and
does not anticipate any adjustments that would result in a material change to its financial position.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s policy for recording interest and penalties associated with audits is to record such expense as a component of
income tax expense. There were no amounts accrued for penalties or interest as of or during the period from January 1, 2016 through
June 30, 2016. Management is currently unaware of any issues under review that could result in significant payments, accruals
or material deviations from its position.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
income tax provision was deemed to be immaterial as of June 30, 2016.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Subsequent
Events</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s management reviewed all material events that have occurred after the balance sheet date through July 22, 2016,
the date which these financial statements were available to be issued.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Recent
Accounting Pronouncements</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Management
does not believe that any recently issued, but not yet effective, accounting standards if currently adopted would have a material
effect on the accompanying financial statements.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
3 &mdash; Proposed Public Offering</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Proposed Public Offering calls for the Company to offer for public sale 5,000,000 Units at a proposed offering price of $10.00
per Unit (plus up to an additional 750,000 Units solely to cover over-allotments, if any, pursuant to a 45 day over-allotment
option granted to the underwriter). Each Unit consists of one share of common stock in the Company, and one Warrant (&ldquo;Warrant&rdquo;).
Each Warrant entitles the holder to purchase one share of common stock at a price of $11.50 per share commencing on the later
of 30 days after the Company&rsquo;s completion of its initial Business Combination or 12 months from the effective date of the
registration statement relating to the Proposed Public Offering, and expiring five years from the completion of the Company&rsquo;s
initial Business Combination. The Company may redeem the Warrants at a price of $0.01 per Warrant upon 30 days&rsquo; notice,
only in the event that the last sale price of the common shares is at least $16.00 per share for any 20 trading days within a
30-trading day period (&ldquo;30-Day Trading Period&rdquo;) ending on the third day prior to the date on which notice of redemption
is given, provided there is a current registration statement in effect with respect to the common shares underlying such Warrants
during the 30 day redemption period. If the Company redeems the Warrants as described above, management will have the option to
require all holders that wish to exercise Warrants to do so on a &ldquo;cashless basis.&rdquo; In accordance with the warrant
agreement relating to the Warrants to be sold and issued in the Proposed Public Offering the Company is only required to use its
best efforts to maintain the effectiveness of the registration statement covering the Warrants. If a registration statement is
not effective within 90 days following the consummation of a Business Combination, Warrant holders may, until such time as there
is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration
statement, exercise Warrants on a cashless basis pursuant to an available exemption from registration under the Securities Act
of 1933, as amended. In the event that a registration statement is not effective at the time of exercise or</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-20</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
3 &mdash; Proposed Public Offering</B> <FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal"> (cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>no
exemption is available for a cashless exercise, the holder of such Warrant shall not be entitled to exercise such Warrant for
cash and in no event (whether in the case of a registration statement being effective or otherwise) will the Company be required
to net cash settle the Warrant exercise. If an initial Business Combination is not consummated, the Warrants will expire and will
be worthless.</P>
<P CLASS="H2" STYLE=
'margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
4 &mdash; Deferred Offering Costs</B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>Deferred
offering costs consist principally of legal, underwriting fees and other costs incurred through the balance sheet date that are
directly related to the Proposed Public Offering and that will be charged to stockholder&rsquo;s equity upon the receipt of the
capital raised. Should the Proposed Public Offering prove to be unsuccessful, these deferred costs as well as additional expenses
to be incurred will be charged to operations. As of June 30, 2016 and December 31, 2015, deferred offering costs were $193,957
and $178,957, respectively.</P>
<P CLASS="H2" STYLE=
'margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
5 &mdash; Notes Payable</B></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Note
Payable Related Party</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company issued a $131,720 principal amount unsecured promissory note to an affiliate of the Company&rsquo;s executive officers.
The note is non-interest bearing and payable on the earlier of (i) the consummation of the Proposed Public Offering or (ii) the
date on which the Company determines not to proceed with the Proposed Public Offering. Due to the short-term nature of the note,
the fair value of the note approximates the carrying amount.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Note
Payable</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On
July 1, 2015, the Company issued a $55,000 principal amount unsecured promissory note. The note is non-interest bearing and payable
on the earlier of (i) the consummation of the Proposed Public Offering or (ii) the date on which the Company determines not to
proceed with the Proposed Public Offering. Due to the short-term nature of the note, the fair value of the note approximates the
carrying amount.</P>
<P CLASS="H2" STYLE=
'margin-top: 10.0pt; mso-style-name: H2; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
6 &mdash; Commitments</B></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Underwriting
Agreement</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company will enter into an agreement with the underwriters of the Proposed Public Offering (&ldquo;Underwriting Agreement&rdquo;).
The terms of the Proposed Public Offering are set forth in a non-binding letter of intent that is merely a statement of intent
and is subject to change and further negotiation between the parties and may be adjusted prior to the execution of the Underwriting
Agreement. The Underwriting Agreement will require the Company to pay an underwriting discount of 3.0% of the gross proceeds of
the Proposed Public Offering as an underwriting discount and a deferred underwriting discount of up to 2.0% for an aggregate underwriting
discount of 5.0% of the gross proceeds of the Proposed Public Offering, in each case as to be set forth in the Underwriting Agreement.
The Company will pay the deferred underwriting fee at the closing of the Business Combination. In July 2016, the representative
of the underwriters also purchased an interest in M SPAC Holdings I LLC, an entity controlled by the Company&rsquo;s insiders,
which entitles it to the beneficial interest in an aggregate of 48,184 insider shares.</P>
<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0in; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
Company paid $50,000 as an advance against out of pocket expenses.</P>

<P CLASS="Textflush" STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0in; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The Underwriting Agreement will grant Chardan Capital Markets,
LLC a right of first refusal, for a period of thirty-six months from the earlier of (i) commencement of sales in the Offering,
and (ii) termination of the Underwriting Agreement, to act as lead investment banker, lead book-runner, and/or lead placement
agent with at least 33% of the economics, or 25% if three investment banks are involved in the transaction, for any public or
private equity and debt offerings during such period.</P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
Underwriting Agreement will provide that the Company will pay Chardan Capital Markets, LLC a warrant solicitation fee of five
percent (5%) of the exercise price of each public warrant exercised during the period commencing on the later of 12 months from
the closing of the Proposed Public Offering or 30 days after the completion of the Company&rsquo;s initial business combination
including warrants acquired by securityholders in the open market. The warrant solicitation fee will be payable in cash. There
is no limitation on the maximum warrant solicitation fee payable to Chardan Capital Markets, LLC except to the extent it is limited
by the number of warrants outstanding.</P>

<P CLASS="H4" STYLE="margin: 10pt 0in 0pt; mso-style-name: H4; font: italic 10pt/12pt TimesNewRomanPSStd-Italic; page-break-after: avoid; text-autospace: none; color: black"><B><I>Private
Units</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Initial Stockholders have committed to purchase an aggregate of 402,500 Private Units at $10.00 per Private Unit. The Initial
Stockholders have also agreed that if the over-allotment option is exercised by the underwriters, they will purchase from the
Company at a price of $10.00 per Private Unit up to an additional 45,000 Private Units pro rata with the amount of the over-allotment
option exercised so that at least $10.30 per share sold to the public in the Proposed Public Offering is held in the Trust Account
regardless of whether the over-allotment option is exercised in full or part.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-21</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
6 &mdash; Commitments</B><FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal">(cont.)</FONT></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Private Units are identical to the Units sold in the Proposed Public Offering except the Warrants included in the Private Units
will be non-redeemable and may be exercised on a cashless basis, in each case so long as they continue to be held by the initial
purchasers or their permitted transferees. Additionally, the holders of the Private Units have agreed (A) to vote the shares underlying
their Private Units in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, 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 such a Business Combination unless the Company provides dissenting Public Stockholders
with the opportunity to convert their public shares in connection with any such vote, (C) not to convert any shares underlying
the Private Units into the right to receive cash from the Trust Account in connection with a stockholder vote to approve an initial
Business Combination or a vote to amend the provisions of the Company&rsquo;s amended and restated certificate of incorporation
relating to shareholders&rsquo; rights or pre-Business Combination activity or sell their shares to the Company in connection
with a tender offer the Company engages in and (D) that the shares underlying the Private Units shall not participate in any liquidating
distribution upon winding up if a Business Combination is not consummated. The purchasers have also agreed not to transfer, assign
or sell any of the Private Units or underlying securities (except to the same permitted transferees as the insider shares and
provided the transferees agree to the same terms and restrictions as the permitted transferees of the insider shares must agree
to, each as described above) until the completion of an initial Business Combination.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Purchase
Option</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company has agreed to sell to the underwriters, for $100, a unit purchase option to purchase up to a total of 500,000 units exercisable
at $12.00 per unit (or an aggregate exercise price of $6,000,000) commencing on the later of the consummation of a Business Combination
and six months from the effective date of the registration statement relating to the Proposed Public Offering. The unit purchase
option expires five years from the effective date of the registration statement relating to the Proposed Public Offering. The
units issuable upon exercise of this option are identical to the Units being offered in the Proposed Public Offering. The Company
has agreed to grant to the holders of the unit purchase option, demand and &ldquo;piggy back&rdquo; registration rights for periods
of five and seven years, respectively, from the effective date of this Proposed Public Offering, including securities directly
and indirectly issuable upon exercise of the unit purchase option.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company intends to account for the fair value of the unit purchase option, inclusive of the receipt of a $100 cash payment, as
an expense of the Proposed Public Offering resulting in a charge directly to stockholders&rsquo; equity. The Company estimates
that the fair value of this unit purchase option is approximately $4,500,000 (or $9.00 per unit) using a Black-Scholes option-pricing
model. The fair value of the unit purchase option to be granted to the placement agent is estimated as of the date of grant using
the following assumptions: (1) expected volatility of 149%, (2) risk-free interest rate of 1.01% and (3) expected life of five
years. The unit purchase option may be exercised for cash or on a &ldquo;cashless&rdquo; basis, at the holder&rsquo;s option (except
in the case of a forced cashless exercise upon the Company&rsquo;s redemption of the Warrants, as described in Note 3), such that
the holder may use the appreciated value of the unit purchase option (the difference between the exercise prices of the unit purchase
option and the underlying Warrants and the market price of the Units and underlying common stock) to exercise the unit purchase
option without the payment of any cash. The Company will have no obligation to net cash settle the exercise of the unit purchase
option or the Warrants underlying the unit purchase option. The holder of the unit purchase option will not be entitled to exercise
the unit purchase option or the Warrants underlying the unit purchase option unless a registration statement covering the securities
underlying the unit purchase option is effective or an exemption from registration is available. If the holder is unable to exercise
the unit purchase option or underlying Warrants, the unit purchase option or Warrants, as applicable, will expire worthless.</P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Administrative
Service Fee</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company, commencing on the effective date of the registration statement relating to the Proposed Public Offering, has agreed to
pay an affiliate of the Company&rsquo;s executive officers a monthly fee of $10,000 for general and administrative services.</P>
<P CLASS="LRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: LRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-22</P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>M
I Acquisitions, Inc.</B><BR>
<B>Notes to Condensed Financial Statements</B><BR>
<B>(unaudited)</B></P>
<P CLASS="NoteH1" STYLE=
'mso-style-name: Note_H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
6 &mdash; Commitments</B><FONT STYLE="font-family: TimesNewRomanPSStd-Regular; font-weight: normal">(cont.)</FONT></P>
<P CLASS="H3" STYLE=
'mso-style-name: H3; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-BoldIt"; color: black; font-weight: bold; font-style: italic;'><B><I>Registration
Rights</I></B></P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Initial Stockholders will be entitled to registration rights with respect to their initial shares and the purchasers of the Private
Units will be entitled to registration rights with respect to the Private Units (and underlying securities), pursuant to an agreement
to be signed prior to or on the effective date of the Proposed Public Offering. The holders of the majority of the initial shares
are entitled to demand that the Company register these shares at any time commencing three months prior to the first anniversary
of the consummation of a Business Combination. The holders of the Private Units (or underlying securities) are entitled to demand
that the Company register these securities at any time after the Company consummates a Business Combination. In addition, the
holders have certain &ldquo;piggy-back&rdquo; registration rights on registration statements filed after the Company&rsquo;s consummation
of a Business Combination.</P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Note
7 &mdash; Stockholders&rsquo; Equity</B></P>
<P CLASS="H2" STYLE=
'mso-style-name: H2; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><B>Common
Stock</B></P>

<P STYLE="mso-style-name: Text_flush; margin: 10pt 0in 0pt; text-align: justify; text-justify: inter-ideograph; font: 10pt/12pt TimesNewRomanPSStd-Regular; text-autospace: none; color: black">The
Company is authorized issue 50,000,000 shares of common stock with a par value of $0.001 per share as of June 30, 2016. On September
8, 2016, the Company&rsquo;s Board of Directors reduced the Company&rsquo;s authorized shares of common stock to 30,000,000, effective
upon filing of the Company&rsquo;s amended and restated certificate of incorporation immediately prior to the Proposed Public
Offering.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>On
April 23, 2015, 1,437,500 shares of the Company&rsquo;s common stock were sold to the Initial Stockholders at a price of approximately
$0.02 per share for an aggregate of $25,000. This number includes an aggregate of up to 187,500 shares that are subject to forfeiture
if the over-allotment option is not exercised by the underwriters. All of these shares will be placed in escrow until (1) with
respect to 50% of the shares, the earlier of six months after the date of the consummation of an initial Business Combination
and the date on which the closing price of the Company&rsquo;s common stock equals or exceeds $12.50 per share (as adjusted for
share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period
commencing after the Company&rsquo;s initial business combination and (2) with respect to the remaining 50% of the insider shares,
six months after the date of the consummation of an initial Business Combination, or earlier, in either case, if, subsequent to
an initial Business Combination, the Company consummates a liquidation, merger, share exchange or other similar transaction which
results in all of the Company&rsquo;s stockholders having the right to exchange their shares for cash, securities or other property.</P>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>The
Company&rsquo;s insiders have agreed (A) to vote their insider shares, private shares and any public shares acquired in or after
the Offering in favor of any proposed Business Combination, (B) not to propose, or vote in favor of, an amendment to the Company&rsquo;s
certificate of incorporation that would affect the substance or timing of its obligation to redeem 100% of its public shares if
it does not complete its initial business combination within 18 months from the closing of the Offering (or up to 21 months from
the closing of this offering if the Company extends the period of time to consummate a business combination, as described in Note
1), unless the Company provides its public stockholders with the opportunity to redeem their shares of common stock upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its franchise
and income taxes, divided by the number of then outstanding public shares, (C) not to convert any shares (including the insider
shares and private shares) into the right to receive cash from the Trust Account in connection with a stockholder vote to approve
the Company&rsquo;s proposed initial Business Combination (or sell any shares they hold to the Company in a tender offer in connection
with a proposed initial Business Combination) or a vote to amend the provisions of the Company&rsquo;s certificate of incorporation
relating to the substance or timing of its obligation to redeem 100% of the Company&rsquo;s public shares if it does not complete
its initial business combination within 18 months from the closing of the Offering (or 21 months, as applicable) and (D) that
the insider shares and private shares shall not be entitled to be redeemed for a pro rata portion of the funds held in the Trust
Account if a Business Combination is not consummated.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Note 8 - Subsequent Events</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Subsequent to June 30, 2016, on September
13, 2016, the Company and underwriter agreed to reduce the maximum number of units available for the underwriter to purchase under
the previously disclosed unit purchase option from 500,000 to 300,000. The Company estimates that this adjustment shall reduce
the fair value of the unit purchase option from $4,500,000 to $2,700,000 (or $9.00 per unit) using a Black-Scholes option-pricing
model.</P>
<P CLASS="RRH" STYLE=
'margin: 10px 0px 10px 0px; page-break-after: always; border-bottom: 1px solid; mso-style-name: RRH; margin-top: 10.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>F-23</P>
<DIV STYLE=
"border: none; border-top: double windowtext 6.0pt; padding: 31.0pt 0in 0in 0in;"><P CLASS="Textflush" STYLE=
'border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><B>Until
                                         October 8, 2016 (25 days after the date of this prospectus), all dealers that buy, sell
                                         or trade our ordinary shares, whether or not participating in this offering, may be required
                                         to deliver a prospectus. This is in addition to the dealers&rsquo; obligation to deliver
                                         a prospectus when acting as underwriters and with respect to their unsold allotments
                                         or subscriptions.</B></P>
</DIV>
<P CLASS="Textflush" STYLE=
'mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: justify; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>No
dealer, salesperson or any other person is authorized to give any information or make any representations in connection with this
offering other than those contained in this prospectus and, if given or made, the information or representations must not be relied
upon as having been authorized by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy
any security other than the securities offered by this prospectus, or an offer to sell or a solicitation of an offer to buy any
securities by anyone in any jurisdiction in which the offer or solicitation is not authorized or is unlawful.</P>
<P CLASS="H1" STYLE=
'margin-top: 60.0pt; mso-style-name: H1; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 16pt"><B>$50,000,000</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>M I Acquisitions, Inc.</B></FONT><BR>
<FONT STYLE="font-size: 16pt"><B>5,000,000 Units</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 60.0pt; text-align: center; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>_____________</B></FONT></P>
<P CLASS="H1" STYLE=
'mso-style-name: H1; margin-top: 12.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-align: center; line-height: 12.0pt; page-break-after: avoid; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Bold"; color: black; font-weight: bold;'><FONT STYLE="font-size: 12pt"><B>PROSPECTUS</B></FONT></P>
<P CLASS="Textflush" ALIGN="center" STYLE=
'margin-top: 4.0pt; margin-right: 0in; margin-bottom: 10.0pt; margin-left: 0in; text-align: center; mso-style-name: Text_flush; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold"><B>_____________</B></FONT></P>
<TABLE CLASS="MsoNormalTable" BORDER="0" CELLSPACING="0"
CELLPADDING="0" WIDTH="100%" STYLE=
"width: 100.0%; border-collapse: collapse; border: 0px solid #000; border-width: 0px; margin: 0 auto;">
<TR>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="left" STYLE=
'margin-top: 0in; text-align: left; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-BoldIt; font-size: 9pt"><B><I>Sole
                                         Book-Running Manager</I></B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="right" STYLE=
'margin-top: 0in; text-align: right; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-BoldIt; font-size: 9pt"><B><I>Co-Manager</I></B></FONT></P>
</TD>
</TR>
<TR>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="Textflush" ALIGN="left" STYLE=
'margin-top: 0in; text-align: left; line-height: normal; mso-style-name: Text_flush; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>Chardan</B></FONT></P>
</TD>
<TD WIDTH="1%" VALIGN="top" STYLE=
"width: 1.56%; background: white; padding: 0in 0in 0in 0in;"><P CLASS="NoParagraphStyle" STYLE=
'line-height: normal; mso-style-name: "\[No Paragraph Style\]"; margin: 0in; margin-bottom: .0001pt; text-autospace: none; font-size: 12.0pt; font-family: "MinionPro-Regular"; color: black;'><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; color: windowtext">&nbsp;</FONT></P>
</TD>
<TD WIDTH="49%" VALIGN="top" STYLE=
"width: 49.22%; background: white; padding: 0in 0in 0in 0in;"><P STYLE="text-align: right; margin: 0in 0in 0pt; text-align: right; font: 10pt/normal TimesNewRomanPSStd-Regular; mso-style-name: Text_flush; text-justify: inter-ideograph; text-autospace: none; color: black"><FONT STYLE="font-family: TimesNewRomanPSStd-Bold; font-size: 14pt"><B>Maxim
Group LLC</B></FONT></P>
</TD>
</TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; width: 49.22%; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 1.56%; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; width: 49.22%; background-color: white">&nbsp;</TD></TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white; text-align: right"><FONT STYLE="font: 9pt TimesNewRomanPSStd-BoldIt"><B><I>Co-Manager</I></B></FONT></TD></TR>
<TR>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white">&nbsp;</TD>
<TD STYLE="padding: 0in; vertical-align: top; background-color: white; text-align: right"><FONT STYLE="font: 14pt TimesNewRomanPSStd-Bold"><B>I-Bankers
Securities, Inc.</B></FONT></TD></TR>
</TABLE>
<DIV STYLE=
"border: none; border-bottom: double windowtext 6.0pt; padding: 0in 0in 31.0pt 0in;"><P CLASS="Textflush" ALIGN="center" STYLE=
'text-align: center; border: none; padding: 0in; mso-style-name: Text_flush; margin-top: 10.0pt; margin-right: 0in; margin-bottom: .0001pt; margin-left: 0in; text-justify: inter-ideograph; line-height: 12.0pt; text-autospace: none; font-size: 10.0pt; font-family: "TimesNewRomanPSStd-Regular"; color: black;'>September
                                         13, 2016</P>
</DIV>

</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
